Pound hits 16-month high against Euro
13 May 2014
- Pound at best rate against Euro since January 2013
- Compared to nine months ago, Brits exchanging £500 pocket an extra €39 (£30)
Brits planning a short trip to the Eurozone this bank holiday will see their budgets boosted, with the Pound hitting a 16-month high against the Euro. The Euro’s slide follows speculation that the European Central Bank will ease their monetary policy. The Pound has also been strengthened by investors anticipating a faster-than-expected economic recovery.
David Swann of Travelex comments: “The Euro’s slump is great timing for Brits planning a long weekend at the end of the month. In the last nine months, the Pound’s strength has increased by six per cent against the Euro, meaning an extra €39 (£30) for every £500 exchanged.”
Although having fallen back slightly, the Pound is still in a strong position against the US Dollar, with Brits receiving an extra $89 (£54) versus ten months ago.
Brits looking to make the most of their budgets can easily keep a close eye on exchange rates by using the Travelex Rate Tracker. It sends alerts when the user's chosen currency hits a low against the Pound, allowing them to cash in when the rate provides an advantage.
Travelex is the world's largest foreign exchange specialist with almost 1,500 stores and 1,250 ATMs across 28 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.