Take note of currency changes, urges FC Exchange managing director Nick Fullerton, who says that fluctuations can be turned to a business’s advantage.
“Often people know their business but they may not know currency and appreciate the importance of what effect foreign exchange markets can have on their market,” Fullerton says.
“If you don’t know what exchange rate you’re playing around with, your profit can be a lot or a little.”
Sterling has risen against the dollar and the euro today but Fullerton believes it may struggle for a time yet. “The euro seems to be fairly steady,” he says. “It hasn’t benefited from the up but it’s benefiting from the down.
“The EU has its eye on the ball with regards management of the economy. There isn’t a culture of debt there. That’s the main problem here. We’ve seen people borrowing excessively, fostering a culture of credit. It’s all come to a head.”
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