Pound reaches eight-year high against euro, putting more cash in tourists’ pockets

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jennifer yin on Flickr

THE pound hit its highest rate against the struggling euro since 2007 on Thursday (July 16). At one point, as European markets continue to reel in the ongoing Greek crisis, the pound hit a value of €1.4350, a record figure in the last eight years.
The rate is a big spending boost for British tourists heading for Spain and the eurozone, or expats who still have savings in pounds, who will have way more euros in their pockets than they’ve had for some time.
Thursday’s high point is not quite what tourists will get when exchanging money at a bureau de change, but those seeking out the best deals on foreign exchange online may be able to find as much as €1.40 for one pound, a huge jump on the rate of just two years ago which was at times as low as €1.13.
European markets rallied a little on Thursday with news of the Greek deal, but massive uncertainty continues with some financial experts predicting we could see an exchange rate of €1.50 to the pound in the next year.

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