It hasn’t quite reached the two-for-one mark, but with the pound currently worth about $1.90, it’s open season in the USA for British bargain-hunters.

Under less favourable exchange rates, the duty and Vat payable on goods brought back to the UK have often made shopping across the pond a false economy, but sterling’s current strength mean bargains can be bagged.

The best deals are on offer in New York, where sales taxes have been abolished on clothing and footwear costing less than $110. This doesn’t cover goods such as electronics and jewellery, but remarkable savings can still be made in the January sales.

A 30GB iPod costs £189 on the British high street. In New York, it is just £127 — £152.20 after duty and Vat are paid at HM Customs. Buy a Canon 400D digital camera in the UK and you’ll pay about £500; buy it in the Big Apple for £310 and, even after you declare it, it costs just £364.75. A pair of True Religion “Tony” jeans are £265 in Selfridges. Buy them in Saks Fifth Avenue, show them off to customs and they’ll cost just £161.07.

The value extends to hotels, restaurants and entertainment: a double at the Waldorf Astoria (00 1 212-355 3000, www.hilton.com) is £172, and a night in the Milford Plaza (869 3600, www.milfordplaza.com) costs £70. A ticket to see the Tony-winning Spamalot costs £18.58, and dinner for two at the hot new restaurant A Voce (545 8555, www.avocerestaurant.com) is about £70.

Head south to Florida (flights start at £299 with Expedia; www.expedia.com) — and a week’s car hire is about £105. A room at the Standard (www.standardhotel.com), on Miami’s trendy South Beach, costs £157.

But how long will the good times last? Last month, the former chairman of the Federal Reserve, Alan Greenspan, warned that the dollar would be weak for “a couple of years”. John Nicholas of Travelex agrees. “Right now is a good time to visit the USA,” he says, “and it will probably remain so for the rest of the year.”

THAI TERROR WARNING

Following recent bombings in Bangkok, the Foreign Office (FO) has amended its travel advice, warning tourists to “exercise caution and, wherever possible, to avoid crowded public places”.

PUNCH-UP PANDA MISSING

The only captive-bred panda to be released into the wild has disappeared in China. Experts believe Xiang Xiang was hurt in a brawl with a rival, and vets hope to find him in time to treat his injuries, which apparently include two black eyes.