The Tunisia effect

LAST UPDATED: 29 Jan, 2011 @ 22:20
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The Tunisia effect

JUST where does the time go? From a currency perspective, 2010 proved to be quite volatile and the early indicators are the same for the early part of 2011.

The last 10 days have seen swings of up to five cents against the pound which clearly does not help people budget or make sensible decisions when to transfer their funds.

With the housing sector recording losses, the service sector not performing as expected and a downturn in the construction sector, there’s a lot to worry about.

At least the manufacturing sector recorded an increase, so not everything is bad.

In the eurozone we heard plenty of rumours about Spain, Portugal and Belgium, but the rot has not set in and Spain, Portugal and Italy all had successful bond auctions.

Spain also seems to be seeing a bit of movement in the property sector. A recent survey in the UK indicated that many Brits are seeking hotter climes and better living conditions following the recent bad weather and current economic woes.

Some 24 per cent cited the weather as the reason for wanting to move abroad, while a massive 52 per cent said that a lifestyle change would tempt them to migrate.

In Spain we are very lucky that we have both the weather and, generally speaking, a better way of life.

For the Spanish property market to shift we need more Brits thinking about UK austerity cuts, tax increases and of course, the recent cold winter to consider a move abroad.

One of Spain’s key issues will be the ability to manage the employment situation.

Nearly 20 per cent of those surveyed said they would need to change their profession when moving overseas and 14 per cent said they would only move when they retire.

I can also see Spain benefitting from the recent turmoil in North African countries such as Tunisia and therefore we should see a better holiday season in 2011 which will hopefully start to correct some of the economic issues.

So what and when is the best time to consider moving your funds?

You need to talk to a foreign exchange specialist to help maximise your transfer needs.

Contact Moneycorp on 951 319 700 or email [email protected] – Make sure you mention the ‘Olive Press’ for a special rate when calling us.

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  1. What a load of rubbish, where to start.

    Rumours – no not rumours, this is deliberate disinformation.Without the ECB fund to back them up, no one would have touched the PIIGS bond issues.

    A ‘bit of movement in the housing market’ – oh so they’ve managed to shift the 1.3 million unsold properties which all happen to be in the areas where foreigners want to live.

    In Spain we have the weather – no, only in the south of Spain – go back to school.

    Better living conditions – contaminated drinking water across much of Andalucia. Power outages that last up to 3 days.Crap built properties – nowhere does it mention the real danger of buying an illegal property.

    Unemployment – 38% in Granada province but generally across Spain 25% and that’s without counting the artificially created jobsworth of over 2 million.

    The Tunisian situation will correct itself, as it will in Egypt if the US and EU stop propping up dictators.

    Tourism is only important to Spain’s med coast – what about the rest of Spain – so money expert – tourism alone will take up what percentage of unemployment exactly and of course the wally forgot to mention that Spain’s traditional tourists are belt tightening already.

    The only sensible and rational part of this article is the volatile behaviour of the £ – changing currencies should be the last thing on anyone’s mind – where does he mention wealth preservation and protection from inflation and currency devaluation – nowhere and that is what should be occupying peoples thoughts exclusively.

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