Pound to euro exchange rate: Sterling rises after dramatic plunge to three-month low
The pound to euro exchange rate spent much of last week trading at the bottom of the range. On Friday the GBP to euro pairing dropped below the 1.10 handle for the first time in three months. However, this morning it would appear sterling is showing more success.
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The pound is currently trading at 1.10997 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/euro finally broke to the downside of the recent range on Friday,” he said.
“It dipped below the 1.10 handle for the first time in three months, as the pound sold off amid solid month-end flows, a typical phenomenon for sterling.
“Looking ahead, the key technical barometer for the pair will be whether the 1.1050 mark – the bottom of the range – can be reclaimed.
“There are plenty of events on the calendar this week, including the latest round of post-Brexit trade talks; a keynote speech on infrastructure by PM Johnson; and the usual monthly round of PMI surveys.”
This week new developments are expected to be announced concerning foreign travel.
For months the UK government has warned against all non-essential travel.
Earlier in June, it was announced that domestic travel could resume from July 4.
However, many Britons are still itching to jet off abroad.
An announcement concerning the introduction of ‘air bridges’ with a select few countries is due today from Transport Secretary Grant Schnapps.
These travel corridors would eradicate the need for travellers to quarantine for two weeks on return to the UK.
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This fresh hope for holidays abroad has seen foreign currency providers reopen to Britons.
For the past few months, many holiday money services have not been available.
However, this weekend the Post Office revealed its Travel Money service is restarting.
Customers planning trips abroad will be able to order over 60 currencies online for next day home delivery or collection from all 11,500 Post Office branches.
Same-day online “click and collect” delivery of travel money will also be available at a selected number of branches across the UK from July 1.
Britons will also be able to use the pre-order currency function in selected Post Office branches alongside Post Office’s over-the-counter foreign exchange service which enables customers to obtain euros, US dollars and up to 30 other popular currencies on demand.
Customers can also load the Post Office pre-paid Travel Money Card with a choice of up to 23 currencies.
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