Forecasts and predictions about where exchange rates are headed in the next month, quarter or year are a worthless tool for your business planning or strategy.
You’re probably as baffled by the predictions of major banks as my colleagues and I are, yet you may be asked as part of your role to make business forecasts based on these extremely wide ranges. You would be just as well to gaze in to a crystal ball or throw a dice.
However, in our brand-new collection of major banks’ exchange rate forecasts, yet again the ranges are anywhere between 20% and 30%. Do even the senior members of the banks’ management teams believe them, or are they merely the view of one analyst?
These sample predictions from major banks prove that basing your company’s budgets on these forecasts could put you and your business into very dangerous territory:
- GBP/EUR 6 months forecast range from 1.08 to 1.22
- EUR/USD 6 months forecast range from 1.06 to 1.19
To find out even more extreme predictions – download the UKFT copy of the currency forecast below.
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UKFT is in constant dialogue with the government and is outlining the latest support available for businesses on our website. We will update the details as and when the situation changes.
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