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The pound hit a 22-month high against the euro this week, giving holidaymakers more for their money when it comes to exchanging. The current pound-to-euro exchange rate is 10% higher than it was last year, meaning a family exchanging £500 will get £50 more than they would have a year ago.
The current strength of the pound has been put down to continued instability within the eurozone, as a number of countries struggle with their economy. “It's good news for Britons buying currency ahead of a trip to the eurozone,” said a spokesman for currency exchange firm Travelex. “Weeks of speculation over the future of the euro, Spain's economic crisis, and the political uncertainty in France and the Netherlands, have seen the value of the euro fall to a level not seen for years.”
But it is not just eurozone destinations that are offering travellers more value for money – the pound has also grown in strength against a number of other European currencies. In the space of less than a year, the pound has risen by 16% against the Polish zloty, 14% against the Turkish lira, by 12% against the Croatian kuna and by nearly 10% against the Bulgarian lev.
The pound is also growing in strength further afield, with £100 buying you $160 in the US. And some experts are forecasting even more rises throughout the year. “Buying euros must be tempting right now, but I think the UK economy is in much better shape than the eurozone so there may be more of a rally to come,” said Chris Towner, a director at currency broker HIFX.
If you are planning on investing in foreign currency for your holiday, remember to take out travel insurance to ensure you’re not out-of-pocket should you be the victim of theft.
Date Created: 10/05/2012