Travel money: Post Office introduce multi-currency pre-paid card
The pound continues to exhibit “jittery” behaviour which experts claim is in reaction to the latest Brexit news. The pound plummeted earlier this week against the dollar and the euro as the UK prepared for the possibility of a no deal Brexit. Post-Brexit trade deal talks remain stuck in a deadlock as the December 31 deadline draws near.
Boris Johnson is heading to Brussels to meet with European Commission President Ursula von der Leyen today to try and agree on a trade deal.
A summit by EU leaders will then take place in the Belgian capital on Thursday.
The pound is currently trading at 1.1056 against the euro, according to Bloomberg at the time of writing.
This is above yesterday’s rate of 1.1010, with the exchange rate now hitting above that critical 1.1050 handle.
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Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures this morning.
He said: “Sterling traded largely unchanged against the euro on Tuesday, with the market remaining a little jittery about the present state of play in post-Brexit trade talks.
“As a result, this evening’s face-to-face meeting between the Prime Minister and EU Commission President is today’s focus, with investors looking for signs of a breakthrough as an excuse to buy the pound.”
Issues on regulations and fishing rights seem to be the main sticking points between the two sides.
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Failure to agree on a post-Brexit trade deal will see Britain leave the single market and customs union on January 1 and continue trading on World Trade Organisation (WTO) terms.
George Vessey, currency strategist at Western Union, also shared his insight on Brexit developments.
He said: “The last-ditch attempt for both sides to negotiate a deal is perhaps seen as a hope to avoid a chaotic parting of ways at the end of the year.”
He added: “Sterling traders are poised for what could be another volatile week of trading.”
So what does all this mean for your holidays and travel money?
Post Office Travel is currently offering a rate of €1.0614 over £400, €1.0768 for over £500 or €1.0823 for over £1,000.
Founder of currency exchange platform Bidwegde Shon Alam, has commented on how travellers can take advantage of the current Brexit situation by exchanging their leftover foreign currency.
He said: ”This is great news for the millions of Britons who have old euros and dollars lying around, in some cases, from holidays that took place a decade ago.
“Typically, travellers tend to hold on to their remaining foreign currency, as it generally isn’t worth converting smaller sums of money due to poor exchange rates.
“As the pound has hit a six-week low, now may be the perfect time for people to exchange their remaining euros and dollars.
“Taking advantage of this situation to exchange the foreign currency that has been lying at the bottom of the drawer for years, means that you could get more pounds in return than you previously would have done.
“For anyone looking to exchange their foreign currency, Bidwedge is a great option – we exchange at bank rates, giving customers the best value for their money, without the added hassle of having to physically visit the bank.”
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