Pound to euro exchange rate: Sterling ‘pulls back’ with the market ‘rudderless once more’

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At the time of writing Bloomberg has the exchange rate at 1 GBP to 1.1258 EUR. Yesterday morning it was at 1 GBP to 1.1225 EUR.

Today Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk about the latest exchange rate figures this morning.

Brown said: “Sterling, after notching fresh six week highs, pulled back a touch against the common currency yesterday, with the market appearing rather rudderless on the whole once more.

“It should be a rather quiet end to the week for the cross, with consolidation the likely theme.”

There has been a lack of impetus in the market for growth, Mr Brown explained yesterday.

Pound increases against the euro in exchange rate

At the time he told Express.co.uk: “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.”

What are the best travel money rates on offer today?

Currency Online Group Travel Money is offering 1.116 EUR to 1 GBP on exchanges over £100.

Fourex Travel money is offering 1.109 EUR to 1 GBP on exchanges over £100.

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The pound is at the mercy of the market, dictated by world events such as COVID-19.

Brexit, too, will have an impact on the British currency, but what impact that will have is unknown currently.

Few are travelling at this time, with ailine such as BA, TUI, easyJet, Ryanair and Jet2 have all cancelled flights. 

Jet2 holidays and flights have been axed until March 25.

This is down to the “ongoing uncertainty and travel restrictions caused by the COVID-19 pandemic.”

Travel experts advise keeping hold of the money rather than exchanging it.

“If you have got hold of foreign currency in cash, I’d recommend keeping it in a drawer if you can afford to do so,” said James Lynn, co-CEO and co-founder of travel debit card Currensea.

“The exchange rate has already hit the pound badly because of the third lockdown and if you go on a holiday later in the year you’ll be hit again converting your money back into the currency you need.”

“This could mean you lose 10 to 20 percent of the value due to fees.”

The UK travel ban to Italy is set to end, but will it be extended? 

It is not yet known what action the country will take but the Foreign, Commonwealth and Development Office (FCDO) regularly updates its travel advice for Britons.

It states on the website that travellers due to travel are urged to contact their travel operator if affected.

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