As investors swung from nervousness to confidence and back again the safe-haven euro rallied and dipped and rallied again. The first swing related to the US presidential candidate's debate, which Donald Trump entered in the lead and came out of in second place.
John Westwood, Managing Director and founder of The Blacktower Group, has taken up the post of Chairman at FEIFA, the Federation of European Independent Financial Advisers, following the trade association’s AGM on 21st September.
Following two years as an Executive Committee Member John is both pleased and proud to take on this important role.
Brexit is still big news, despite there being no certainty about when it will begin or what will actually happen when it does. We probably won’t know what’s in store until Prime Minister Theresa May kick-starts the official negotiation process – at this stage it looks like this will be early 2017.
In the meantime, what can you do to protect your savings and investments?
No change for the Pound.
Sterling really does seem to be stuck in a rut at the moment and at the mercy of every other currencies moves. It is still be influenced by the US Dollar and the markets are more interested in whether there will a US interest rate hike in the near future. This is keeping the US unit pretty buoyant and especially against the Pound.
The euro had no problem staying ahead of the British pound this week. It picked up a cent and a quarter on the week, extending its post-referendum gain to 11%. Sterling was in trouble again as the Brexit monster was reported to be emerging from its lair. As in the last three months there were no actual sightings but the rumour mill was churning with talk of a "hard Brexit" and the chancellor was said to have given up hope of remaining in the EU's single market.
What does Brexit mean for you in Portugal? Book your place now on one of the forthcoming seminars presented by Blevins Frank to find out more.
Will you have to pay more tax? What about the non-habitual residents regime? Do you need to review your estate planning? How is Brussels IV affected? How could Brexit affect your UK pension funds? Is your investment portfolio designed to withstand market uncertainty? How will Brexit affect residence and property?
Our seminars examine these issues and discuss what actions you can take to protect yourself and have peace of mind.
Broadly, investors tended to favour the premier league currencies - the US dollar, the euro, the yen and the Swiss franc - over those of commodity exporters and emerging markets this week. It was symptomatic of a mood of caution that prevailed over all financial markets. The failure of the European Central Bank and the Bank of Japan last week to wheel out new stimulus measures has led investors to consider the possibility that industrial-scale central bank money-printing is coming to the end of the road.
People living in Great Britain can now only receive Housing Benefit for 4 weeks if they are out of the country. Previously, housing benefit claimants could continue having their rent paid for up to 13 weeks.
The new rules, which came into force last month, prevent claimants from taking long drawn-out trips outside Great Britain while receiving taxpayer help with their rent, as well as bringing Housing Benefit into line with Jobseeker’s Allowance and other working age benefits, which already have stricter limits.