Sales of the US Dollar increased by 10% in 2009 as Brits chose to holiday across the Atlantic

• Thursday, 11 March 2010

Despite the challenging economic climate, demand for the US Dollar continued to rise in 2009 as Brits travelled long-haul to the USA, according to the latest American Express Global Foreign Exchange Services Currency Index.

US Dollar sales increased 10% year on year

Terry Perrin, Director of Trading & Business Development at American Express Global Foreign Exchange Services explains: “Although 2009 proved a tough year for travel in general, sales of the US Dollar saw a significant 10% increase in demand over the course of 2009, despite exchange rates still being a long way off the two Dollars to the Pound we saw at its peak in November 2007.

The 2009 currency climbers: Egypt and Thailand ‘hot’ currency favourites

One of the most significant currency climbers in 2009 was the Egyptian Pound, with considerable year-on-year volume increases. The currency peaked at the start of the year in January when sales for the Egyptian Pound more than doubled, and sold well for the rest of the year.

Perrin comments: “Egypt remains a year-round, value-for-money holiday destination, as holidaymakers favour destinations outside the Eurozone that offer guaranteed sunshine. The Egyptian Pound leap-frogged the Australian Dollar in 2009 to become the UK’s fourth most popular currency last year.”

Long-haul destinations that showed increased demand from the UK in 2009, include Thailand, Mexico, the Dominican Republic and Jamaica, all increasing year on year, showing that holidaymakers are prepared to travel long-haul and outside the Eurozone for destinations that offer ‘on the ground’ value for money. The Thai Bhat and the Mexico Peso both rose in the American Express 2009 league table (by two and three places respectively) and have now firmly established themselves in the UK’s top ten most popular currencies.

The South African Rand to top the Currency League Table in 2010

With the much anticipated 2010 World Cup just around the corner, the American Express Currency League table expects demand for the South African Rand to rise in the first half of 2010, with sizeable volume increases. Perrin explains: “With 50,000 football fans heading off to South Africa this summer, we expect to see a surge in demand for the South African Rand. Currently ranking at number 14 in the 2009 league table we certainly expect to see it as one of the top ten most popular currencies of 2010.”

About the American Express Currency Index: The Quarterly Currency Index launched by American Express Global Foreign Exchange Services in August 2009 provides industry leading insight into year on year trends and fluctuations in demand for foreign currencies. Leveraging American Express’ extensive Wholesale Currency Service database featuring 80 of the world’s currencies, the Index focuses on the top 25 best selling currencies as purchased in the UK.

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Notes to Editors
Background on Global Foreign Exchange Services
- American Express offers foreign exchange services to customers at 11 international airports worldwide. This includes eight airports across Europe, with 55 conveniently located foreign exchange offices, open from 4am to 11pm, 365 days year.
- American Express Global Foreign Exchange Services is part of American Express Global Business Travel, and offers a number of business to business services alongside it’s on-airport retail service;
o Wholesale Currency Services – our Wholesale business is an important player in the wholesale banknote industry. We have contractual relationships to buy and sell currency with major banks and organisations throughout Europe and Asia.
o FX International Payments – our FX International Payments business provides a solution for SME and Corporate customers to make international business to business payments via an online solution (available currently in the UK, US, Australia, New Zealand and Singapore)

For more information, please contact
Laura Watts
Text 100 Public Relations
T: +44 (0) 208 846 0709
Email: laura.watts@text100.co.uk

Victoria Magson
Text 100 Public Relations
T: +44 (0) 208 846 0754
Email: Vicki.magson@text100.co.uk

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