Pound to euro exchange rate: Sterling at lowest levels since March after week-long slump

The pound to euro exchange rate experienced five days of slump in the last trading week. This resulted in the biggest one-week decline in six months, experts said. By Friday GBP was at its lowest levels since March.

Coronavirus and Brexit uncertainty continue to be the factors influencing sterling’s movement.

There is much concern about the rise of COVID-19 in the UK as the R number creeps up and new lockdown measures are introduced.

There are currently 370,930 confirmed coronavirus cases in the country.

The pound is currently trading at 1.0821 against the euro, according to Bloomberg at the time of writing.

As for the week to come, politics will likely be the driving force for the pound.

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.

“Sterling notched its fifth straight loss against the euro on Friday,” said Brown.

“[It ended] the week at its lowest levels since March, while also chalking up the biggest one-week decline in six months.

“[This came amid] mounting Brexit uncertainties and backward steps in controlling the coronavirus piled on the pressure on the pound.

“Looking ahead, the political situation will be sterling’s primary driver this week, with a busy data calendar set to be ignored by traders, who are instead set to remain focused on the likely outcome of post-Brexit trade negotiations.”

So what does all this mean for your holidays and travel money?

The Post Office is currently offering a rate of €1,0422 for over £400, €1.0573 for over £500 or €1.0627 for over £1,000.

The best way to make sure you’re getting the most bang for your buck when it comes to purchasing holiday money is to monitor the exchange rate.

Marianne Gilmore, Managing Director, Private International Payments at currency provider moneycorp advised the first step when doing this should be to check on how the currency you want to buy has changed over the past month.

“Consider your desired currency’s previous rate fluctuations in the last month,” she said.

“From these values, budget a realistic window as to what rate you’d be willing to exchange on, bearing in mind that an additional commission fee may apply when you actually exchange your money.”

Tracking tools can be your best friend when looking to see at which point the pound is performing best.

“In order to help you keep your finger on the pulse of currency fluctuations, some foreign exchange providers will have useful tracking tools,” said Gilmore.

“For example, with a moneycorp account, you can set up a free currency exchange rate alert, something a lot of our customers do.

“You set your desired currency rate either online or through our app, and as soon as it reaches your ideal exchange rate we will notify you via email so you can easily purchase your currency.

“This saves a lot of time, and reduces the need for our customers to constantly check the rates.”

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