Strengthening pound is 'good news' for British tourists

Over 50s planning a holiday in Europe have been advised that the pound's current recovery against the euro could translate into holiday savings for travellers.

Statistics from the European Central Bank shows that the pound-to-euro exchange rate now stands at 0.85 to one, falling from a peak of 0.98 in December 2008.

In addition, forecasts from the Conference Board suggest that rising consumer confidence and stock prices may be contributing to further gains for the UK economy in the near future.

Marc Cogliatti, currency strategist at exchange agency HiFX, said that although exchange rates have yet to recover to the levels of two years ago, the recent gains made by the pound are still enough to guarantee savings for travellers compared to six months ago.

He said: "In the grand scheme of things the pound is now 15 per cent higher, compared to where we were at the start of the year. That is obviously good news for holidaymakers."

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