— Press Release —
It’s American Independence Day, the annual celebration of how the USA won its freedom. The 4th July 1776 marked the birth of the nation which would emerge to become the prevailing force in the modern world, one which has given us a wide variety of wonders from aeroplanes to Elvis.
They’ve also played a central role in creating the consumer driven, global market economy that we find dominating the socio-political landscape in the 21st century. As the Western world struggles its way out of recession, even the US has creaked under the pressure of the international debt crisis. However, as Europe is still unable to find a suitable solution to its problems, there have been signs of recovery in America.
If we look at the value of the currency pairings there are some interesting comparisons to be drawn. On July 4th 2008, as the world was teetering on the brink of economic collapse, £3,000 (the price of an average family holiday to Florida) would have bought a massive $5,964.
However, fast forward 4 years and while the UK is struggling through a second recession, the dollar has rebounded and now dominates its former colonial master once more. The same £3,000 that would have bought you nearly $6k in 2008 would secure you only just over $4,700 on the 4th July 2012.
Jeremy Cook, chief economist from World First, the foreign exchange brokers, said:
“The US dollar remains a powerful force in the world of currency and you only need to look at its value against the British pound to see how it has emerged back to a position of dominance.
“There’s a $1300 difference in just 4 years which demonstrates how the exchange rates can change quite dramatically in a relatively short space of time.”
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