Mexican peso edges out Aussie dollar

Mexico, Hungary, Norway, Poland and Jamaica are among the main risers in the latest American Express Currency Index.

According to the index – which measures the popularity of currencies based on volumes purchased during 2012 – seven destinations, including Australia, Canada and New Zealand, saw a decline in demand last year.

Terry Perrin, American Express Foreign Exchange Services director, said: ‘As expected, the euro and the US dollar continue to dominate the top positions of our Currency Index, along with the currencies of popular holiday hotspots Turkey and Egypt.

‘However, a number of countries, including Mexico in particular, have seen impressive growth over the past few years.

‘Just four years ago it was 16th in the American Express Currency Index. Its jump to fifth position highlights that it is an increasingly popular destination for British tourists.’

The Mexican peso managed to edge the Australian dollar out by climbing to fifth position by the end of 2012.

This increase in demand for the peso is reflected by figures from the Office of National Statistics that show a 30% increase in UK visitors to Mexico in Q2 of last year compared with Q2 of 2011.

The Hungarian forint rose, thanks in part to last year’s Hungarian F1 Grand Prix, while the Norwegian krone performed well in 2012, after one of the best years to catch a glimpse of the Northern Lights.

The volume of Polish zloty sales was boosted when Poland co-hosted the 2012 UEFA European Championships, and Jamaica also proved a hit with British tourists.

To see more from American Express, click here.