Which? Money warns sterling is still “plodding”

The price of sterling is “creeping up” against foreign currency, but is yet to rise significantly, Which? Money has observed.

Dan Moore, senior researcher at the consumer rights group, said the increase in British manufacturing output and the emergence of Germany, France, and Japan from recession have strengthened the pound.

However, for the average holidaymaker, the pound is “still plodding along”, and they should not expect to see a massive increase in the number of euros received in exchange for pound coins.

“For the average person on the street, what we are really looking at is how much people are paying for their holiday money,” Moore said.

He also pointed out the large range of exchange rate currently on offer, and warned consumers to look out for hidden fees on the most attractive rates.

Recent research by FairFX.com found that just one in 25 consumers understands that charges for “commission free” are factored in to the exchange rate offered.

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