What relevance does this have with my overseas property purchase?
More than you might think. The timing of when to buy or sell currency is at the heart of every foreign exchange transaction and with property deals taking anything up to 18 months and beyond, control and understanding is the key to success.
Most people identify with foreign exchange through the buying of holiday money, however, this bears little relation to the bulk buying of currency for a property transaction.
The annual buying of holiday money provides scant opportunity to identify with the speed exchange rates move, nor the ranges within which they trade. This is often the most surprising aspect of foreign exchange for those unfamiliar with the markets. However, when understood and correctly harnessed, exchange rate volatility and near 24 hour, 7 day a week trading opportunities can present excellent opportunities to save you money. Conversely, anyone choosing to ignore the market, will either fail to make the most of these opportunities, or at worst will find the cost of their property escalate beyond their budget.