Currency markets

In the first half of 2014, the uncertainty on currency markets fell to its lowest level ever. This was reflected in the prices of currency options. Only the exchange rates for currencies from vulnerable emerging markets and Japan were under pressure. In particular after it became clear that the ECB lacked decisiveness, volatility on the currency market increased. In the second half of the year the value of the euro fell by around 10% relative to the US dollar. While the ECB made it increasingly clear that it wished to expand its balance sheet, the US Federal Reserve in fact ended its bond purchase programme. The currency movements also reflected the diverging economic performances of the two regions.

Currency rates

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2012
FY

2013
HY1

2013
FY

2014
HY1

2014
FY

 

 

 

 

 

 

Source: Bloomberg

USD per EUR, end of period

1.32

1.30

1.37

1.37

1.21

GBP per EUR, end of period

0.81

0.86

0.83

0.80

0.78

JPY per EUR, end of period

114.47

128.98

144.82

138.74

144.90

 

 

 

 

 

 

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