For example Sterling is worth less against the Euro than any time in the last year, meaning that European holidays are likely to cost you more.
As a result its likely that trips, eating out and buying souvenirs are likely to cost you considerably more than last year.
That is, of course, unless you’ve still got a stack of Euros languishing in your sock draw – in which case you’re in the money.
Research suggests that major European holiday destinations are trying to mitigate this lower-value by dropping real-world prices. Experts suggest, for example, that despite the increase in the Euro that Portugal is actually 13% cheaper than last year.
Destinations like Portugal, however, are in the minority. Indeed, trips to Europe are looking increasingly expensive in comparison to 2015.
Sadly it’s not just the Euro that has moved against the Pound. Indeed, this is a relative drop in the ocean in comparison to some of the world’s currencies. For example the Pound is now worth 11.6% less than the same time last year, making Japan one of the most expensive places to consider heading on holiday.
The Icelandic Krona is up almost as much, making this typically eye-watering destination even expensive for British holiday-makers in 2016.
Whilst, admittedly Iceland is perhaps not the most popular travel destination among sun-loving Brits, it is equally disappointing to note that your money will be worth over 6% less in the States this year and 7% less in Barbados.
OK, so that’s the bad news out of the way; what about the good?
That is to say – where will your money actually go further abroad this year?
Well for anyone considering long-haul destinations there is much to be thankful for. The biggest relative gain of the pound has been against the South African Rand.
Here you’ll find that your Pounds sterling get an astonishing 26% more Rand in exchange. South Africa is already known as a reasonbably-priced destination but the latest currency rates make it even more so.
Other gains have been seen in recent months for the Mexican Peso, the Norweigian Krone, Canadian Dollar and even a small increase in the Thai baht.
The news is clear; if you want to make your holiday spending money go as far as possible this year it pays to consider not just the exchange rates, but which countries now represent the best-value.
For the best-value holiday consider opting for Canada rather than the USA, Norway rather than Iceland and South Africa rather than Japan.
Lastly, pay attention to the fees and exchange rates being offered by different currency exchange offices in order to get as much as you can for your hard-earned sterling.