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Pound hits a one-year high

ended 12. July 2024

The Pound hit a one-year high yesterday following stronger than expected UK economic growth, expectations of a rate cut in the US as inflation fell and the perceived stability of the new Labour government. Against this backdrop, the Mail Online are looking for comments about how this could be a boost for British holidaymakers over the summer and whether people should buy their euros (or any other currency) now. Any thoughts, send them over ASAP as this story is being written this AM. 

4 responses from the Newspage community

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Anita Wright
Independent Financial Adviser at Ribble Wealth Management
For those eyeing European destinations, the current exchange rate means more euros for every pound exchanged. Those exchanging larger sums of money will particularly benefit from the improved exchange rate. Given these favorable conditions, it is advisable for holidaymakers to consider purchasing their foreign currency now. With the pound at a high, locking in the current exchange rate can protect against potential future declines. Although predicting currency movements with certainty is challenging, the present economic indicators suggest a window of opportunity for securing advantageous rates.
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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
Brits heading across the channel may want to think about exchanging their pounds into Euros now. The Pound is flying at the moment and could mean more Pina Coladas and moules frites. Clearly, currencies are very volatile and the Pound could rise even higher but now is not the worst time to buy. It may not save you a fortune on smaller amounts but every penny counts.
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Joshua Gerstler
Chartered Financial Planner at The Orchard Practice
For the small amount most people will spend abroad on holiday, although the strengthening of the pound is positive, it will not make a huge difference to you. What is easier for most people nowadays is to use a card overseas, which does not charge commission on foreign currency and will give you a good rate on the day.
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Riz Malik
Independent Financial Adviser at R3 Wealth
Unless you are changing a large amount of currency, the pound's appreciation won’t make a huge amount of difference. What holiday makers should do is research where they will get the best exchange rates. This is usually by using cards for their transactions rather than the bureau de change at the airport. Shop around for a card with low fees for using abroad.