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The pound to euro exchange rate was unaffected by Boris Johnson’s Brexit rhetoric on Friday as the last trading week came to an end. However, while the market “shrugged off” the Prime Minister’s “bluff,” uncertain times lie ahead for GBP, said experts. A “bumpy ride” is predicted as the UK nears the transition period.
Looking at this week, new data may be of interest to sterling while politics continue to play a major role in GBP’s movements.
The pound is currently trading at 1.1048 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 couldn’t have cared less about the Prime Minister’s rhetoric towards an ‘Australia-style’ Brexit deal on Friday,” said Brown.
“The market largely shrugged off Boris’ latest bluff and the continuing game of brinkmanship between the UK and EU.
“It remains likely that a deal will be agreed between the two parties, with the market seeing the latest talk as little more than political posturing.
“It is, however, likely to be a bumpy ride from now until year-end, leaving the pound somewhat vulnerable as time ticks down towards the end of the transition period.
“This week, CPI and retail sales may be worth a look from the data docket; while political headlines will likely dominate.”
So what does this all mean for your holidays and travel money?
Post Office Travey Money is currently offering a rate of €1.0620 for over £400, €1.0775 for over £500 or €1.0830 for over £1,000.
Hamish Muress, currency expert at international payments company OFX, has shared his travel advice and top tips for Britons trying to keep track of currency at this confusing time.
“You need to stay on top of exchange rates to understand how far your money will go overseas,” Muress told Express.co.uk.
“Exchange rates are always changing… whether it’s the ongoing global Coronavirus crisis, the UK’s future outside Europe, or the upcoming US election, there is a seemingly endless stream of things that could affect the value of the pound abroad in the next few weeks and months.
“It’s important to know where you stand, but you don’t have to watch the markets yourself.”
Some currency specialists, including OFX, let customers sign up to daily market commentary and exchange rate updates.
What’s more, it may be worth speaking to a currency expert to understand how the pound is performing and get a sense of what might happen next.
Booking a holiday is a tricky business during the never-ending uncertainty and changing travel corridor list.
Travel expert Simon Calder previously warned BBC viewers: “We don’t know exactly what the government’s grounds are for putting places on the no go list.”
“We do know that it’s much tougher to get off the no go less than it is to get on to it.”
Calder’s solution amid the unpredictability is to wait and book last minute.
“Therefore I’m doin whagt an awful lot of other people are doing which is just keeping my fingers crossed,” he said.
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