The pound is trading at 1.1665 against the euro, according to data from Bloomberg at the time of writing. Sterling faces a bumpy week ahead as the UK gets closer and closer to the General Election on 12 December.
Speaking to Express.co.uk, Michael Brown, Senior Market Analyst at Caxton FX, said: “Sterling struck a softer tone on Tuesday as a couple of opinion polls pointed to a closer election race than markets had previously been pricing in.
“The pound, does, however, remain well within the recent trading range.”
Looking ahead to today, he shared: “Polling will continue to dominate for sterling today, with particular attention being paid to this evening’s release of the YouGov MRP election model.
“This model correctly predicted a hung Parliament last time around, hence keen attention will be paid to whether the model tallies up with recent polls pointing to a Tory majority.
Vowing to scrap the controversial benefit, the manifesto continued: “We will immediately stop moving people onto it and design an alternative system that treats people with dignity and respect.
“Our ambition in designing this system will be to end poverty by guaranteeing a minimum standard of living.
They added that an “emergency package of reforms” would be implemented while the new system was being developed.
The Labour Party pledged to start developing the system immediately.
The Post Office is currently offering a rate of €1.1235 for over £400 and €1.1457 for over £1,000.
However, with sterling doing so well – is it best to see if GBP with improve further? Rob Stross, CMO of WeSwap advised: “It goes without saying but when the pound is riding high, it’s a good time to buy your travel money.
“But sometimes it can be hard to know whether to stick or twist. What if the pound gets even stronger?
“We’d recommend doing some research, seeing when the pound was last this strong and keeping an eye on upcoming political events.
“Remember, the FX market likes stability. If you can’t bring yourself to exchange all your money at once, consider exchanging half your money now and half if the pound strengthens even more or starts to weaken. If you don’t want to miss out on future market highs, there are several rate alert systems you can use.”