The pound to euro exchange rate is on “the worst run on record” in grim news for UK holidaymakers. Sterling gained on Friday, yet it was not enough to stop the dismal fall, with extra “pressure” forecast by experts today. The pound is currently trading at 1.114 against the euro, according to Bloomberg, at the time of writing. Currency expert Michael Brown, of Caxton FX, spoke exclusively to Express.co.uk about the prospects for a fresh week of trading.
He said: “Sterling recorded a modest gain against the euro on Friday, however this was not enough to prevent the pound from slipping to a 10th consecutive weekly loss against the common currency – the worst run on record.
“This comes as 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.
“Turning to today, the week begins with nothing in the way of economic releases from either side of the Channel.
“However, the week ahead is much busier. From the UK, focus will be on inflation, labour market and retail sales reports, in addition to the closing stages of the Conservative Party leadership contest.
“Meanwhile, from the eurozone, markets will also focus on inflation data, in addition to a couple of regional sentiment surveys.”
The Conservative Party contest culminates this week, with Boris Johnson and Jeremy Hunt battling it out to become leader and consequent Prime Minister.
While Friday’s small surge in might have offered those travelling this month hope of maxing out their currency, Michael’s new comments could spark doubt.
This could be particularly evident with the lack of economic data today.
On Friday, Michael said: “Sterling recorded its first daily gain in three days against the euro on Thursday.
“The single currency came under pressure after a dovish set of minutes from the ECB’s latest policy meeting.”
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, currency expert at ICE, flagged Turkey, Iceland and Hungary as key destinations.
He reassured travellers of their holiday plans outside of the eurozone and said: “There are still plenty of destinations where Brits can enjoy good value – but it might mean looking outside the Eurozone.”