The pound to euro exchange rate “struggled for direction” yesterday as the trading week drew to a close. GBP “traded flat” due to a lack of notable headlines or data releases. Looking ahead at today, experts predict the exchange rate is unlikely to improve.
“The pairing struggled for direction amid a lack of data releases or notable headlines; with markets shrugging off the conclusion of the first round of UK-EU trade talks.
“Today, rangebound conditions will likely prevail once again, with the calendar devoid of major releases on either side of the Channel.”
So what does this all mean for Britons heading off on holidays and looking to buy travel money?
The Post Office is currently offering a rate of €1.1142 for over £400 and €1.1362 for over £1,000.
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The collapse of Flybe this week has caused many holidaymakers to worry about how safe their holidays are as coronavirus continues to spread and multiple airlines cancel flights.
Jeremy Thomson-Cook, Chief Economist at Equals (formerly known as FairFX), said: “The coronavirus has proved to be the straw that broke the camel’s back for Flybe and highlights that British businesses, especially those that predominantly serve non-metropolitan parts of the UK, will find an environment of lower consumer demand difficult to weather.
“We heard from the incoming Bank of England Governor, Andrew Bailey yesterday that supply chain finance will need to be made available quickly to UK businesses; it may not have been enough to save Flybe but should prevent others from failing in a similar fashion.”
“The EU’s environment and public health committee are scheduled to meet today to discuss the global emergency of coronavirus and how member states are confronting the epidemic, and both economic and public interest in the discussions will remain high.”
“Holidaymakers looking ahead to their next holiday will need to check their travel plans are protected before booking, whether that’s through a package holiday or separate bookings for flights and accommodation.
“While UK and European law says your holiday must be protected if you book a package holiday, the scheme only applies to some flight-only bookings, which means some travellers with flights booked through Flybe will not be protected.”
When choosing a holiday destination it can be key to pick wisely if you’re looking to keep an eye on the pennies.
Currensea, a UK travel money card linked directly to high street bank accounts, has released its top ten travel destinations where UK travellers are saving on bank charges.
A surprising winner took first place in Currensea’s findings.
Contrary to the popularity of Spain, the United States took pole position for Britons travelling over the February half-term.
Fifteen percent of transactions took place in the States for users of the Currensea travel debit card.
Followed closely by France and Spain, the rest of the list included Australia, Italy, Netherlands, United Arab Emirates, New Zealand, South Africa and Brazil.