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The pound to euro exchange rate is set for more uncertainty today as traders await the news of who wins the US election between Donald Trump and Joe Biden. With the future not quite clear as of yet, traders have seemingly taken what one expert describes as a “rudderless course”.
Sterling has already been in for a bumpy ride in recent weeks, with Brexit negotiations raging on in a bid to strike a deal before the December 31 deadline.
What’s more, a series of secondary lockdown measures across Europe – which will soon include England – are set to have an impact on GBP.
The pound is currently trading at a rate of 1.1096 against the euro according to Bloomberg at the time of writing.
This is well below the 1.11 mark.
Speaking exclusively to Express.co.uk, Michael Brown, currency expert at Caxton FX explained: “Sterling softened a touch against the euro yesterday, failing to sustain an early move above the 1.11 mark, as the market took something of a rudderless course, with all eyes on today’s US elections.
“The election will again be the focus today, with investors focused more on when we know the result, and whether or not it will be contested, than the actual identity of the next President.”
Travel money might not be the top of everyone’s list of necessities at the moment, given the sudden decision to thrust England back into a draconian lockdown.
Under Boris Johnson’s newest lockdown rules, international travel is banned unless it is for work or educational purposes.
The Government states: “Overnight stays and holidays away from primary residences will not be allowed. This includes holidays abroad and in the UK.”
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It also means you cannot stay in a second home if you own one, or stay with anyone you do not live with or are in a support bubble with.
“There are specific exceptions, for example, if you need to stay away from home (including in a second home) for work purposes, but this means people cannot travel overseas or within the UK unless for work, education or other legally permitted reasons.”
The rules differ slightly for Wales, Northern Ireland and Scotland.
Wales remain in a full lockdown until November 9, during which time they are not allowed to travel for nonessential reasons.
Following this period, international travel remains off the cards.
In Northern Ireland, there are no specific bans on international travel, but advice from Stormont is that “no unnecessary travel should be taken”.
In Scotland, though travel to and from tiered areas are banned, there are no restrictions on international travel.
However, the current quarantine restrictions do still apply.
For Britons who had holidays booked in November, it comes as a devastating blow and could mean they are left with unused travel money.
An expert has urged holidaymakers to swap their money back but says it is imperative customers “shop around” in order to get the best buy-back rates.
“Savvy consumers should shop around before they change currency back to make sure they’re getting the best offer available and not losing too much money in the process,” Ian Strafford-Taylor, CEO of Equals (formerly known as FairFX) told Express.co.uk.
However, holidaymakers who have simply postponed their travel may not wish to exchange their currency back.
“If they can, holidaymakers might want to keep hold of their currency until their next trip and use it then,” Mr Strafford-Taylor continued.
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