Transferring your money abroad? Read our currency market update!February 6, 2015 1:37 pm
The Bank of England will be announcing their quarterly report this month which may cause some volatile activity with the Sterling. The UK economy has been performing well recently and yesterday saw a big change in the GBP/USD rate for the first time since July 2014. The currency crept back up to 1.5325 which it was this rate last in December. Great news for anybody looking to purchase US Dollars to buy a house overseas or making payments to overseas suppliers as this will cost you less!
The Euro is still continuing to stay weak against the US Dollar and the Great British Pound. It’s been over way over a year since the currency started dropping. The Greek election scare last week hasn’t helped the currency either with traders seeing this as weak currency to hold. If you are holding Euro’s now may be a good time to keep hold of them and place a ‘Profit Order’ on our system until the currency becomes stronger.
For the first time since July 2014 the US Dollar became weaker against the British pound. The US Dollar is extremely volatile at the moment so if you are holding US Dollars now would be a good time to convert these back into British Pounds to ensure you are getting a good rate. With oil prices remaining low and the economy staying strong in the USA the rate may continue to get stronger. You can monitor the currency using our Rate Alert Tool or by placing a Profit Order to ensure you get the best US Dollar rate when it becomes available.
The Ukrainian Hryvnia has plummeted this week after there was an interest rate hike. The currency had lost more than a third of its value yesterday as the currency dipped. The Ukraine central bank had raised interest rates by a huge 5% which caused the knock on effect in the weakening currency. The Ukraine economy has been known to be reliant on its cheap imports of gas from Russia but recently the economic ties between Europe and US have broken down due to the annexation of Crimea by the Russian Federation.
Categorised in: News
This post was written by Kayleigh Driscoll