British Pound ranked worst performing currency of 2016

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After what has been a year of uncertainty for Britain and the pound, it is slowly making improvements in the markets. With this and the continued decline of the Euro, the exchange rate is looking better for Brits looking to make a trip overseas.

The website Exchange Rates still believes however that the Pound is the worst performing currency in the world in 2016. The currency has recovered 5% of its 20% losses after the EU referendum in June.

The Supreme Court overruling the High Court’s judgement on Brexit deal needing parliamentary approval has once again put the Pound under pressure. This follows months of stable growth with the Pound 1.20 against the Euro on Sunday evening, the highest figure in the last 5 months of trading.

In November, the Pound reported its first monthly growth since April and the fallout of the Supreme Court ruling will determine whether more rejuvenation takes place this month.

There are positive signs for those looking to purchase currencies such as the Euro. The US dollar remains to be thriving as oil prices increase, widening the relationship between the UK and US currencies.

After Friday’s British markets closed, the pound edged the dollar up 0.1% to $1.26 and rose against the Euro once again. Further instability from the Italian referendum means that the Pound is up 0.5%. The Pound ended the day 1.20 against the Euro once again, continuing that steady growth despite the Supreme Court ruling.

Posted by Matthew Weston

Matt is a Freelance Writer and Travel Blogger. He also creates editorial and video content for UNILAD. Previously worked for the International Business Times and the BBC's Newsnight.

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