Pound continues to struggle against Euro
October 8th 2009, The Currency Exchange Site analyst
Travelling to Europe has become an increasingly expensive option for British tourists, with the pound currency declining in value relative to the Euro to almost parity this year.
If you were to buy Euros in December, rates fell as low as €1.02 to the pound. Some recovery has been seen over the year, with a high in June 2009 of €1.18 for one pound. However, this is still a long way off the favourable exchange rates of 2004 -2007. Unfortunately this summer’s recovery was short lived, and following an announcement by the Bank of England on the 21st September stating that the currency’s long term value may have been affected by the recession, another drop in the currency rate was evidenced, to €1.08 for one pound on October 8th.
Some rebound is expected before Christmas, before people prepare to go on holiday for the festive period. Therefore, we would advise you to hunt around for the best deals on exchange rates to make sure you buy as many Euros for your pounds, or even consider a holiday outside of the Eurozone where you can potentially get a cheaper deal on your travel money!
