Sterling falls against US and Europe; Holds strong in Asia
San Francisco, CA -- (SBWIRE) -- 03/01/2013 -- Travelers in the UK who are planning on spending time abroad in 2013 are set to receive some rather serious hits to their overall holiday spending power, following the pound hitting a 12-month low against the euro and US dollar.
Research from the Post Office has shown that Britons converting £250 into dollars are set to be £10.64 worse off compared to the exchange last year. The fall of 7% in value of sterling against the euro does not bode well for the Brit-travelers either. The numbers come out to £250 buying £14.29 less than it could have last year.
The pound has plummeted against many European currencies over the most recent 12-month block, including against the Turkish lira, Bulgarian lev, and Croatian kuna. Tourists who visit Scandinavia in 2013 will be affected the worst, with the pound falling over 5% against eh krone in Norway, and over 10% against Sweden's Krona.
It is not all bad news for Brits, however, as the pound still has strong pull in long-haul destinations such as Asian and South America. The pound is up over 14% in Japan, 12% in Argentina, and 11% in Brazil. The value of sterling was also increased in Sri Lanka and Egypt.
Andrew Brown, who heads the Travel Money and Post Office, stated that the UK holidaymakers are checking the value of sterling at a higher rate than before, and they should. With the pound dropping, paying attention to the likely trend of the currency is important to making proper plans.
“The destinations which benefited last year were those where the power of the pound put more money in the pocket or where the price of meals and drinks meant holiday cash stretched further – and often a combination of the two. We expect to see the same pattern emerging in 2013,” he said.
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