The dollar index – a measure of the dollar’s value relative to six major currencies – has lost around 11 per cent since the start of the year, with economic uncertainty behind the drop.
The i Paper spoke to experts to find out.
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“For holidaymakers it’ll mean their dollars stretched further in theme parks, bars and restaurants and shoppers will get more bang for their buck with purchases stateside,” explains Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Martin Lewis’s MoneySavingExpert website explains: “Many overseas hotels, shops and ATMs ask this when you pay by card. If you choose pounds, the retailer does the currency conversion – but rates can often be poor compared with letting your card do it.”
Going to the US in future? Consider buying currency now
“Buying dollars now if you’re going on holiday soon will mean you’re getting a really good value holiday,” explains Patrick Reid of the Adamis Principle, a London-based consultancy specialising in global currency markets.
Sarah Coles, personal finance expert at Hargreaves, agreed.
Investors could be able to buy more US shares
Many UK retail investors, who often hold money in stocks and shares ISAs or general investment accounts, may find that they are able to buy larger amounts of equity in US companies because the pound is stronger.
But she also cautioned that currency was only a “small part” of investing.
“Investors should stay focused on long-term horizons, ensure their portfolio is well diversified as that may help smooth out the volatility,” she said.
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