Travel

Pound to euro exchange rate: Coronavirus ‘key driver’ as GBP enjoys first quarter boost


The pound to euro exchange rate has experienced a positive week for sterling. GBP ended the first quarter of the year with a “front foot against the euro,” said experts. The pound even rose above the 1.13 handle for the first time in two weeks – although it has now slumped back to above 1.12.

The pound is currently trading at 1.1233 against the euro, according to Bloomberg at the time of writing.

Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures this morning.

“Sterling ended the first quarter on the front foot against the euro,” explained Brown.

“It briefly rose above the 1.13 handle for the first time in a fortnight, as the common currency faced headwinds into the final fixing of the month and the quarter.

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“Today, while final manufacturing PMIs highlight the data calendar, focus will remain on the ongoing coronavirus pandemic – which remains the key driver of risk appetite.”

So what does this all mean for Britons’ travel money?

Yesterday, the Post Office warned that the ability to purchase Travel Money online from the Post Office website and the use of its branch pre-order service are now suspended.

“Both services will remain suspended whilst strict self-isolation measures remain in place,” said the Post Office in a statement.

It’s not just the Post Office which is closing down services at this time.

Sacha Zackariya, CEO, Change Group International Plc, said: “Along with all other bureaus de change and banks, we have now closed all branches.”

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As a result, experts have warned that it is inadvisable to attempt to exchange holiday money at this time – even if you purchased some ahead of a holiday which is now unfortunately not going ahead.

Zackariya explained: “Unfortunately, there is no easy solution to change your foreign currency at this point.

“I would, therefore, recommend holding on to this leftover currency until your next holiday or if it is somewhere you are unlikely to travel again then exchange it at a later date.

“As international travel restrictions are updated and government policies change we recommend checking our website for updates on this situation.”

It’s better news, however, for those with prepaid currency cards.

“For those using prepaid currency cards, they can spend their money back in the UK online or in stores, keep it for their next trip, or change it to a different currency altogether,” Ian Strafford-Taylor, CEO of Equals (formerly known as FairFX) told Express.co.uk.



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