The pound to euro exchange rate recorded a fresh “daily loss” as trading opened on Monday – and is set to remain “on the back foot” according to experts. Sterling is struggling in the wake of Brexit uncertainty and the ongoing Conservative Party leadership contest, in which Jeremy Hunt and Boris Johnson are battling for the position, and the consequent UK Prime Minister role. The pound is currently trading at 1.111 against the euro, according to Bloomberg, at the time of writing. Michael Brown, currency analyst at Caxton FX, told of the indicators which could impact the currency downturn today.
Michael said: “Sterling recorded a first daily loss in three against the euro on Monday as the pound begun the week on the back foot ahead of a key week of economic data releases.
“In addition, market participants remain concerned by ongoing political uncertainties as the Conservative Party leadership contest draws to a close.
“The day ahead sees a number of important data releases, with focus likely to fall on UK labour market figures.
“The report should show the UK labour market remaining tight, despite ongoing Brexit-related uncertainties, though the Bank of England remain unlikely to tighten policy this year.
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“From the eurozone, July’s ZEW sentiment survey will be closely watched as a key gauge of economic activity, with additional ECB stimulus remaining highly likely.”
The ZEW Indicator of Economic Sentiment is an indicator created out of the monthly ZEW Financial Market Survey.
It aggregates the sentiments of approximately 350 economists and analysts on the economic future of Germany and could well impact the value of the euro against the pound.
Yesterday, Michael warned sterling would be under “pressure” this week.
He said: “The pound remains pressured by ongoing political uncertainties, while the euro seems surprisingly resilient despite the increasing prospects of monetary policy stimulus on the horizon.
Meanwhile, Brexit might be causing havoc for the pound to euro exchange rate but holidaymakers could be offered some hope in the form of short-haul gems out side the Eurozone.
That’s according to currency firm ICE, who have exclusively honed in on the best non-euro destinations for Britons in 2019.
The UK is set to leave the EU on October 31, 2019, in a deal or no deal format.
Fears for the latter has sent the value of the pound plummeting, meaning some holidaymakers have sought holiday destinations outside of the EU to make the most of their money.
Express.co.uk has previously reported results from Thomas Cook’s annual report which saw Turkey as the highest-rising non EU destination.
Now ICE experts have shed light on further destinations for flexible UK travellers to try.
Louis Bridger, head of UK at ICE, flagged Turkey, Iceland and Hungary as key destinations.