The latest HiFX’s Global Currency Report reveals that last month the pound fell or remained stable against all of the major currencies except the
The pound fell against the Euro as the British Government announced its intention to increase Quantitative Easing to £200bn. Whist, in contrast, latest figures from the two economic power houses of Europe, Germany and France, showed them clawing out of recession. The result was GBP/EUR close to parity at it’s lowest point last month meaning UK shoppers will struggle to find a Christmas bargain if shopping on the continent.
The USD on the other hand experienced lows throughout November however news that Dubai World was entering a six month debt repayment freeze at the end of the month sparked a rally for the US dollar which is traditionally seen as a ‘safe haven’ in times of volatility. The pound’s recent rally against the dollar was reversed and fell from levels above 1.6700 to trade briefly below 1.63 before recovering.
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