Pound to dollar exchange rate SOARS to highest level since Brexit vote
EXCHANGE RATE: The pound to dollar exchange rate spiked earlier today
The pound to dollar exchange rate has been going through a turbulent time since the Brexit vote.
But todays forecast looks good for those holidaying in America this year, as the pound just reached a post-referendum high against the dollar.
The exchange rate soared to $1.43734 to the pound earlier today – the best rate since the EU referendum of June 2016.
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Nikolay Storonsky, CEO and Founder of Revolut said: "Todays rise doesnt appear to be driven by any particular strengthening of the pound.
“Much of the pound's gain over the dollar is a result of a weak USD currency rather than a strong sterling, caused by the recent trade wars."
The previous post-referendum high was at 1.4346, but in the last 12 hours a new record has been reached.
LIVE: The exchange rate soared to $1.43734 – the highest level since the Brexit vote
Sterlings spike could partially have been caused by data from the Office for National Statistics, which revealed the UK wage growth has overtaken inflation rates.
Average weekly earnings are 2.8% higher than the same period last year, while data released last month showed inflation increased by 2.7%.
This also caused the pound to euro exchange rate to spike, hitting highs of €1.15952 to the pound.
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However, its not all good news for holidaymakers venturing to the US, as shortly after the surge the exchange rate retracted again.
The current exchange rate is slightly lower at $1.43115 to the pound.
Nikola said: ”With these rate changes, it is best to be increasingly savvy when buying foreign currency.
“Holidaymakers should remain cautious as its near impossible to predict the best time to exchange your foreign currency.
“While getting the best rate on your holiday money can sometimes be a question of the right timing, you should always shop around for the best prices. They can keep track of these rates with Revolut."
Revolut allows people to spend and exchange in over 150 currencies at the best possible rate, the interbank exchange rate.