Weekly Currency ReportJanuary 9, 2015 1:26 pm
There is speculation that interest rates will be keeping at a record low throughout 2015 which will impact the sterling. Since July 2014 the British Pound has become steadily weaker against the USD. As you may have seen in the news oil prices have fallen more than 40% since June 2014. This appears to be having a knock on effect on the GBP/USD rate. The Dollar will continue to become strong against the British Pound unless something positive will happen in the UK to break this current downward spiral.
The EUR continues to remain weak against the GBP, however still remains weak against the US Dollar. The EUR/USD rate has been falling since May 2014 from an interbank rate of 1.392 and currently sits at 1.176.
Good news for anyone wanting to transfer USD to GBP this month! The USD has become strong against the British Pound as a result of the falling oil prices. This has been falling throughout 2014 and looks like the rate will continue to fall throughout the beginning of 2015. The USD hasn’t been this strong since 2013 so is really beneficial to anyone holding dollars.
The Australian Dollar had a strong start at the beginning of last year but then fell after the second half. This was mainly due to a slowdown in China which had a knock on effect to cause the AUD to become weak as China is a key purchaser of raw materials in Australia. This is good news for people wanting to purchase the AUD.
Categorised in: News
This post was written by Kayleigh Driscoll