Sterling up 10% against the euro
Sterling has strengthened by almost 10% against the euro over the past year, according to research from Moneycorp.
Sterling touched a high of 1.27 this week, which represents almost a four-year high.
Meanwhile, the pound has risen strongly against the Hungarian forint, the Polish zloty and the Romanian leu, gaining 21.4, 18.9 and 16.9% respectively over the past 12 months.
On an exchange amount of £500, a stronger sterling now means holidaymakers get £107 extra on the forint, and an extra £94.50 and £84.50 on the zloty and the leu. Euro-area holidaymakers now benefit from an extra £48.50 per £500 exchange.
Outside of Europe, sterling has appreciated by 23% against the Brazilian real and 18.4% against the South African rand since last June.
Good news for holidaymakers
Olann Kerrison, currency expect at Moneycorp, says the pound's strength will be "welcome news" for holidaymakers.
"Cities in Eastern Europe such as Budapest, Prague and Dubrovnik, not only offer a great return on currency, but also offer a much lower cost of living, meaning that in relative terms your holiday money can go even further," he says.
This article was written for our sister website Money Observer
The difference between two currencies; specifically how much one currency is worth relative to each other. For example, if £1 is worth $1.50, converting sterling to US dollars, the exchange rate is 1.5. Converting dollars to sterling at those levels, the exchange rate is 0.66, so $1 is worth 66p. There are a wide variety of factors that influence the exchange rate, such as a country’s interest rates, inflation, and the state of politics and the economy in that country.