Sales of US dollar increased by 10% in 2009
Despite the challenging economic climate, demand for the US Dollar continued to rise in 2009 as Brits travelled long-haul to the USA, according to the latest American Express Global Foreign Exchange Services Currency Index.
US Dollar sales increased 10% year on year
Terry Perrin, Director of Trading & Business Development at American Express Global Foreign Exchange Services explains: “Although 2009 proved a tough year for travel in general, sales of the US Dollar saw a significant 10% increase in demand over the course of 2009, despite exchange rates still being a long way off the two Dollars to the Pound we saw at its peak in November 2007.”
The 2009 currency climbers: Egypt and Thailand ‘hot’ currency favourites
One of the most significant currency climbers in 2009 was the Egyptian Pound, with considerable year-on-year volume increases. The currency peaked at the start of the year in January when sales for the Egyptian Pound more than doubled, and sold well for the rest of the year.
Perrin comments: “Egypt remains a year-round, value-for-money holiday destination, as holidaymakers favour destinations outside the Eurozone that offer guaranteed sunshine. The Egyptian Pound leap-frogged the Australian Dollar in 2009 to become the UK’s fourth most popular currency last year.”
Long-haul destinations that showed increased demand from the UK in 2009, include Thailand, Mexico, the Dominican Republic and Jamaica, all increasing year on year, showing that holidaymakers are prepared to travel long-haul and outside the Eurozone for destinations that offer ‘on the ground’ value for money. The Thai Bhat and the Mexico Peso both rose in the American Express 2009 league table (by two and three places respectively) and have now firmly established themselves in the UK’s top ten most popular currencies.
The South African Rand to top the Currency League Table in 2010
With the much anticipated 2010 World Cup just around the corner, the American Express Currency League table expects demand for the South African Rand to rise in the first half of 2010, with sizeable volume increases. Perrin explains: “With 50,000 football fans heading off to South Africa this summer, we expect to see a surge in demand for the South African Rand. Currently ranking at number 14 in the 2009 league table we certainly expect to see it as one of the top ten most popular currencies of 2010.”
About the American Express Currency Index: The Quarterly Currency Index launched by American Express Global Foreign Exchange Services in August 2009 provides industry leading insight into year on year trends and fluctuations in demand for foreign currencies. Leveraging American Express’ extensive Wholesale Currency Service database featuring 80 of the world’s currencies, the Index focuses on the top 25 best selling currencies as purchased in the UK.