Pound euro exchange rate hit by ‘Brexit reality’ – should you buy travel money?

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

The pound to euro exchange rate has decreased slightly since yesterday, rounding out the second week of November. Sterling appears to have been hit by a lack of progress concerning Brexit, with talks remaining somewhat deadlocked. As matters fail to advance, the market has felt the impact of no decisions made in the political sphere.

People will be able to buy fewer euros with their pound than yesterday, as Sterling has weakened.

Earlier on in the week, the pound’s movements were aided by news of a successful coronavirus vaccine.

The market appeared buoyant, with reason to be positive as on Tuesday, GBP briefly traded at a two-month high against the Euro.

The picture now, in comparison, then, appears to be slightly bleaker for Sterling.

Indeed, matters have not vastly changed since the top of the week, where experts described a “waiting game” remaining in play.

At the time of writing, the pound is currently trading at 1.1128 against the euro, according to Bloomberg.

Michael Brown, currency expert at Caxton FX, an international payments and foreign exchange firm, commented on the latest figures to Express.co.uk this morning.

He said: “Sterling slumped on Thursday, with the euro finding demand, and the market appearing to have bought the earlier Brexit rumour, and now begun to sell the Brexit fact that there won’t be any kind of breakthrough this week.

Holidays: Best Black Friday 2020 all-inclusive holiday deals [INSIGHT]
Dubai update: UAE added to travel corridor list in triumphant move [UPDATE]
When can students travel home for Christmas? [EXPLAINED]

“The pound has been hit with a dose of Brexit reality, one could say.

“Looking ahead, a quiet calendar awaits today, leaving markets to ponder the latest UK-EU headlines.

“Will Friday 13th be unlucky for sterling?”

It is likely, then, that all eyes will be on Brexit and how discussions progress going forward.

The decision-making process and the speed at which it happens appear to have a stronghold on the certainty of the market.

Post Office Travel Money is currently offering a rate of €1.0726 for over £400.

For a spend of £500 or more, today’s online rate currently stands at €1.0882.

And finally, a spend of £1000 or more will provide a rate of €1.0938.

Travellers are generally advised to plan ahead with the purchase of their travel money.

This is because this will allow them to avoid potentially high fees if purchasing at the last minute.

A strong rate when buying foreign currency is the most favourable outcome for those who are travelling.

Source: Read Full Article