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Brits rush for holiday euros and dollars as pound drops

Posted on 1 Mar at 9 AM Tags:

As renewed pressure is placed on the ailing pound, holidaymakers are rushing to secure dollars and euros amid fears that sterling may sink further. This week the pound hit a three-year low against the dollar and dropped to its lowest level against the single currency in 16 months.

International Currency Exchange said that compared to this time last year buying of dollars had shot up by 800 per cent by people using the Travellers Cash card, and the amount of euros being loaded is up 256 per cent compared to 12 months ago.

Barclays Stockbrokers analyst, Paul Inkster, said a recent client poll showed that nearly half of investors were expecting sterling to continue to decline against the euro. Fewer investors are seeing the pound as a safe haven as tensions in the eurozone slacken and the Bank of England threatens to continue with its programme of quantitative easing.

The last few days have seen the amount of euros being purchased from Travelex increase threefold. David Swann, spokesman for the foreign cash provider, said the firm had been swamped by demand, adding that Brits were looking to get hold of holiday dollars and euros before the situation gets any worse.

Many experts are predicting that the pound will hit parity with the euro. However, those travelling further than Europe could find their pounds adding value to their holiday. Sterling is up against the yen and also doing well against the Argentine peso and the Brazilian real.

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