Pound Weakens During Busy Holiday Period
7 Aug 2014
- Pound has faltered in strength against Dollar and Euro
- Families heading abroad are worse off than three weeks ago
- Sterling still better value than this time last year
After a strong summer of growth, the Pound’s progress has been halted against the Euro and US Dollar.
Despite reaching new highs earlier this year, the Pound has fallen back – meaning families exchanging currency today are worse off than if they had bought their currency in the middle of July.
Compared to this time last year, however, Brits are still better off with the Pound having gained nine per cent against the Euro, ten per cent against the US Dollar and a huge 23 per cent against the Turkish Lira. This means Brits exchanging £500 can pocket an extra €52 (£42), $73 (£45) and 334TRY (£95) respectively.
David Swann of Travelex comments: “If you’re heading away soon it’s worth keeping a close eye on exchange rates as the Pound has been on a rollercoaster this year – in April reaching a five year high against the Dollar. Ordering your holiday money when the Pound is looking strong against your destination’s currency could make a big difference to your holiday budget.”
Travelex’s Travel Rate Tracker makes monitoring exchange rates easy; it sends alerts when the user’s chosen currency strikes a significant high – indicating a good time to buy your currency.
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.