Halifax looks back at ten years of the Euro

www.moneynews.co.uk > General finance > Halifax looks back at ten years of the Euro

Halifax looks back at ten years of the Euro

Wed 31st Dec 2008

Halifax has commented that the Euro is doing better against many other currencies than ever before in its ten year existence.

The single European currency, which was launched on January 4th 1999, began its life trading at £0.71 against the pound and $1.17 against the US dollar.

Despite hitting lows of £0.57 against the pound in May 2000, the currnecy has gone from strength to strength of late, reaching an all-time high of £0.98 to the pound as of December 29th this year.

Martin Ellis, Halifax chief economist, said: "The euro has risen strongly against the pound in 2008, with an almost parity being reached between the two currencies over recent days.

"The financial markets appear to be reacting to the belief that the already record low bank rate of two per cent could be cut further in the New Year."

Recently it has been revealed that many UK tourists are choosing to holiday outside the euro-zone this winter and are instead seeking out destinations where they can get more bang for their buck.

Click here for more general finance news

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued

Related News : Halifax
	Halifax reveals affordability boost for first-time buyers
	UK house prices fall in August, says Halifax
	People pay out 7m per year due to 'cowboy' traders, claims Sainbury's
	Tighter times mean British households go bargain hunting, claim Halifax
	Halifax announces longest ever balance transfer credit card deal
	Lenders see ten-month high in first-time buyer mortgages
	First Direct launches new fixed-cap tracker mortgage
	Housing affordability for first-timers at 8 year high, claims Halifax
	NLA survey reveals landlords jittery over possible rate increases
	Halifax: Not enough people are saving for home deposits