IF you’re heading south or jetting off to the sun now is a good time to get good value on the euro.
The recent surge in strength of Sterling has seen the currency rise close to its highest level against the Euro since the EU referendum over three years ago.
The demand for Euro in the North was so great last weekend that currency exchange shops in Belfast reportedly ran out. Here in Fermanagh Euro is also in high demand with cross border commuters and daytrippers among those cashing in on the favourable exchange rate.
Billy Mulligan of Currency Xtra has stores in Enniskillen, Lisnaskea, Belleek and Belcoo. Working across the county he has picked up on the level of demand for Sterling to Euro conversions lately.
“There is an awful lot of Euro being bought on the strength of Sterling at the minute. People may be thinking ahead and reckon this is as good a time as any to change buy Euro. This is basically the strongest that it has been since around the time of the referendum.”
Mr Mulligan admits it’s difficult to predict how long the boost will last.
“There’s a lot more factors at play than people thinking of holidays. It started last week when Sajid Javid resigned and the new chancellor was put in place.
“That gave the markets a big kick in terms of the pound with people thinking that the purse strings may loosen and stimulate the economy. No one knows how long this will go on though.”
Industry experts warn that currency celebrations are premature following the shake up which saw a new chancellor, Rishi Sunak take over the role.
Yesterday (Tuesday) as morning broke the Pound climbed to over €1.20. It remained at this level at the time of print yesterday equating to €1 valued at an exchange rate of 83p.
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Posted: 1:47 pm February 20, 2020