Pound Falls to a 14-month Low!
The pound has fallen to a 14-month low of €1.1635 (interbank) this morning, while against the US dollar, the pound is trading close to a 5-month low of $1.57 (interbank).
Sterling continues to suffer against most major currencies thanks to an array of concerns, particularly a possible triple-dip recession, a potential loss of the UK’s AAA credit rating and fears of further quantitative easing.
With little on the horizon likely to turn sterling’s fortunes around, the pound may have further to fall in the short-term.
We recently published this post Weak Euro = Great News For Holidaymakers? Extolling the benefits of a strong pound, so were we wrong? It depends how you look at things.
Yes, the financial landscape has changed since the article was written. But that doesn’t mean it’s all bad news. If you missed out on the more favourable pound to Euro exchange rate, there’s still time to buy Euros now. Especially if you’re thinking of travelling to the Eurozone in the next month or so. By buying now you can insulate yourself against further falls in the exchange rate. If you’re not planning to travel in the near future, this may be an ideal time to exchange your left-over holiday Euros for sterling.