Holiday bookings get boost from sterling spike

Holiday bookings get boost from sterling spike

A sudden recovery in the value of the pound against the dollar ahead of today’s meeting between prime minister Theresa May and new US president Donald Trump will be a boost for travellers.

The pound rose to its highest level against the dollar for six weeks and also strengthened against the euro.

Simon Phillips, retail director at foreign exchange specialist No1 Currency, suggested the increase in the value of sterling will help encourage holiday bookings during the January peaks.

“As January grinds on, booking a holiday is often seen as an antidote to the winter blues,” he said.

“But many Britons are likely to have held off booking this year, as the weak pound has made overseas holiday bargains harder to find.

“However, the pound’s sudden rise this week – to its highest level against the dollar for six weeks and to just shy of its strongest level of 2017 against the euro – will nudge down the cost of travelling abroad.

“The timing couldn’t be better for anyone planning a ski break or a Valentine’s getaway, as British pounds now go a touch further.”

He added: “Exchange rates have been on a rollercoaster over the past few months, and continuing uncertainty over Brexit means they’re set to stay volatile – and the pound is unlikely to remain at today’s level for long.

“So even if you’re not planning to travel for a few weeks, it could be smart to cash in on the improved exchange rate by stocking up on some foreign currency now.”

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