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The pound to euro exchange rate “traded a touch softer yesterday,” experts said. However, GBP remained within the recent trading range. The focus is currently on post-Brexit trade talks.
Sterling will potentially be provided with further tailwinds if progress is made before the October 15 EU Summit.
However, the pound will likely remain volatile and slump if Brexit talks break down again.
The pound is currently trading at 1.1017 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures this morning.
“Sterling traded a touch softer against the euro yesterday,” said Brown.
“It remained well within the recent trading range, as market participants continued to monitor the latest headlines from post-Brexit trade talks.
“Given today’s quiet data calendar, a similar theme will remain in focus today.”
So what does this all mean for your holidays and travel money?
The Post Office is currently offering a rate of €1.0625 for over £400, €1.0779 for over £500 or €1.0835 for over £1,000.
If you’re wanting to get as much bang for your buck as you can when it comes to holiday money then it’s key to be savvy with timings.
“You need to stay on top of exchange rates to understand how far your money will go overseas,” Hamish Muress, currency expert at international payments company OFX, told Express.co.uk.
“It’s important to know where you stand, but you don’t have to watch the markets yourself.”
Some currency specialists, including OFX, let customers sign up to daily market commentary and exchange rate updates.
Make the most of the expert help available.
Be sure you sign up to currency company alerts to inform you when rates are doing well so you can buy your holiday money at the optimum time.
It may also be worth speaking to an expert to understand how the pound is performing and get a sense of what might happen next.
Choosing your destination with a favourable exchange rate in mind can also make your getaway cheaper.
Turkey makes for a bargain break for just this reason.
New research by Post Office Travel Money showed the continuing fall of the Turkish lira against sterling has made prices in holiday hotspot Marmaris 27 percent lower than a year ago.
However, with Turkey now on the quarantine list after a rise in cases there, holidays to the cheap destination are rather more complicated.
If you’re after a low-price holiday without the need to self-isolate, Madeira and Paphos are two top sunny destinations, said Post Office Travel Money.
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