Pound to dollar exchange rateGETTY

RATE: The pound has soared to its highest level against the US dollar since Brexit

It’s good news for Brits travelling to the States this year as the pound has just hit the highest levels against the dollar since the Brexit vote.

Sterling was up by more than a cent to reach nearly $1.37 in today’s trading, though it was hovering below €1.13.

The current exchange rate is $1.36716 to the pound (at time of writing).


LIVE: The current exchange rate is $1.36717 to the pound

“Sterling has hit its highest levels against the dollar since the referendum”

Alexandra Russell-Oliver

It has not been this high versus the dollar since the result of the EU Referendum in June 2016, which sent the exchange rate plunging to $1.50 to the pound.

The Brexit vote saw sterling sliding to less than $1.20 in months before steadily gaining back ground over 2017.

Alexandra Russell-Oliver, Currency Markets Analyst, told Daily Star Online: “Sterling has hit its highest levels against the dollar since the referendum off the back of a combination of dollar weakness and pound strength.

“Reports of progress in Germany’s coalition talks saw the dollar weaken this morning as the euro rallied to a three-year high, while the pound later jumped on reports that Spain and the Netherlands favour a soft Brexit.”

The rise today was due to a report that Spain and the Netherlands were open to a softer Brexit deal for Britain.

The two countries’ foreign ministers had agreed to work together for a divorce deal that would maintain a close relationship between the EU and Britain.

This did little to help the pound against Europe’s single currency which was lifted by signs that the European Central Bank was preparing to unwind its huge monetary stimulus.

But sterling made up more ground versus the dollar, weakened by the US producer price data that suggested inflation may not pick up as expected later this year.

The pound’s weakness since the Brexit vote has had a major impact on the economy, because it has made the import of goods prices in euros and dollars more expensive.

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