Pound to euro exchange rate: Sterling ‘rangebound’ - should you buy travel money today?
THE POUND to euro exchange rate has shown very little movement as the first trading week of the decade nears its close. GBP “shrugged off” EU comments concerning a post-Brexit trade agreement, said experts. So, what does this mean for your holidays and travel money?
The pound to euro exchange rate “traded flat” yesterday, experts have said. Politics and Brexit continue to dominate sterling’s movements. On Wednesday GBP showed little response to EU Commission President von der Leyen’s comments regarding the impossibility of agreeing to a full trade agreement by the end of December.
As for today, the pound is likely to remain “rangebound” due to a lack of new data.
A vote on the bill and any amendments is expected today before passing to the House of Lords next week and paving the way for the UK’s exit from the EU on Jan 31 and entering the transition period.
The pound is currently trading at 1.1790 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Sterling traded flat against the euro on Wednesday, with the pound largely shrugging off comments from EU Commission President von der Leyen that it would not be possible to agree a full trade agreement by the end of December,” said Brown.
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“Today, the data calendar is again devoid of any major releases, hence sterling should remain rangebound.”
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 €1.1356 for over £400 and €1.1603 for over £1,000.
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.
For those looking to save money, making sure you jet off on the right day can make all the difference to holiday costs.
Data from Skyscanner has revealed that while Sunday used to be the most expensive day to travel, Tuesday now takes the crown for the day of the week boasting the priciest tickets.
Meanwhile, it seems Friday is the departure date to go for if holidaymakers want to cut costs.
Skyscanner found that travellers who switched their travel date from a Tuesday to a Friday could save as much as 11 percent.
Another way to keep on top of the pounds and pennies to make sure you’re spending in the right way when abroad.
Travel money provider WeSwap has urged Britons to ensure they are getting the best rates for their money as well as using a travel card that doesn’t come with hidden charges such as ATM fees and transaction fees.
With UK debit cards deducting up to around 3 percent in non-sterling transaction fees, in addition to 2 percent overseas ATM fee based on the amount you take out, once totalled up, we’re charged at a conservative estimate a colossal £125,000,000 in ATM fees abroad.
By researching travel cards, holidaymakers can travel safe in the knowledge that purchasing travel insurance will not take them over their budgets.
As for how the euro is faring in the current political climate, George Vessey - Currency Strategist at Western Union said: "As geopolitical tensions ease, attention shifts back to fundamentals.