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  • Talitha Taslim
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5 Foreign Currencies Preferred by Americans

2016-01-13 09:29:16

Before December unfolds itself, let us take a look at the five foreign currencies well-loved by Americans.


British Pound (GBP)


Also called sterling, the British pound is the United Kingdom’s official currency. Zimbabwe, the British Overseas Territories of the British Antarctic Territory, the South Georgia, and the South Sandwich Islands, as well as the nation’s Crown Dependencies, the Channel Islands and the Isle of Man use the pound.


The currency has only slipped by around 3% versus the US dollar over the previous year, signaling an almost firm economy and steady interest rates. Some 2.5 Americans who go to Britain visit London (the top location), Northern Ireland, Scotland, and Wales. Essentially, they are drawn into the historical importance and cultural relations between the two nations, and Scottish castles as well.


Canadian Dollar (CAD)



The loonie is Canada’s official currency and considered a benchmark currency as many central banks across the globe maintain the Canadian dollar as a reserve currency. Over the last year, the currency declined by almost 15%, partially attributing it to slumping oil prices, one of the country’s main export.


American travelers obtain more than C$1.3 for a greenback. Just this year, US citizens make nearly 12.5 million trips to the northern part of the country, captivated by its natural beauty, as well as its reputation for being friendly.


Euro (EUR)



More than half of the European Union’s 27 member states have the euro as their official currency, including France, Germany, Greece, and Italy. Introduced in 1999, the currency replaced the union’s European Currency Unit.


Over the past year, the currency wiped out around 16%. Germany has exhibited economic strength. But the pressing problems in numerous southern European nations, specifically Greece, has offset the German economy’s vitality. Americans frequent the aforementioned countries and they also love European art, culture, and history.


Japanese Yen (JPY)



Being Japan’s official currency, the currency was originally unveiled by the Meiji government to modernize the country economically. It has dropped only 3% against the dollar. But for the last five years, the Japanese yen has lost almost 43% against the dollar.


Americans were once scared of the aftermath of the radiation leak in Fukushima way back in 2011 after the earthquake and tsunami. That scare affected the country’s tourism. Still, American people appreciate the Japanese cuisine, culture, and history, and also the nation’s natural beauty. Amid the vulnerability to natural disasters, Japan remains one of the safest nations worldwide in terms of crime.


Mexican Peso



The Mexican peso comes from the terms “pesos”, meaning “weights”, which then pertains to gold or silver weights. Over the last 12 months, the currency was tumbled by more than 22% versus the greenback. The peso is the one of most actively traded currencies worldwide, attributing it to the country’s status as a key non-OPEC oil producer.


Americans made an approximately 21 million trips to the country this year, primarily driven by the beaches and Mayan ruins. Although the number of tourists visiting Acapulco and Sinaloa has decreased, Cancún and Puerto Vallarta remain to-go places for US tourists.


Here are Americans’ most preferred foreign currencies: the British pound, the Canadian dollar, the euro, the Japanese yen, and the Mexican peso.