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The pound to euro exchange rate enjoyed a “solid advance” on Friday, said experts. This followed a “positive tone” after UK-EU post-Brexit trade talks. These discussions will continue to impact sterling’s movements this week, too.
The pound could well enjoy “further headwinds,” with progress looking likely.
However, little data is out this week to boost GBP.
The pound is currently trading at 1.1025 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 ended the day in the green against the euro on Friday,” said Brown.
“It benefitted from the more positive tone emanating from UK-EU post-Brexit trade talks to notch a solid advance, albeit with upside significantly above 1.1500 still difficult to come by.
“Looking ahead, said trade talks will remain in focus this week.
“Progress is likely to be made before the October 15 EU Summit, potentially providing the pound with further tailwinds.”
Brown added: “This week’s data calendar, bar Friday’s GDP numbers, provides nothing of interest.”
So what does this all mean for your holidays and travel money?
The Post Office is currently offering a rate of €1.0627 for over £400, €1.0781 for over £500 or €1.0836 for over £1,000.
Holidaymakers should always make sure they are buying foreign currency when the rates are favourable.
“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.
“Exchange rates are always changing… whether it’s the ongoing global Coronavirus crisis, the UK’s future outside Europe, or the upcoming US election, there is a seemingly endless stream of things that could affect the value of the pound abroad in the next few weeks and months.
“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.
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