Wednesday, 3 Jun 2020

Pound to euro exchange rate: GBP ‘trades in tight range’ as focus remains on coronavirus

The pound to euro exchange rate showed little movement yesterday. GBP “traded within a tight range” against the common currency. New PMI data failed to spark a shift but attention remains on the tensions between China and the USA.


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Investors also continue to focus on the coronavirus pandemic.

There are currently over five million cases of the virus worldwide.

The UK has over 252,000 cases, trailing behind the US, Russia and Brazil – the only countries with more cases.

The pound is currently trading at 1.1171 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 regarding the latest exchange rate figures this morning.

“Sterling traded within a tight range against the euro on Thursday,” said Brown.

“Markets shrugged off the latest round of PMI surveys pointing to a further economic contraction.

“They also continued to pay close attention to ever-increasing Sino-US tensions.”

Brown continued: “Today, those tensions, and the coronavirus itself, will remain the primary focuses of attention.

“However risk appetite is likely to remain depressed, pressuring the pound, ahead of the long weekend on both sides of the Atlantic.”

A number of counties across the planet are starting to relax their lockdown restrictions.

Some have even set dates for when they anticipate tourists will be able to return.


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However, British travellers cannot get excited about buying their holiday money quite yet.

Despite the easing lockdown rules in the UK, Britons are still unable to travel aboard.

Foreign travel is only permitted for “essential” reasons.

It is not yet known when this restriction will be lifted.

Many travel money services are on pause for now during the lockdown measures.

Britons are also advised not to swap their leftover currency back to pounds at this time.

 Ian Stafford-Taylor, CEO of currency exchange service Equals, advised: “If they can, holidaymakers might want to keep hold of their currency until their next trip and use it then.”

“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.”

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