Sterling rose to nearly $1.30 this afternoon after strong economic growth cast fresh doubt over when the Bank of England will finally cut interest rates next month.
The pound has climbed to its highest level in a year in a boost for UK holidaymakers – with experts advising tourists to start 'purchasing their foreign currency now'.
The growth figures in Britain yesterday dented hopes that the Bank of England will cut interest rates in August. They remain at a 16-year high of 5.25 per cent.At the same time, the drop in inflation in America suggested the US central bank, the Federal Reserve, may cut rates sooner than previously thought.
'Those exchanging larger sums of money will particularly benefit from the improved exchange rate. Given these favourable conditions, it is advisable for holidaymakers to consider purchasing their foreign currency now. The pound has weakened against just a handful of currencies, losing 17 per cent of its value against the Kenyan Shilling and dropping 6 per cent against the Sri Lankan Rupee. It has also fallen 0.7 per cent against the South African Rand, and 0.2 per cent against the Kuwaiti Dinar.
Exchange rates are determined by lots of factors, but over the past week the improving UK economy and the new Government's strong majority have combined to make the Pound more attractive to investors. Then keep an eye on the exchange rate of your chosen currency over the weeks leading up to your trip. If you see the pound strengthening, that could be a good time to exchange the second half of your spending money.
Giving advice to UK tourists, Riz Malik, independent financial adviser at R3 Wealth, said: 'What holidaymakers should do is research where they will get the best exchange rates. And for the three months to May, output was 0.9 per cent higher than in the previous three months, the strongest pace of growth since January 2022.
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