Saturday, May 27, 2017
   
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Good for Travellers as Sterling at Seven-Month High

Sterling is at a seven-month high following the announcement of Theresa May's June General Election and the success of France's new President Emmanuel Macron last weekend.

So now is a good time for prospective travellers to purchase currency for planned trips to the Euro zone and the USA.

Usually General Election announcements can be guaranteed to give the financial markets the jitters, but the fact that the PM is in such a strong position going to the polls in June means sterling is at its highest level for seven months. The rise in the value of the pound is down to expectations of a comfortable election victory for the Conservatives, thus bolstering the Prime Minister's hand in the coming Brexit negotiations, while the success of Emmanuel Macron in the French elections also helped the UK currency.

Sterling is still close to 1.30 USD this morning, when it was down as low as 1.22 a few weeks ago. The pound is currently trading around eight US cents higher than its March lows, with investors buying back into the battered currency last month when Prime Minister Theresa May unexpectedly announced the early election for June 8.

Sterling is still down almost 14 per cent against the dollar since last June's EU Brexit referendum. But it is also almost 13 per cent higher than the 31-year lows it hit in October.

Against the euro, the pound is also stronger than for some time, and currently trades at £84.280.

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