The pound to euro exchange rate has plunged to a two-year low – a level not seen since August 2017. GBP’s slump couldn’t even be saved by better-than-expected UK’s services industry data. The data “grew at the fastest pace since October last year,” said experts. Political volatility and the thorny problem of a Boris Johnson no-deal Brexit continues to affect the currency.
The pound is currently trading at 1.086 against the euro this morning, according to Bloomberg at the time of writing.
Rehan Ansari, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“The UK’s services industry data as measured by the purchasing managers index (PMI) beat expectations yesterday as it grew at the fastest pace since October last year,” said Ansari.
“Alternatively the same data release in Europe did not improve and printed the forecasted number.
“The data, however, was not enough to get the Pound off the back foot. GBPEUR printed a new low at 1.0819, a level not seen since August 2017.”
“Looking to the day ahead, with little in the way of significant data releases from either side of the channel any volatility will likely be influenced by politics.
The pound is currently trading at 1.086 against the euro this morning, according to Bloomberg at the time of writing.
Rehan Ansari, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“The UK’s services industry data as measured by the purchasing managers index (PMI) beat expectations yesterday as it grew at the fastest pace since October last year,” said Ansari.
“Alternatively the same data release in Europe did not improve and printed the forecasted number.
“The data, however, was not enough to get the Pound off the back foot. GBPEUR printed a new low at 1.0819, a level not seen since August 2017.”
“Looking to the day ahead, with little in the way of significant data releases from either side of the channel any volatility will likely be influenced by politics.
Holidaymakers looking to save money while away are advised to avoid spending on plastic.
A third of families who took part in the latest Post Office Travel Money survey admitted they were caught out by extra charges averaging £120 on their last holiday.
The research revealed the resort rip-offs that families dislike most on holidays abroad.
Unforeseen debit card charges attracted the greatest criticism among the third of families who complained about the cost of paying on plastic.
As well as non-transaction charges which can be around 2.7 per cent on top of each transaction, one-in-ten holidaymakers also said they had also used ATMs regularly for cash withdrawals during their last holiday but did not realise that they would be charged a fee every time they did so.
Nick Boden, Head of Post Office Travel Money, said: “This year’s consumer research revealed a big increase in the percentage of people who got caught out by charges for paying on plastic. Paying by debit or credit card may be convenient but holidaymakers are likely to incur fees and transaction charges without realising it until they see their bank statements.
“A safer route is to use a prepaid card like the Post Office Travel Money Card, which can be loaded with cash and won’t incur extra charges in shops and restaurants.”