21 May 2007 Dollar weakens against world currencies
With the pound hitting the landmark figure of $2 earlier this year, it has been reported that a number of other world currencies have hit record highs against the dollar in recent weeks.
Figures from Clerical Medical show the Euro at an all time high of $1.37, while the New Zealand, Australian and Canadian dollars have also increased in value compared to the US currency.
The pound has risen by 11 per cent over the dollar, compared to increases of two per cent and one per cent against the Euro and Australian dollar respectively, making the US a potentially more attractive holiday destination than the continent for those heading abroad on a shopping holiday.
Tim Crawford, group economist at the Clerical Medical Group, said: "Not only the pound sterling, but a number of currencies, including the Euro, the Australian dollar and the New Zealand dollar have hit new highs against the US dollar in the past fortnight."
He added that this showed that these record exchange figures highlight the weakness of the dollar, rather than the strength of the pound and other currencies.
In October 2006, Royal Bank of Scotland reported that a favourable exchange rate would play a role in continuing to make New York a popular Christmas shopping destination.
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