Pound to euro exchange rate: GBP hits a high – but Brexit turbulence lies ahead

The pound benefitted from a weakened euro boosting it to a two-month high against the euro. However, the rate has still dropped since yesterday and the future remains uncertain as political discussions plough on.

Prime Minister Boris Johnson continues to meet with EU figureheads this week as he pushes for viable deals for the UK.

A cabinet reshuffle is also anticipated in the next 24 hours, with the Prime Minister making a number of changes, though providing little clarity on how wide-ranging they will be.

According to a Downing Street source, who spoke to BBC, Johnson will “reward those MPs who have worked hard to deliver on this government’s priorities to level up the whole country and deliver the change people voted for last year”.

It is not yet clear how, or if, this reorganisation will have any impact on the current exchange rate.

READ MORE: Pound to euro exchange rate: Pound boosted amid trade deals

The Prime Minister is not expected to make any major changes at senior level but will be focussing on junior ministers, hoping to boost gender balance by increasing the number of females taking up parliamentary private secretary positions.

Meanwhile, all eyes will be on Michael Gove, who the BBC said has “been tipped to be the minister to oversee Brexit trade talks.”

For travellers and holidaymakers, these impending changes may make it difficult to determine when the best time to exchange travel money is.

The Post Office is currently offering a rate of €1.1448 for £400 or more, €1.1614 for £500 or more and €1.1673 for £1,000 or more.

Ian Strafford-Taylor CEO of international money specialist Equals advised: “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.”

Prepaid travel money cards allow holidaymakers to load them with cash before they go abroad and then use them as you would a debit card to withdraw or spend money as you wish.

The benefit is that you secure an exchange rate at the time of purchase, which means you could hold onto a beneficial rate even if they drop soon after.

“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,” adds Strafford-Taylor.

Even if you manage to get the best rates going, it turns out many travellers miss out on cash at the end of their trip by forgetting to switch it back into sterling.

CEO of WeSwap, Jared Jesner said: “Holidays are more often than not the biggest event of the year for British families, however, there are many hidden costs that arise when abroad which many holidaymakers may not think about – and this can prove to be costly.

“Our research confirms that a huge amount of money goes to waste every year, but holidaymakers should rest assured that there are ways to ensure their hard-earned money stretches as far as possible.“

He added: “Swapping holiday currency back to Sterling may get you more money than you first thought.”

source: express.co.uk