Pound to euro exchange rate plummets to ‘more than three-month low’ as holidays return

The pound to euro exchange rate fell to a new three-month low yesterday. This was sparked by worry over how the country is set to recover financially from the coronavirus crisis. This concern will continue to play a role today.

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Prime Minister Boris Johnson is expected to deliver a speech on the country’s recovery.

The pound is currently trading at 1.0945 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 sank further against the common currency yesterday,” he said.

“It fell to a more than three-month low as month-end flows and concern over how the UK will fund the significant fiscal stimulus programmes involved in the economic recovery mounted.

“Those stimulus measures will be the primary focus today, with attention centring on a keynote speech from PM Johnson on the post-covid economy.”

Currently, foreign holidays are still not allowed.

The government’s COVID-19 Exceptional Travel Advisory Notice states: “The Foreign & Commonwealth Office currently advises British nationals against all but essential international travel.

“This advice is being kept under constant review.”

However, this is expected to change imminently.

Air bridges, also known as travel corridors or transport corridors, will see Britons being allowed to travel between destinations without the need to quarantine for 14-days upon arrival home.

The agreements have been made with countries which have low COVID-19 cases, and are subsequently deemed as “safe” by the UK government.

They may also have been made with countries where the national test and trace measures are thought to be equal to those currently in place in the UK.

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Secretary of State for Transport Grant Shapps said yesterday: “I can confirm that the government will shortly begin to ease the health measures at the UK border, allowing passengers to be exempted from self-isolation requirements in certain circumstances on arrival in the UK.

“This will apply to international rail, maritime, and aviation.”

Though countries have yet to be confirmed, speculated nations included on the list are:

France

Spain

Germany

Italy

Turkey

Netherlands

Norway

Belgium

Finland

As global travel starts up again, holiday money providers have started to reopen.

The Post Office has revealed its Travel Money service is restarting.

Customers planning trips abroad will be able to order over 60 currencies online for next day home delivery or collection from all 11,500 Post Office branches.

Same-day online “click and collect” delivery of travel money will also be available at a selected number of branches across the UK from July 1.

Britons will also be able to use the pre-order currency function in selected Post Office branches alongside Post Office’s over-the-counter foreign exchange service which enables customers to obtain euros, US dollars and up to 30 other popular currencies on demand.

Customers can also load the Post Office pre-paid Travel Money Card with a choice of up to 23 currencies.

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