The pound is heading for a 13-year high against the euro in a boost to British holidaymakers travelling to the Continent . The pound is heading for a 13-year high against the euro in a boost to British holidaymakers travelling to the Continent. Sterling soared above 1.39 euros yesterday – its strongest position since late 2007 and up from around 1.27 in January and 1.20 a year ago. Experts said the pound could rise to 1.55 euros in the coming months – the highest level since late 2002 – in a shot in the arm for British families travelling to Europe. ‘All of a sudden a price of 1.55 doesn’t seem too far away,’ said Harry Adams, managing director of currency specialists Argentex. A family changing £500 would now get 79 more euros than they did a year ago and 109 more euros than two years ago. Figures from currency exchange firm Travelex show £500 would now buy 674 euros compared with 595 euros in March 2014 and 565 euros in March 2013. Tracy Bownes, retail director at travel money specialist Moneycorp, said: ‘British cash is going further in the eurozone than it has in almost a decade. Now is a great time for Brits to be travelling in the eurozone.’ It is feared, however, that the strong pound will damage exports by making British-made goods more expensive for foreigners to buy. The pound has been driven higher by the rosy outlook for the British economy as it bounces back from the Great Recession. The UK was the fastest growing economy in the G7 last year – leaving the United States, Canada, Japan, Germany, France and Italy in its wake. At the same time, the euro has been hammered as the threat of stagnation and deflation hang over the single currency bloc. Experts said the pound could rise to 1.55 euros in the coming months – a boost for British families travelling to Europe . Lee McDarby, an executive director at banking group Nomura International, said: ‘The euro is falling like a hot knife through butter against the pound.’ The European Central Bank will next week start pumping billions of euros of emergency funds into the ailing economy in a desperate effort to stimulate growth. The Frankfurt-based institution will print £43.5billion of new money a month until September 2016 or possibly later – totalling at least £825billion. The prospect of a flood of euros being created through so-called quantitative easing has lowered the value of the single currency. The euro sank below $1.09 against the US dollar yesterday – its lowest level for nearly 12 years. Kathleen Brooks, research director at currency firm Forex.com, said the euro could soon reach ‘parity’ with the dollar – meaning one euro buys just one dollar. ‘The downtrend is strong and broad-based,’ she said. ‘It would be a braver trader than I to stand in its way. It will take a big effort to change sentiment towards the euro at this stage.’
Sterling soared above 1.39 euros yesterday - strongest position since 2007 .
Experts said the pound could rise to 1.55 euros in the coming months .
News will be welcomed by British families travelling to Europe for holidays .
The pound is heading for a 13-year high against the euro in a boost to British holidaymakers travelling to the Continent . The pound is heading for a 13-year high against the euro in a boost to British holidaymakers travelling to the Continent. Sterling soared above 1.39 euros yesterday – its strongest position since late 2007 and up from around 1.27 in January and 1.20 a year ago. Experts said the pound could rise to 1.55 euros in the coming months – the highest level since late 2002 – in a shot in the arm for British families travelling to Europe. ‘All of a sudden a price of 1.55 doesn’t seem too far away,’ said Harry Adams, managing director of currency specialists Argentex. A family changing £500 would now get 79 more euros than they did a year ago and 109 more euros than two years ago. Figures from currency exchange firm Travelex show £500 would now buy 674 euros compared with 595 euros in March 2014 and 565 euros in March 2013. Tracy Bownes, retail director at travel money specialist Moneycorp, said: ‘British cash is going further in the eurozone than it has in almost a decade. Now is a great time for Brits to be travelling in the eurozone.’ It is feared, however, that the strong pound will damage exports by making British-made goods more expensive for foreigners to buy. The pound has been driven higher by the rosy outlook for the British economy as it bounces back from the Great Recession. The UK was the fastest growing economy in the G7 last year – leaving the United States, Canada, Japan, Germany, France and Italy in its wake. At the same time, the euro has been hammered as the threat of stagnation and deflation hang over the single currency bloc. Experts said the pound could rise to 1.55 euros in the coming months – a boost for British families travelling to Europe . Lee McDarby, an executive director at banking group Nomura International, said: ‘The euro is falling like a hot knife through butter against the pound.’ The European Central Bank will next week start pumping billions of euros of emergency funds into the ailing economy in a desperate effort to stimulate growth. The Frankfurt-based institution will print £43.5billion of new money a month until September 2016 or possibly later – totalling at least £825billion. The prospect of a flood of euros being created through so-called quantitative easing has lowered the value of the single currency. The euro sank below $1.09 against the US dollar yesterday – its lowest level for nearly 12 years. Kathleen Brooks, research director at currency firm Forex.com, said the euro could soon reach ‘parity’ with the dollar – meaning one euro buys just one dollar. ‘The downtrend is strong and broad-based,’ she said. ‘It would be a braver trader than I to stand in its way. It will take a big effort to change sentiment towards the euro at this stage.’
Continent. Sterling soared above 1.39 euros yesterday – its strongest position since late 1.55 euros in the coming months – the highest British families travelling to Europe. ‘All of a Experts said the pound could rise to 1.55 euros