The pound to euro exchange rate has seen a week of positive highs despite the uncertainty surrounding the coronavirus continuing to be a burden. As lockdown rules remain unchanged, the pound has “gained ground” for a seventh day in a row. The pound has even continued to stay above the 1.13 handle for the first time in weeks.
The welcome boost comes as “investors continued to monitor the coronavirus pandemic”.
Although the exchange rate is experiencing a welcome high, coronavirus will continue to be a “primary driver of sentiment”.
As the death and case rate continue to rise in the UK, time can only tell what the impacts will be on the pound.
The pound is currently trading at 1.1339 against the euro, according to Bloomberg at the time of writing.
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Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, told Express.co.uk: “Sterling gained ground against the common currency for a 7th straight day on Wednesday, rising to a near three-week high, as investors continued to monitor the coronavirus pandemic, and despite a marked souring in risk sentiment.
“Today, the pandemic will continue to be the primary driver of sentiment and volatility, with no calendar releases due from either side of the Channel.”
Although some Britons still need to exchange their travel money, this may not be possible.
This week, 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.
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“Both services will remain suspended whilst strict self-isolation measures remain in place,” said the Post Office in a statement.
However, it’s not all bad news as there is another option for those who are stuck with foreign currency.
The Post Office Travel Money Card can be used to transfer the money back to Pound Sterling to use during the coronavirus epidemic.
The card holds a whopping 23 currencies.
Customers who are short on sterling cash but have travel money stored away on their travel card can swap funds back to GBP without charge.
The money will be swapped back at the advertised rate of the day.
The Post Office said: “Customers can use the card in shops or online to make essential purchases, withdraw the money from an ATM (£1.50 fee) or take the money out at a Post Office counter.”
And there’s even more good news for Britons who are abroad and need some cash.
“Travel Money Card customers who remain abroad or unable to get back to the UK during the pandemic can continue to load their Post Office Travel Money Card with the foreign currency and then withdraw cash from ATMs where the Mastercard Acceptance Mark is displayed in that country to help with day to day expenses.”
The Post Office spokesperson also wanted to remind customers that money can be sat on these cards for a number of years that can be exchanged today to help them about during the coronavirus.
A Post Office spokesperson added: “Whilst travelling abroad is not at the forefront of people’s minds right now, we want to remind Travel Money Card holders who have been affected by the coronavirus pandemic that they may have foreign currency sitting on their card right now that can be transferred to Pounds to help with day to day expenses.
“For Britons who are stuck abroad at the moment and who already have our Travel Money Card it can still be loaded with foreign currency to help navigate expenses incurred trying to get home.
“Any currency that is not used can be held over on the card for a number of years.”
