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The jury is still out...

The effects of QE (quantitative easing) have not been fully realised yet. It was thought that decisive action by the US and British governments would prompt a rally in the fortunes of QE currencies, however the reverse is true. The pound has slumped against all the currencies refraining from QE, with lows of 1.0607 against the euro. A currency’s value is no longer dictated by alterations in monetary policy or tweaking the interest rate, it is determined by the markets belief in the short term bailout policies of the respective government. The fact that QE involves the governments buying of fixed income assets such as corporate bonds has encouraged a thread of optimism in the equity markets, which enjoyed a modest rally toward the end of last week, but sadly the outlook is predominantly bearish. The main focus of QE is to provide liquidity to those markets dependant on institutional lending. The process ultimately starts at the top and then filters down to a grass roots level. This will take time, hence QE is yet to help local economies.

There are definitely more sellers coming into the market. Although not ‘universally true’, prices the other side of the channel are coming down. There is so much stock (property) available now that it is starting to become a buyers market. Would be expats are now in an enviable position as they can to a certain extent, dictate the rate at which prices deflate.

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