The pound to euro exchange rate maintained its position against the euro overnight after enduring a series of highs and lows in the last week amid the coronavirus pandemic. Sterling suffered when Prime Minister Boris Johnson was admitted to ICU due to worsening COVID-19 symptoms, however, as his condition bettered so did the pound’s position.
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Looking to the future, the developing coronavirus pandemic and the Prime Minister’s health will remain at the forefront for traders.
Any positive news surrounding breakthroughs in beating the virus will naturally boost sterling’s position.
The pound is currently trading at a rate of 1.1346 against the euro according to Bloomberg at the time of writing.
Currency Expert Michael Brown of Caxton FX spoke to Express.co.uk to share his insight on the current exchange rate.
He said: “Sterling trod water against the euro on Tuesday, as investors continued to monitor the progress of the coronavirus pandemic and the health of PM Johnson.
“Today, similar themes will once again dominate, with any positivity around the virus likely to lift the pound’s spirits.”
Britons are currently being advised against all but essential travel “indefinitely” as the UK government continues to enforce a stringent lockdown to try and slow the spread of the virus.
With the exchange rate constantly fluctuating and at the mercy of a largely unprecedented situation, those with leftover travel money may wait til sterling seems to gain strength.
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However, it could be a struggle to find the best rates available, with fewer bureau de changes able to offer financial services at the moment.
The Post Office has temporarily closed its bureau de change service, saying: “Both services will remain suspended whilst strict self-isolation measures.”
Similarly, a spokesperson from Change Group International Plc explained why they too had decided to close the doors on their travel money services.
Sacha Zackariya, CEO, told Express.co.uk: “Along with all other bureaus de change and banks, we have now closed all branches.
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“We actually made the decision to close them before government restrictions to protect our staff and customers.”
As there is no easy solution to changing travel money back into pounds at this point experts are recommending would-be holidaymakers hold onto their foreign currency for now.
“I would recommend holding on to this leftover currency until your next holiday or if it is somewhere you are unlikely to travel again then exchange it at a later date,” advised Zackariya.
“As international travel restrictions are updated and government policies change we recommend checking our website for updates on this situation.”
This was similarly echoed by Ian Strafford-Taylor, CEO of Equals (formerly known as FairFX).
He said: “If they can, holidaymakers might want to keep hold of their currency until their next trip and use it then.
“For those using prepaid currency cards, they can spend their money back in the UK online or in stores, keep it for their next trip, or change it to a different currency altogether.”
The Post Office is offering this option to customers who have purchased a pre-paid travel money card.
Customers can switch the currency back to sterling on the card and use it as they would a debit or credit card for purchases here in the UK.
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