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Data updated each month or so.
Last updated 14/1/2001
1) How useful is this converter?
Most currencies just drift around slowly ( under 1% per week in any direction) and these figs will normally be good enough for tourists and ballpark figures. This is even the case for countries known for their volatile currencies ( eg Russia, Turkey).
If however the country in question is on the news as having a massive currency collapse then you should use Ceefax etc for a value.
2) Why , when the pound goes up, do the media complain?
This is because as the pound rises our exports become more expensive in world markets, and manufacturers start talking about job losses. This is a bad news story that the media love.
However a strong pound makes imports and holidays cheaper and makes it less expensive to service the National Debt. This is good news, but good news does not sell papers.
3) Why, when the pound goes down, do the media complain?
This is because the price of imports and servicing the national debt go up, which can mean inflation unless interest rates are raised to push the pound back up, which can cause a recession, which can cost jobs, you get the the Jeremiah picture. Bad news and dire speculation sells papers.
However a weak pound helps exporters. This is good news, but no one reports it.
4) So do we want a strong pound or a weak one?
Neither - we want a sound and well run economy, with open markets, whose real strength is ACCURATELY assessed by the markets and therefore it's currency is not subject to great and sudden movement.
5) Should we join the Euro?
Currencies reflect the economies that lie behind them. The idea of economic soverignty in the modern world is tosh, but so is the idea that the currency tail can wag the GDP dog.
In short - if the Euro member economies run open market friendly systems without state intervention and flexible labour markets then joining the Euro makes sense. If they are not going to follow good economics then it does not. IMO the jury is out as to whether we should be in.
5) Why doesn't the price of goods change quickly when the pound rises or falls ( eg oil that is priced in dollars, or overseas holidays).
Some of this is pure windfall profit taking, but much of it is because business control their risks ( being more concerned to avoid adverse movements than make profit from favorable ones) with futures, options and swap contracts that mean that they are unaffected by rate changes for between a few months and a year ahead. The overall effect is that rate changes feed into the market over time.