£1 = $2 ?!

As of tonight, £1 is worth $1.99. Tomorrow it could reach $2 for the first time in many years. The BBC has the latest:

Pound touches 14 year dollar high

The pound has hit a 14-year high of $1.9938 against the dollar, with many experts believing it will rise above $2 in the next few days.

Sterling has been rising against the dollar as the UK's economic performance contrasts with fears of a US slowdown.

The trend has been good news for British visitors to the US but has made life more difficult for exporters.

The pound was last equal to $2 in 1992, the year the UK was forced to leave the European Exchange Rate Mechanism.

Unfortunately, it's not great news for non-resident aliens like us, drawing a US salary and wanting to travel regularly to the UK.

Update (Tuesday, 13.47): UK pound goes through $2 barrier for the first time since 1992.