Currency News: Transferring Your Money to GBP, USD, EUR & CHFJanuary 23, 2015 1:33 pm
Sterling to Euro has hit a 7 year high this week and still staying extremely strong. The Eurozone has been struggling which has caused the sterling to become strong against it. The Eurozone is affected by low inflation which is causing the knock-on effect with the weaker currency. Good news for anybody buying properties in Europe or even going on a winter holiday.
The Euro has fallen to a 11 year low against the US Dollar. It has been struggling to strengthen against the British Pound, US Dollars and Canadian Dollar. The European Central Bank are reviewing this and have launched a bond-buying program to help support the falling euro-zone economy.
The US Dollar continues to get stronger as the economy gets stronger, however this could mean that it is scaring away the tourists! The dollar increasing is causing everything to become more expensive which makes holiday-makers refrained from travelling to the US. Whilst you get less US dollar for your sterling holiday prices also go up. Good news for anyone holding the US Dollar! Converting back to the Pound will see a whopping increase as it is highest since 2013.
It was a week ago that the Swiss National Bank decided to un-peg from the Euro which caused a huge unstable in the currency markets. The Franc soared to over 20% causing holiday-makers to suffer whilst overseas. FXCM an online provider of forex trading saw themselves bankrupt after the announcement due to unprecedented volatility in the EUR/CHF pair. Clients experienced huge losses generated by negative equity balances owed to FXCM of around $225 million.
Categorised in: News
This post was written by Kayleigh Driscoll