Pound to euro exchange rate fluctuates during lockdown

The pound to euro exchange rate is faring fairly well currently. As of this morning, Bloomberg has the exchange rate at 1 GBP to 1.1225 EUR.

The currency is doing well despite “fresh impetus to give the bulls control.” The pound is on for a “key test” an expert has claimed.

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.

Brown said: “Sterling notched fresh six week highs against the common currency yesterday morning, though couldn’t extend gains amid a lack of fresh impetus to give the bulls control.

“A barren calendar awaits today, though the key test remains whether the pair can crack the key 1.1280 resistance level.”

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the euro as the European currency fell against the dollar.

He told Express.co.uk yesterday: “Despite lacking significant volatility drivers, GBPEUR has managed to reclaim the 1.11 handle over the last 24 hours, benefitting from a slump in the euro’s value against the dollar,” said Brown.

“Still, the pair remains largely confined to its recent range, and continues to search for catalysts to spark a definitive move.”

What rates are currently being offered to those looking to exchange cash?

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The Post Office is offering 1.0795 EUR to 1 GBP for upwards of £400.

Upwards of £1,000 is it offering 1.1007 EUR.

The best deal currently on Money.co.uk is 1.109 EUR to the pound from Currently Online Group Travel Money.

Fourex Travel Money is offering 1.105 EUR to the pound.

George Vessey, UK Currency Strategist, Western Union Business Solutions, shared his insight on the shaky start to 2021.

“Choppy currency markets yesterday highlighted the uncertain outlook for the year ahead as investors weigh up the race between the vaccine rollout and the spreading COVID-19 virus,” he said.

“Vaccines have illuminated the path to an economic recovery, which is why risk appetite remains upbeat and global stocks, commodities and emerging market currencies remain in high demand.

“However, the sense of optimism has been deflated by the discovery of more transmissible forms of coronavirus in the UK and South Africa, as well as the stuttering start to vaccination programmes in some advanced economies.”

“The Euro’s positive run lost momentum last week,” he said.

“The medium-term view on [EUR/USD] is still bullish, but a correction lower in the short-term looks possible.”

He continued: “Europe is battling an escalating pandemic, which has frozen economic activity to a large extent once again.

“Although optimism about recovery has supported the common currency over recent months, market jitters are starting to reappear.”

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