Pound euro exchange rate ‘well supported’ thanks to vaccination ‘drive’
Pound fluctuates against euro following soar in figures
The pound to euro exchange rate has seen a series of successes in recent weeks as the vaccine roll-out as steamed ahead in the UK. Last week, sterling hit levels above the 1.4 mark which had previously not been seen since May 2020.
As the week continues, it seems the pound has maintained its newly recovered strength.
The pound is currently trading at a rate of 1.1413 according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX, spoke exclusively with Express.co.uk to share his insight into today’s exchange rate.
“Sterling-euro remains well supported around the 1.14 mark, opening this week rather unchanged from where the pair closed the last,” he explained.
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“The week ahead provides little by way of economic data releases, meaning that the pace of covid vaccination should continue to drive the pair; a factor that should continue to aid the pound as the common currency struggles across the board.”
Currently, Britons are not allowed to travel internationally under the current lockdown regulations unless they can prove it is for an “essential” reason.
However, there are still plenty of scenarios in which people may need to exchange foreign currency.
Along with those travelling for specific “essential” purposes, many would-be holidaymakers have had their travel plans cancelled in recent weeks.
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Ryanair has slashed its flight itinerary to just 40 percent capacity until April, meanwhile, package holiday specialists such as easyJet holidays and Jet2 holidays have cancelled package holidays temporarily.
Jet2 has set out preliminary plans to restart holidays from April 27, 2021.
easyJet holidays plans to restart holidays from March 25, 2021.
For those looking to travel to their chosen destination within the next year, Shon Alam, founder of travel money buy and sell service Bidwedge, suggests hanging on to your money.
However, he also points out leaving it any longer could result in financial losses.
“If you are a regular traveller – for example if you travel monthly or for business – then I would keep currency that you are likely to use again if there are particular locations you travel to regularly,” he said.
“However, any longer than that, and I would turn it back into my home currency.”
Currently, the Post Office is offering a rate of €1.1010 for amounts of £400 or more and €1.1227 for amounts of £1,000 or more.
Of course, exactly when holidaymakers may be able to jet off abroad remains uncertain.
At the time of writing, there is no clear end date in sight for the national lockdown.
Furthermore, new travel restrictions and hotel quarantine rules could see some countries off-limits for some time.
Despite this, Secretary of State for Health Matt Hancock showed some promise for the future.
Speaking on BBC Politics East last week, he said: “In six months we’ll be in the middle, I hope, of a happy and free Great British summer.”
“I have a high degree of confidence that by then the vast majority of adults will have been vaccinated,” he added.
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