Best Currency Report
Posted by Catherine Deshayes on Wednesday, February 03, 2010
Sterling started off the year fairly positively showing that we are technically out of recession - this caused the Pound to gain initially against most major currencies...
GBP Jan Low €1.1103 High €1.1550
Even the "not-quite-as-good-as-expected" figures weren't enough to really hold the Pound back although the gains made weren't probably as large as they could have been. Against the Euro, Sterling gained roughly 3% from trough to peak over January although is currently nearer the bottom levels as uncertainty over the UK's fiscal position remains, keeping investors wary. So although transferring money to Europe has become cheaper recently, there is still potential for it to slip back again.
EUR Jan Low £0.9007 High £0.8658
For the Euro January has been a fairly poor month losing ground against most currencies as the financial deficit in Greece and increasingly Portugal causes prolonged caution from investors, keeping the Euro at lower levels. One saving grace for the single currency is that the Pound is still not that strong so losses were minimal. As a whole the Euro economy is actually posting some positive output figures and sentiment amongst consumers seems to be upbeat so if/when Greece outline their plan to clear their deficit, it may be that the Euro gains some strength. Anybody currently holding Euros looking to send them back to the UK will be pleased to hear that we are still at historical highs although not quite the peak of the last 52 weeks (£0.9484)
USD Jan Low (against GBP) $1.5927 High $1.6358
The Dollar is arguably one of the best performing currencies this year as the economy posted growth figures much higher than expected for the last quarter of 2009 causing the Greenback to gain strength and momentum against most currencies. Against the Pound, the Dollar is close to the strongest point of the year and as the UK economy continues to show signs of an uncertain future. It's also a similar story against the single currency as pressure from Greece keeps USD/EUR positive. There seem to be plenty of people looking to transfer money over to the States at the moment to pay for properties they have invested in; we believe this is due to lower property prices offsetting lower exchange rates.
Picture by morguefile
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