The recent increase in the strength of the pound is likely to reduce holiday costs for travel insurance customers, claims a leading foreign exchange company.
Marc Cogliatti, currency strategist at HiFX, explained that the pound reaching its highest point this point against the euro will be welcomed by those planning to visit European countries this summer and could encourage more people to take a trip to the continent in the coming months.
"In the grand scheme of things the pound is now 15 per cent higher now, compared to where we were at the start of the year. That is obviously good news for holidaymakers," said Mr Cogliatti.
"It is not going to be as cheap as it was two years ago, but it is certainly better than where we was at the start of the year."
Recent figures from the European Central Bank show that the pound was up0.36 per cent on June 12th.
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