Monday, 05 December 2016
Currency exchange rates. Currency exchange rates. © Bankoo.

Good news if you want Sterling

AFTER a very strong 2015, the pound has gone into something of a nose dive against both the Euro and the American Dollar.

At one stage last year, it was almost on par with the rate against the Euro when it was introduced in 2002 and certainly broke the €1.40 mark but in these early weeks of 2016, it has dropped to €1.30 as well as around $1.40 to the pound.

Considering that the Chancellor of the Exchequer has spent some time saying how well the economy is doing, this may come as something of a surprise but with the US interest rates increasing, albeit fractionally and the drop in industrial output in the UK, the Pound is currently languishing.

This is bad news for those who transfer sterling to Spain but welcome news for those who want to buy Pounds with Euros.

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