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Sterling dip prompts currency rush

Sterling dip prompts currency rush
26 Feb 2013

With sterling dropping in value against both the euro and the dollar in the wake of the UK losing its AAA credit rating, travellers have been rushing to secure their holiday currency.

Fearing that the pound will slide further, holidaymakers are seeking to cut their losses by buying their currency now.

'Savvy holidaymakers are rushing to buy holiday cash in advance with some economists forecasting the pound could be heading towards parity with the euro,' commented Daniel Abrahams, the co-founder of MyTravelMoney.co.uk.

'It's important for travellers to focus on the sell rate alone and ignore slogans of 0% commission - it's pure marketing guff.'

Currently £1 can be exchanged for $1.52, down from $1.58 two weeks ago, or €1.16 euros, down from €1.18.

However, uncertainty surrounding the Italian elections could see the euro also take a hit against the dollar. Voters face the prospect of a second round of voting after no party emerged as a clear winner.

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