The pound to euro exchange rate dropped to “six-week lows” last week and is currently trying to regain lost momentum. The end of March saw the currency pair soar to a “13-week high”, but this soon dipped despite the success of the coronavirus vaccine rollout. The end of last week, saw the pound to euro exchange rate remain around the 1.14 mark.
“Though the recovery against the common currency has been rather sluggish in nature, with the cross continuing to trade beneath the 1.16 handle.
“Today’s calendar is light, though should last week’s momentum continue, the current sluggish trend will likely remain.”
Ian Strafford Taylor, CEO at travel money specialist FairFX said the pound has rallied one percent against the euro despite speculation over the weekend that only eight countries will make the green list for save travel.
He said: “It’s been a tough few weeks for the pound. Despite reaching a 12-month high of 1.18 against the euro at the start of March, we saw it plummet to the lowest rate since February against the euro last week to 1.14.
“This morning the pound has rallied slightly and is currently up one percent against the euro compared to last week, despite speculation over the weekend that only eight countries will make the green list for safe travel, and continued uncertainty around when international travel will be unlocked.
“Although the outlook is still unclear, keeping a close eye on the latest news around travel restriction rates and monitoring the pound regularly will ensure holidaymakers get the most for their money when they can travel abroad.”
Currently, it is illegal to travel abroad for holidays, according to Government guidelines.
The Foreign, Commonwealth & Development Office (FCDO) travel advice website sets out COVID-19 and other risks that you may face if you travel abroad to certain countries.
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You can only travel abroad if you have an essential reason, as set out by the Government.
The current roadmap out of lockdown will see general travel resume on May 17 with a new traffic light system in place.
Countries on the green list will be free to visit while amber countries will require 10-days of self-isolation.
However, despite the restrictions surrounding travel, there are still Britons with leftover foreign currency at home.
“Consumers can then spend safely in the knowledge that they won’t be hit with any hidden costs while abroad and have the best rates on the market.
“Ultimately, there is significant pressure surrounding the success of the Government’s vaccination scheme, across many industries not just travel.
“Arguably, if the vaccine programme is working and our people are protected, life should be able to return to normal and economic recovery from the pandemic should be prioritised, so we hope this is reflected in government policy as soon as possible.”
Currensea is a travel debit card which launched three months before the coronavirus vaccine put us in lockdown.