Sterling hits high against the dollar
The pound has reached a five-month high against the dollar, according to the latest statistics from one currency trading website.
The pound has hit a five-month high against the US dollar, according to the latest figures from HiFX, an internet foreign exchange provider.HiFX said that the news, which may be welcomed by holidaymakers using credit cards abroad, is likely to be welcomed by sectors of the economy that rely heavily on imports.
The company added that the sterling had been buoyed by a continued surge in equity markets, while the dollar's value has seen a negative correlation with equities in recent months.
HiFX said: "With increased optimism surrounding both the UK and global economies, the pound has come back into focus again and is becoming an increasingly attractive prospect for the speculative market."
Another piece of news which may please those using credit cards abroad emerged recently as Abbey announced the reintroduction of its Zero card on to the market.
The bank's award-winning offering does not charge any transaction fees for customers using credit cards abroad.
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