The pound to euro exchange rate showed little movement on Tuesday. The “rangebound” nature of GBP was due to a lack of economic releases, experts have said. However, that could change today due to political developments.
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Sterling remained rangebound against the euro on Tuesday, with little in the way of economic releases or impactful headlines to impact the pound,” he said.
“Today, attention will centre on political developments, with EU Commission President von der Leyen set to hold discussions with PM Johnson over the timetable for UK-EU trade negotiations.
“Signs that a clear timetable is in place for the negotiations may support sterling, dampening fears of a reversion to WTO trading terms at the end of the year.”
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So what does this mean for your holidays and travel money if you’re hoping to get away this week?
The Post Office is currently offering a rate of €1.1336 for over £400 and €1.1583 for over £1,000.
Research by peer-to-peer travel money provider WeSwap has shown 30 percent of Britons – 11,690,000 people – have no idea how to plan their foreign currency due to the impact of Brexit.
To make matters worse, 35 percent of Brits – 11,593,000 people – have lost out on spending money when exchanging money last minute because of the fluctuation of the pound.
So how can you make your holiday money go further during this time of volatility?
Rob Stross, CMO of WeSwap, said: “When it comes to travel money, with the peaks and troughs of the pound in light of Brexit, it’s difficult to plan when to buy your travel money.
“Above all, avoid buying your holiday money last minute. Bureaux de change at the airport or train stations nearly always offer awful rates,” he said.
“Despite advertising 0 percent commission, they often mark up their exchange rate to include fees of anything up to 13 percent knowing holidaymakers have no choice but to accept.
“If you are planning to jet off to Europe this year, it would be best – amidst the Brexit rhetoric – to start thinking of your travel money now.”
According to new research from Sainsbury’s Bank Travel Insurance, January will be the most popular month for people to book holidays for the coming year, with 6.4 million people across the nation are looking to book getaways.
Cruises are the most expensive type of holiday with these holidaymakers planning to spend an average of £1,650 each.