Pound to euro exchange rate fluctuates amid vaccine row
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The pound to euro exchange rate has been fighting to place above the 1.17 mark over the last few weeks. Though it remains below the handle, experts suggest the upcoming “month- and quarter-end flows” could be the key to new growth.
The pound is currently trading at a rate of 1.1679 against the euro according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX spoke with Express.co.uk to share his insight into the current rats.
He explained: “Sterling-euro has, on two separate occasions, failed to pierce above the 1.17 handle since the open on Friday, with the pair continuing to trade towards the top of the recent range, but thus far lacking the impetus to mount a breakout.
“Although today’s data calendar is quiet, month- and quarter-end flows may be the catalyst that the cross needs to move to the upside, though only a close above 1.1710 would confirm bulls being in control.”
Speaking last week, George Vessey, uk currency strategist for western union business solutions, pointed out the impact the ongoing COVID-19 battle in Europe is having on the common currency.
He said: “Many countries across Europe are experiencing another wave of COVID-19 infections, forcing stricter lockdown measures and hampering speedy recovery hopes this year.
“The Euro is at risk of weakening further amidst these developments.”
So what does this mean for travel money?
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Though the majority of Britons are unable to travel internationally at the moment, with only select “essential reasons permitted, there is hope some overseas travel could resume by the summer.
Already airlines and travel providers, including Skyscanner and easyJet holidays, have seen a boost in bookings.
The Government are also said to be considering a traffic light system to determine Covid risks when travelling in the coming months.
While there has been no confirmation as to when foreign holidays will resume, it seems hopeful holidaymakers are already looking to exchange their currency.
“We’ve seen a massive spike in online searches for travel money deals in reaction to the news. In the last month, there’s been a 68 percent increase in traffic to the money.co.uk travel deals page, as Brits prepare for their first post lockdown holiday,” James Andrews, senior personal finance editor at Money.co.uk told Express.co.uk.
However, even with the positive rates on offer at the moment, Mr Andrews warns switching currency right now might not be the wisest decision.
“Although countries have said they will be opening their doors to UK visitors, consumers must be cautious before exchanging money at this stage,” he warned.
“International travel is currently prohibited by law until May 17 earliest.
“Until the Government has confirmed that you will be allowed to travel, consider if you need to exchange travel money right away.”
Once the Government confirms travel plans, holidaymakers are advised to “buy in advance”.
“Depending on restrictions at the time, you will usually get the best deals by either ordering online or going to a travel money provider,” said Mr Andrews.
“If you have enough time in advance, consider taking out a travel money card that lets you withdraw cash overseas fee-free.”
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