Over the last year the pound has had a mixed performance against the world’s major currencies, according to new research.
Sterling has declined in value against 30 out of 61 currencies analysed, increasing against 30, Lloyds Bank Private Banking research showed.
Sterling also outperformed nine out of the 16 currencies in the G20 group of economies, including the euro which saw a 12 per cent decline on the pound, reflecting a greater weakness in the Eurozone.
In other parts of the world, economic problems in Ukraine, Russia and Brazil have meant their currencies fell considerably against the pound.
The Ukrainian hryvnia fell a staggering 62 per cent against the pound due to the ongoing political and economic disputes, while Russia’s rouble fell by 48 per cent as a result of lower oil prices and western sanctions. The Brazilian real, meanwhile, tumbled 29 per cent because of large internal imbalances, high inflation and low confidence.
Richard Musty, International Private Bank Director at Lloyds Bank, said:
Sterling has had a very mixed performance over the past year. The pound has appreciated against those economies that are facing particularly severe problems such as Russia, Ukraine and Brazil.
UK travellers going to much of Europe will have benefited from the further reduction in the euro’s value against the pound. Those going to the US or China, however, will find that their money goes less far.
The Chinese renminbi and US dollar both rose nine percent on the pound. The Chinese economy may be cooling, with the International Monetary Fund forecasting growth to slow from 7.4 per cent last year to 6.8 per cent this year and 6.3 per cent in 2016, but continues to grow at a far faster rate than other advanced economies.