2007-07-04 04:55:30 · 6 answers · asked by Holla H 2 in Social Science ➔ Economics
I thought they used euro
2007-07-04 04:58:13 · answer #1 · answered by Japhy 3 · 0⤊ 1⤋
It is one of those apples to oranges thing. You can ask the same thing about the Japanese Yen. Japan is typically a strong economy, why is it that 120 Yen is worth $US1? Why? Well maybe we are really comparing the Japanese equivalent of a penny to the US dollar. Similar in the pound. A pound is not a dollar, and maybe you are comparing something more of a $2 bill to the US dollar bill.
Anyway, these things all had their starting points and the strength reported is based over that history, and current changes. Strength is not the nominal ratio. As stated, the US pound use to be more than $2 US.
2007-07-04 05:25:33 · answer #2 · answered by JuanB 7 · 1⤊ 0⤋
The pound use to be worth more. However, since the current administration I've noticed a controlled devaluation of the U.S. currency against most currencies in, what I believe, is an attempt to make other world economies appear stronger. Just my 2 cents.
2007-07-04 05:06:12 · answer #3 · answered by Fred 4 · 0⤊ 1⤋
The demand for Pounds has remained relatively the same recently, but the supply has gone down. Hence, the revaluing of the GBP.
2007-07-04 05:59:46 · answer #4 · answered by Lawrence E 4 · 0⤊ 0⤋
i don't know but i hope they don't get rid of it for the euro. i think thay are trying to get us used to euros because our new £20 note looks more like a euro than it does english money.
2007-07-04 05:04:01 · answer #5 · answered by kazz06 4 · 0⤊ 0⤋
because foreign trade fluctuates and currency value does as well
2007-07-04 05:05:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋