The pound to euro exchange rate remains stable within its current range, following a surge last week in the wake of the general election. With support for the Conservative Party growing, suggesting a likely Tory majority on 12 December, market shareholders have raced to back sterling. However, more political developments ahead will ultimately dictate the GBP’s position.
Opinion polls published this weekend showed that Mr Johnson’s Conservatives have the highest level of support since 2017.
Meanwhile, the joint agreement between the Conservatives is a good sign for Brexit supporters.
“Boris Johnson has already said that he wants the UK to leave the EU with his revised deal if the Conservatives win a general election,” said Ian Strafford-Taylor, CEO of international money specialist Equals.
“This means that we could see further turbulence for the pound as he would once again have to make a push to get his deal through parliament, a parliament that could look very different following the election.”
Rob Stross, CMO of WeSwap advised: “It goes without saying but when the pound is riding high, it’s a good time to buy your travel money.”
If tourists are too worried about changing all of their money in one go, Stross advises changing half now and keeping an eye on updates before changing the rest.
“Above all, avoid buying your holiday money last minute,” he added.
“Bureaux de change at the airport or train stations nearly always offer awful rates.
Ian Strafford-Taylor also shares some added advice, saying: “The safest way to guarantee getting an exchange rate you’re happy with is to lock-in the rate on a prepaid card when the pound is doing well.
“It also means you avoid losing money when you return from your trip and have to change any leftover cash back into pounds if the exchange rate has worsened.”