Recent times have seen the British pound suffer when it comes to exchange rates against other popular world currencies. This has hit some holidaymakers hard, who have received less travel spending money for their hard-earned sterling.
The good news however is that the current pound to euro rate has reached its highest point in almost a year, whilst further improvements have also been seen in its performance against the US dollar.
It’s believed that news of the UK wage data, released 18th April 2018, bumped the strength of the pound higher and follows its rapid climb at the beginning of the week.
This was as a result of the European Central Bank’s latest policy meeting which saw the pound breach the 1.15 barrier against the euro to record its strongest position in just under 12 months.
Latest figures show that sterling is trading at around 1.1576 against the euro, and some experts have suggested there is a chance this could increase further to 1.18 before too long.
Sudden declines have been seen over the last few years, particularly since Brexit. Lots of factors can contribute to this, pretty much on a daily basis, mostly relating to things such as economic status and unemployment figures.
Quite simply, it means UK travellers will get more holiday money for their sterling. Basically you’ll pay less to get the required amount of euros you want to take away with you.
Further improvements have also been seen in the pound’s performance against the US dollar, hitting its highest level since the Brexit vote, so whether you’re planning a European trip or a transatlantic getaway, you’ll receive more money for your cash than before.
It’s difficult to give a definitive answer as the strength of the pound can rise and fall fairly rapidly with little warning. You could choose to take advantage of the better rate now, or gamble and wait to see if the further forecasted improvements do in fact occur.
You’d always be best advised to shop around, compare the rates and do a bit of research as opposed to going for the first one you see. That could mean a period of waiting so patience is key, though leaving it too late and exchanging at the airport would more than likely ensure a worse rate.
Well, you’re in luck! Here are icelolly.com, we have millions of cheap holiday deals just waiting to be snapped up, so if you’re looking for a European break or an American adventure to spend your newly purchased travel currency, look no more.
Lots of holidaymakers prefer to pay all of their money up front and not have to worry about keeping an eye on the exchange rates, or saving dosh to spend when they’re away in the lead up to going abroad.
The best way around this is to book an all inclusive break or cruise deal. These type of holiday services will require a larger initial sum, but come with the added bonus of not necessarily needing to budget for any further costs or spending money.
Our Top Deals* are regularly updated and include loads of amazing all inclusive and cruise offers, so have a look and see if anything takes your fancy!
Published on 25th August 2017
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