Currency Market UpdateFebruary 27, 2015 1:45 pm
Finally after a 6 month fall the GBP/USD rate is on its way back up again! This is good news for anybody looking to go on holiday in the USA. The rate went up to 1.55 last week which it hasn’t been since December! If you are looking to purchase USD now would be a good time to do so. The GBP/EUR rate continues to remain strong, so if you are purchasing a house overseas then now would be a good time to lock in your exchange rate. Perhaps consider booking a Forward Contract to have the peace of mind your exchange rate won’t alter.
The EUR continues to remain weak against the GBP and the single currency has also continued to fall against the USD in a 1 month low. The on-going Greece bailout situation certainly contributed to the weakening of the currency and it may be some time before we see the Euro economy growing stronger.
The USD has fallen against the British Pound after hints that the US Federal Reserve may be pushing back the timing of its first interest rate rise happening in 2015. The increase and decrease of interest rate levels are affecting the exchange rates massively at this time in the economic market. With this in mind, the USD has also risen to a one-month high against a handful of currencies. So anybody holding US Dollars will benefit from this if transferring into another currency.
A fall in oil prices has caused the Azerbaijan currency to devalue itself by a third over the weekend. The Azerbaijani government were adamant that they would maintain the stability of its currency if they were to face a fall in oil prices, however this has come as an embarrassment to them as the currency gets weaker.
Categorised in: News
This post was written by Kayleigh Driscoll