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The pound to euro exchange rate traded “choppily” between a relatively narrow window yesterday, as the month of November drew to a close. Brexit discussions continue to render the market “volatile,” said experts. New manufacturing data is out today but will likely be “largely meaningless.”
Experts predict not much will change this week.
The pound is currently trading at 1.1194 against the euro, according to Bloomberg at the time of writing.
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-euro traded within a relatively tight range yesterday, though was choppy between those boundaries,” said Brown.
“Conflicting reports from the post-Brexit UK/EU trade talks continued to make for a volatile market.
“I would expect similar themes to dominate today, and for the remainder of this week, with today’s manufacturing PMIs largely meaningless.”
Brexit will continue to impact sterling throughout the week.
“We are entering yet another ‘crunch week’ for the post-Brexit trade negotiations, the progress of which will continue to be the primary driving force behind the pound,” said Brown yesterday.
“The eventual outcome remains binary, sterling strength if a deal is agreed, sterling weakness if no deal is found.”
So what does all this mean for your holidays and travel money?
Post Office Travel Money is one of many popular providers.
The service is currently offering a rate of €1.0746 for over £400, €1.0902 for over £500 or €1.0957 for over £1,000.
Shon Alam, founder of currency exchange platform Bidwedge, recently shared his travel advice of buying holiday money.
“Don’t wait till the last minute and don’t buy from the airport – but most importantly, never use a credit card to buy money,” Alam explained.
“If you buy travel money on a credit card, the card company sees this as taking money off the card in cash, therefore it attracts a higher interest rate and an extra charge as with all card companies.
“It is also worth noting that with exchange services, credit card purchasing can – and does – charge a higher overall cost.”
It’s important holidaymakers protect themselves appropriately, too.
“If you use an online supplier, do your research and ensure they are a real vendor to avoid losing your money to a scam,” Alam warned.
The expert also urged jet-setters to buy currency sooner rather than later.
“Next year, there will be a mad dash for Euros and Dollars, so British holidaymakers would be best placed to get ahead of the game,” he said.
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