Currency Flash Report
3 Jul 2014
- Pound at six-year high against US Dollar, achieving best rate since October 2008
- Compared to July 2013 Brits can now pocket an extra $98 (£58) on every £500 exchanged
- Versus this time last year, Brits exchanging £500 receive an extra €43 (£35)
The Pound hit fresh six-year highs against the US Dollar following the release of strong UK PMI data on Tuesday, indicating good health in the UK’s manufacturing sector. The Pound’s strength has increased by a promising 13% against the Dollar compared to this time last year. Today, Brits heading stateside can pocket an extra $98 (£58) on every £500 exchanged versus July 2013.
There’s also good news for those planning a trip to the Eurozone - perfect timing for Tour de France supporters. Compared to last summer, the Pound is up eight per cent against the Euro meaning holidaymakers receive an extra €43 (£35) on every £500 exchanged.
The Pound is currently strong against the majority of the major currencies, which means Brits’ holiday budgets will stretch further this summer. The Pound has made the biggest gains against South African Rand, Turkish Lira and Thai Baht, increasing 21%, 24% and 18% respectively, when compared to this time last year.
Holidaymakers keen to lock in today’s exchange rates should consider a prepaid card such as the Travelex Multi-currency Cash Passport. Users can top up their card online, by phone or in store whenever they feel the rate is in their favour – then keep their currency safe and secure until and during their travels.
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.