Much of the world celebrated the incoming new year with friends and family without giving a thought to the value of their currency. In Lithuania, general citizens, financial analysts and government officials anxiously awaited the unveiling of the Euro as the official new currency of the country.
As merchants continue accepting both forms of currency for the next two weeks, residents have begun discussing the pros and cons of keeping their Litas as a keepsake for future generations to enjoy. Investors and specialists in foreign currency trading have a different take on the trend. While the few remaining European countries make gradual transitions to the new and universal currency, investors are anticipating the opportunity for more precise trading platforms.
Comparing major currencies such as the Euro and US dollar requires a certain amount of research and analysis. These skills certainly grow with experience, and frequent traders take advantage of the chance to profit from a major change in less common currencies from around the world.
Lithuanian business owners and households may fear that inflation or some other capitalization may occur as their country’s currency changes over to the Euro. Experts have confirmed that neither the Euro nor the value of the Lita will be undercut or highly impacted by the change since both currencies have been intertwined for more than a decade. Overall, the impact on businesses, households and the general economy should be minimal, but investors have the unique ability to marginalize their portfolios by adding a new holding as the extinct currency disappears from the trading lineup.
With over 20 years’ experience in the heart of the investment industry, Ben Myers has become one of the most respected commentators in the financial world. Having worked for global institutions such as HSBC and Bank of Ireland, Ben ran his own successful investment company in the UK before becoming chief analyst at ECMarkets and now YesOption. Ben remains a keen forex and binary options trader and is a regular featured analyst for a number of online news portals including bbc.com, investing.com, and was responsible for YesOption winning the Best Technical Analysis Award 2014 from DailyForex.com.