The pound to euro exchange rate is 1.1673, according to the latest data from Bloomberg at the time of writing. This is very slightly down on Friday’s figure of 1.1674.
The upcoming General Election is having an affect on the exchange rate, as uncertainty in the political landscape causes ripples in the market.
Speaking exclusively to Express.co.uk, Michael Brown, Senior Market Analyst at Caxton FX, said: “Sterling struggled on Friday after a disappointing set of flash PMI data pointed to the economy contracting in Q4, raising the prospects of an increasingly dovish BoE at their next policy meeting in December.
“This week, with the data calendar barren, focus will lie with the election campaign once again.
“Market participants will pay close attention to ongoing opinion polling, with the pound likely to remain well-supported should the Conservatives maintain their double-digit lead.”
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“Our ambition in designing this system will be to end poverty by guaranteeing a minimum standard of living.
They added that an “emergency package of reforms” would be implemented while the new system was being developed.
The Labour Party pledged to start developing the system immediately.
Conservative leader Boris Johnson launched their manifesto over the weekend.
From a financial perspective, the biggest takeaways were his pledge not to increase rates of income tax, national insurance and VAT.
He promised to raise the National Insurance threshold to £9,500 in 2020, with an ambition to raise it further to £12,500.
The Prime Minister also promised £250m a year for childcare, for at least three years, plus a £250m capital spending boost, for “wraparound” childcare – meaning after school or during holidays.
Other big ideas included a new National Skills Fund of £600m a year for five years and building a “Northern Powerhouse” rail between Leeds and Manchester.
The Post Office is currently offering a rate of €1.1128for over £400 and €1.1454 for over £1,000.
However, with sterling doing so well – is it best to see if GBP with improve further? 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.
“But sometimes it can be hard to know whether to stick or twist. What if the pound gets even stronger?
“We’d recommend doing some research, seeing when the pound was last this strong and keeping an eye on upcoming political events.
“Remember, the FX market likes stability. If you can’t bring yourself to exchange all your money at once, consider exchanging half your money now and half if the pound strengthens even more or starts to weaken. If you don’t want to miss out on future market highs, there are several rate alert systems you can use.”