Indian variant in UK 'poses a problem' says France's Le Drian
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The pound to euro exchange rate has plummeted from its previous high to a “two-month low” this week. Though the GBP is currently stuck in a “narrow range” experts say there could be some “hope” ahead for “gains next week”.
However, France’s recent decision to join Germany in banning British travellers from entering the country for “non-essential purposes” is “weighing” on sterling.
On top of this, disputes in Westminster between the Prime Minister and his former aid are also causing some concern.
The pound is currently trading at a rate of 1.1651 against the euro according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX spoke with Express.co.uk to share his insight into the current exchange rate.
“Sterling-euro continues to trade in a narrow range, with the market lacking any drivers to see us break that range, and trading conditions having become rather boring,” he said.
“Still, ending the week north of 1.16 would provide the bulls with some hope they can extend gains into next week, though that is far from a foregone conclusion.”
Meanwhile, George Vessey, current strategist at Western Business Solutions added: “France joined Germany in demanding quarantine from those visiting from Britain following the growing number of variant cases and the spread of it in the UK.
“Revelations about the government’s handling of the pandemic are also weighing on sterling.
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“Serious allegations were made by UK Prime Minister Boris Johnson’s former close aide Dominic Cummings as he was extremely critical of the Prime Minister’s efforts in handling the crisis.”
The pounds recent drop against the euro may cause some concern for holidaymakers who are eyeing green list travel in the coming weeks.
At the time of writing, Portugal remains one of the only accessible European destinations on the list.
However, there is hope ahead that more nations or archipelagos – such as the Canary or Greek islands – will be added at the next review.
The Post Office Travel Money is currently offering a rate of €1.1149 for amounts of £400 or more and €1.1369 for amounts of £1,000 or more.
Though some travel money experts are advising customers to hold off on exchanging money too soon, they also point out how important planning is when it comes to securing the best rates.
James Andrews, senior personal finance editor at money.co.uk explained: “Once there has been an official green light given on our planned summer trips, there are ways to ensure you can stretch your summer spending money as far as possible by sticking to the following tips.
“Do not exchange your money last minute at the airport, the rates are generally much less favourable than online or high-street alternatives, so preparation is key.
“If you find yourself acting on impulse, booking a last-minute break and needing to collect your euros upon your departure date, try to order them for collection in advance of your travel dates to take advantage of the best possible rates.
“For the best rates, take out a travel money card now. It doesn’t fully replace having currency in hand when you land, but once there you can use these at no cost for spending or withdrawing from a cash machine.”
Similarly, James Lynn, CEO and founder of Currensea advised: “Financial safety when travelling must also be top of mind for consumers.
“Sudden changes and cancellations, which remain likely could put travellers at risk if the right precautions aren’t taken.”
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