The pound to euro exchange rate has “held up well,” said an expert this morning. The GBP has risen, well above the 1.13 mark. The rise in sterling is “despite considerable excitement in other corners of the financial markets”.
“Despite significant excitement in other corners of the financial markets, the pound has continued to hold up well against the euro, retesting and holding the 1.13 level overnight,” said Brown.
“Now the conditions are in place for the pound to make further gains, especially if the UK vaccination program continues to outperform the EU.
“A calm calendar with no major events on either side of the Channel is due today.”
George Vessey, British currency strategist for Western Union Business Solutions, also shared his findings.
“The pound saw a temporary retreat on Thursday as investors eased their optimism about vaccine rollout in the UK, but a weaker dollar later helped return above $ 1.37,” he said.
“The pound sterling hit its highest level against the dollar since May 2018 on Wednesday and hit an eight-month high against the euro yesterday. This is attributed to analysts who attribute the UK to adopting COVID-19 vaccines faster than continental Europe.”
“Novavax’s vaccine has an 89.3 percent effectiveness rate and tames the British variant of the virus, but is not as effective against the South African strain. This will also add to the European Union (EU) dispute with the UK for a lack of bump at home and rush to the UK to supply vaccines. The UK said it must receive all the COVID-19 vaccines it ordered and paid for after some EU politicians asked drug maker AstraZeneca to divert cans from the UK to make up for a supply shortage. “
“Elsewhere, British Prime Minister Boris Johnson reiterated the Brexit problems and business disappointment in the fisheries sector. The Tory leader said, “Of course there are teething troubles in many areas and that is inevitable because this is a big change.”
DO NOT MISS
What does all this mean for your vacation and your travel money?
Post Office Travel is currently offering a price of € 1.0884 for over £ 400, € 1.1042 for over £ 500 or € 1.1099 for over £ 1,000.
Despite the cheap prices, it is unlikely that anyone will buy vacation pay in the current climate as foreign huntsmen will not return for months.
In addition, if you buy your currency now, you can lose.
James Lynn, Co-CEO and Co-Founder of Currensea, told Express.co.uk: “It might be tempting to exchange any leftover travel money or even take out foreign currency in anticipation of a future vacation while the exchange rate is cheap, but I would advise against it.
Lynn continued, “Multi-currency travel cards that allow you to spend in local currency (in the case of Currensea directly from your own bank account to save international fees) are always the best way to save money.
“This way you can spend money directly with local services while on vacation and only withdraw cash from an ATM when needed.
“The absolute no-go is to withdraw money from an airport office, which can result in an exchange rate of up to 10 to 20 percent when exchanging or buying back cash.”