Pound to euro exchange rate fluctuates amid vaccine row
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Despite yesterday being a “subdued” day for the pound to euro exchange rate, according to a finance expert, sterling still stands on the upside of the 1.17 mark against the euro. Experts predict that the pound’s value will continue to rise in the coming days.
Although the pound’s movement has been slow in recent days, it now stands above the 1.17 handle against the euro.
This makes a positive change after sterling having fought to pass the 1.17 mark over the past week.
On Monday, the pound was still trading below the 1.17 handle against the euro.
However, today, the pound stands at 1.1726 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk to give his insight on the pound to euro exchange rate today.
Mr Brown said: “Yesterday was something of a subdued day for the cross, though we did – once again – finish to the upside of the recent range high at 1.1710, continuing to pave the way for further sterling gains in the sessions ahead; despite movement having been at a snail’s pace of late.
“Today’s data calendar contains little of interest from either side of the Channel,” he added.
The pound’s recent jump to the upper side of the 1.17 handle, and its expected increase in coming days, is thanks to the gradual re-opening of the UK’s economy.
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This week, the UK’s national lockdown started to ease, and the country’s vaccination rollout continues to be a success.
Speaking about the re-opening of the UK’s economy and its relationship to sterling, Stuart Cole, chief macro strategist at Equiti Capital, gave his comments to Express.co.uk yesterday.
He said: “The sterling outlook remains positive, the combination of continued vaccinations, lifting of lockdown restrictions and rising yields all converging to support the pound.”
Other speculators also reduced their net long position on the pound, hinting that the currency is performing well.
Mr Cole said that this suggests a “pool of untapped potential support for sterling”.
Speaking last week, George Vessey, UK currency strategist for Western Union Business Solutions, noted the impact the ongoing COVID-19 battle in Europe is having on the common currency.
He said: “Many countries across Europe are experiencing another wave of COVID-19 infections, forcing stricter lockdown measures and hampering speedy recovery hopes this year.
“The Euro is at risk of weakening further amidst these developments.”
So, what does all this mean for travel money?
Although foreign travel remains off the cards for Britons, there has been an increase of flight bookings in recent weeks.
James Andrews, senior personal finance editor at Money.co.uk, warned against swapping your pounds for euros just yet, recommending doing so at a later date.
He said: “Although countries have said they will be opening their doors to UK visitors, consumers must be cautious before exchanging money at this stage.
“Until the Government has confirmed that you will be allowed to travel, consider if you need to exchange travel money right away,” Mr Andrews added.
“Depending on restrictions at the time, you will usually get the best deals by either ordering online or going to a travel money provider.
“If you have enough time in advance, consider taking out a travel money card that lets you withdraw cash overseas fee-free.”
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