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Currency Update – January 16th

January 16, 2015 1:32 pm Published by

CHF

Yesterday the GBP to CHF lost a huge 20% due to the Central Bank abandoning the cap of the currency’s value against the EUR. The two currencies have been pegged since September 2011 and the Swiss National Bank thought the cap was no longer justified.

It has been the first time that a major currency has moved 20% in nearly 10 years! Stock markets around Europe fell with investors purchasing safer assets such as gold.

GBP

The Sterling has had a great week following changes to the EUR and CHF. If you are holding sterling at the moment and you want to buy either EUR or USD this is great news for you! The GBP is now beginning to get stronger against the USD which slowly crept back towards 1.525 earlier on this week. We could see a steady rise throughout 2015 before the May elections.

EUR 

GBP – EUR is at its highest ever for 6 years this week. Yesterday’s event with the EUR and CHF meant the GBP – EUR rate went up to a whopping 1.30! This is great news for people wanting to buy EUR!   

 

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This post was written by Kayleigh Driscoll

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