Market Update: Sterling drops against major currenciesMarch 27, 2015 2:05 pm
The Sterling has become weaker this week against major currencies. The recent hike in the GBP/EUR rate has seen a significant fall dropping to 1.358. New data shows unemployment figures are worse than expected causing a weakening in the currency. The GBP is caught currently between the USD surge and the EUR’s slump.
The EUR has seen it gain against the USD this week in an exciting new improvement. The EUR had climbed up against the USD on Wednesday. The EUR had also gained against the yen and the GBP this week. New economic data which has come out has caused a strengthening in the currency itself.
Last week the U.S. Federal Reserve indicated that there was no rush to raise interest rates. This had caused the markets to become slightly volatile. The USD has fallen against the EUR and slightly against the GBP this week as a result of this. If you are still holding your US Dollars, now would be a good time to look at converting these. The market could fall as quickly as it has picked up over the last year.
The South African Rand has started to become weaker against the sterling at the end of this week. Forecasters have predicted the currency to weaken over the course of 2015. The volatility with the ZAR is related to the US Treasury yields with concerns building around the future U.S Federal hikes.
Categorised in: News
This post was written by Illy Foster