Pound to euro exchange rate sees slight upturn following drop

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The pound has seen a series of highs and lows in recent weeks amid the ever-changing global coronavirus situation. As restaurants, pubs, hairdressers and non-essential shops reopened their doors on Monday, sterling managed to claw back some of its strength against the euro.

The pound is currently trading at a rate of 1.1556 against the euro according to Bloomberg at the time of writing.

It is an increase of 0.16 percent over the last 24 hours, which has been described as a “modest” gain by one financial expert.

George Brown, currency expert at Caxton FX shared his exclusive insight into the exchange rate with Express.co.uk.

He explained: “Sterling began the week yesterday by notching fairly modest gains against the common currency which, though rather unimpressive in isolation, did see the pound snap a four-day losing streak.

“Today, all eyes will be on the latest US inflation data, which is of little interest to the cross, meaning that a rather rangebound day could lie ahead.”

Though international travel is off the cards, for now, the Prime Minister has suggested some foreign journeys could restart as soon as May 17.

The Government’s Global Travel Taskforce resumed meetings yesterday to discuss how safe and possible leisure travel would be.

It is thought nations will be assigned a colour under a new “traffic light system”.

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Nations will be labelled as “red”, “amber” or “green” based on their Covid “risk”, taking into account factors such as the number of confirmed coronavirus cases in a country and the progress of its vaccine rollout.

In anticipation, many Britons may be considering switching their travel money while rates are good.

However, one travel money expert has suggested holidaymakers should hold onto their pounds until there is further confirmation regarding holidays.

James Andrew, senior personal finance editor at money.co.uk warned: “Although countries have said they will be opening their doors to UK visitors, consumers must be cautious before exchanging money at this stage.

“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.”

Yet, once holidays are concerned, Britons are advised to exchange their travel money well in advance of their departure.

“Do not exchange money at the airport, their rates are almost always less favourable than you can get in advance,” he told Express.co.uk.

“No matter how last minute your plans are, never be tempted to buy currency at the airport – the prices are notoriously harsh.

“If you do want to collect your money at the airport, ensure you order it well in advance to take advantage of better rates.”

He added: “If you have left it to the last minute, you might be able to order your travel money online as late as the night before and pick it up at the airport before you fly out.

“That should get you a far better rate than a walk-up customer and still see you have the currency in your hands before you land.”

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