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Pound Drops To A 31-Year Low Against The Dollar

Pound Drops To A 31-Year Low Against The Dollar

Bad news if you've got plans to go to the US this year.

Claire Reid

Claire Reid

Sterling has hit a 31-year low against the dollar today.

The pound has had a bit of a hard-time since the UK voted to leave the EU, as investors are worried about what life post-Brexit will mean.

This new fall comes days after PM Theresa May's announcement that Article 50 would be triggered in March next year.

The Independent reports that traders have been closely following the Conservative party conference this week as to how the UK will handle Brexit.

Sterling fell to $1.27.80 earlier today, which is the lowest it has been since June 1985.

All this can be bad news if you're planning on going away this winter, particularly if you fancy going to the US. If you were planning on taking £500 with you, you'd get $638.

Whereas if you'd have somehow guessed all this was going to happen and changed your £500 back in June before the referendum you'd have got $724.

However, the pound has held a bit better against the Euro and has stayed at €1.1464, which is still low compared to what it was this time last year, or even six months ago. As anyone who went away this summer will know.

Featured image credit: PA

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Topics: US