Thursday, July 27, 2017
   
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Sterling Strengthens in Time for Peak Summer Season

Things are looking up for UK holidaymakers with the pound sterling strengthening against both the USD and the Euro in the last few days.

Travellers are enjoying better exchange rates against the dollar and the Euro than for some weeks as we begin the peak holiday season.

Sterling has been at a five-week high against the US dollar in the last few days, and although it has dropped back slightly today is trading at the rate of $1.29341 as markets remain upbeat about the potential for a near-term rate hike by the Bank of England.

There is better new too for travellers to the Euro zone with £1 sterling worth Euro €1.14173, its best rate for some time. The current exchange rate is sitting slightly lower at €1.13885 to the pound.

The strengthening sterling has been put down to comments by Bank of England Governor Mark Carney last week which have fuelled speculation of an imminent rate hike from the bank.

Some analysts are predicting that a rate hike could come as early as August when the bank's monetary policy committee next meets, with Scotiabank economist, Alan Clarke suggesting that an "August rate hike is a 50-50 bet".

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