3 August 2011
The dollar was slighty down in July against a series of currencies in Asian and Latin American low-cost countries. The British pound was very firm in the meantime, however, while the euro remained relatively unchanged. European importers will possibly take advantage of a strong fall in the Turkish lira this year.
The US dollar slighlty fell in July against a series of currencies of low-cost countries in Asia and elsewhere.
The Indian rupee for example gained 2.8% in the last month, finally rising about 3% over the first seven months of the year.
So-called emerging currencies are not expected to sharply rise in the coming months, however, as an expected lower growth in global economy may result in investors exiting Asian and Latin American markets.
The British pound gained another 2.32% in July against the dollar, after already rising 3.8% in the first half this year.
This is offering some relief to UK's clothing importers, as the Indian rupee for instance declined 3% in the January-July period and the taka was even down 10%.
Although the euro lost 0.6% in July, it sill gained 9% over the dollar in the January-July period of the current year.
The Indian rupee was down 5%, and the taka 12%.
Most importantly, the Turkish lira is further sliding this summer.
The Turkish currency fell 12.4% against the euro in the first half before further losing 3.64%, finally dropping 16% over the seven-month period.
The lira is the most declining currency this year.