Today, the pound to euro exchange rate has hit a fresh five-month low, dropping to below the 1.11 handle. It comes in the same week as Chancellor Rishi Sunak delivered the Budget 2020, and concerns about the coronavirus outbreak continued.
- Martin Lewis says he ‘won’t be booking’ holiday for ‘three months’
At the time of writing, the pound is trading at 1.1249 against the euro, according to Bloomberg.
Today, Michael Brown, currency expert at Caxton, shared his exclusive commentary on the pound to euro exchange rate with Express.co.uk.
He said: “Sterling has come under pressure against the euro over the last 24 hours as a result of broad risk aversion seeing traders liquidate positions and choose to sit on the sidelines.
“This morning, the pairing has hit a fresh five-month low below the 1.11 handle.
“Looking ahead, investors will continue to pay close attention to coronavirus-related headlines, though the chances of a turnaround in risk appetite appear slim.”
So, what does this mean for people looking to buy euros this week?
Currently, the Post Office is selling euros at a rate of 1.0922, for spends of £400 or more.
Those making a purchase of £500 plus, are offered a rate of 1.0922.
It rises to a rate of 1.1160 euros on purchases of £1,000 or more.
Travel warnings are making headlines regularly this week, as the coronavirus outbreak continues to cause worry for many.
As of 9am on March 12, 2020, 590 people were confirmed to have tested positive for coronavirus in the UK, Public Health England said yesterday.
Sadly, eight patients who tested positive for COVID-19 have died.
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The outbreak is causing a great deal of worry for those due to travel in the coming months.
Yesterday, Martin Lewis shared his expertise when it comes to travellers and their money.
Speaking on This Morning, the financial journalist said: “Last week I covered your travel insurance rights when it came to Coronavirus.
“Yet as this is a fast-changing situation with new developments daily, I’m constantly receiving huge number of questions from more concerned travellers. So, I’m going to address two of the most common new questions asked.”
Addressing whether a person can get their money back for their hotel and flights back if an event is cancelled, he said: “Many events around the world, including sports (both watching and participating), festivals and more are being cancelled or postponed.
“When events are cancelled you should get the ticket money back. But the issue is if you’ve flights and hotels linked with it.
“Sadly, even if that was the primary purpose of your trip, if the Foreign Office hasn’t issued an advisory against travel to that country, then if you booked your flight, hotel and event ticket separately it’s very unlikely you’ll be covered for any costs.
“However if you booked it as a package, then there’s a chance you may be able to get a refund from your tour operator, as arguably the event being cancelled has caused a significant change to your package and you aren’t obliged to go.
“So, if you don’t have a free cancellation option for the hotel or flight, you’re probably best to wait rather than cancel straight away.
“This is because the FCO advice may change later to say you can’t go and this would trigger a travel insurance pay out. If you cancel before the FCO advice changes you won’t be able to get your money back.”
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