TH: Pound hits seven-year high against the euro as European finance ministers hold emergency meeting
Holiday makers heading to the continent were handed yet another spending boost as the pound rose to a seven-year high versus the euro.
But cheaper holidays could come at a price as the surge in the value of sterling came as fears of a Greece exit from the eurozone intensified and weakened the single currency. European finance ministers hold a crucial meeting in Brussels today although there is doubt whetehr it will achieve consensus on how to deal with Greece's new objections to austerity.
The pound ticked up nearly a euro-cent today and is currently worth €1.353, a value not seen since January 2008. That means British travellers to the continent are 12 per cent better off that a year ago when the pound was trading at 1.20 euros.
compares to Jeremy Cook, chief economist and head of currency strategy at currency trader World First, said sterling's surge today was ‘broadly’ investors worrying about the result of today’s EU finance ministers meeting in Brussels.
