Snap poll gives travellers a boost as sterling reaches a six-month high against the euro
HOLIDAYMAKERS have been given a boost by the shock General Election announcement – with sterling now at a six-month high against the euro.
Travellers heading to the Eurozone countries are getting €89 more for every £1,000 exchanged – or £74 more to spend – than in November last year. Those heading across the Atlantic are also better off, receiving $77 extra for every £1,000 exchanged – or £60 more in their pocket – than in January when the pound hit a low against the dollar.
These exchange rates are still significantly lower than tourists enjoyed just before the Brexit vote on June 23 last year.
The reason for the pound reacting favourably to the Election call, according to currency exchange expert FairFX, was that sterling buyers saw it as a positive move to strengthen Prime Minister Theresa May’s negotiating power in Brexit talks. Ian Strafford-Taylor, chief executive at FairFX, says this is all good news for those going on holiday or planning to buy property abroad.
But he warns travellers of more ups and downs to come.
He says: ‘If you see a rate you are happy with, lock into it and protect against future volatility.’