The pound to euro exchange rate rose yesterday thanks to better than expected services PMI. Politics continues to be the main driving force behind the movement of GBP, experts have warned. The Brexit Withdrawal Agreement Bill is set to complete its Commons stages this week.However, given the Conservative majority, it’s highly likely the legislation will…
The pound to euro exchange rate rose yesterday thanks to better than expected services PMI. Politics continues to be the main driving force behind the movement of GBP, experts have warned. The Brexit Withdrawal Agreement Bill is set to complete its Commons stages this week.
However, given the Conservative majority, it’s highly likely the legislation will pass.
The pound is currently trading at 1.1765 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Sterling gained ground against the euro on Monday after a better than expected services PMI allayed some investors’ concerns over the economy and saw a rolling back of bets on a Bank of England rate cut,” said Brown.
Pound euro exchange rate: Politics continues to be the main driving force behind the movement of GBP (Image: Getty Images)
Pound euro exchange rate: The pound is currently trading at 1.1765 against the euro (Image: Bloomberg)
“Today, politics will come to the fore once again, with the Withdrawal Agreement Bill – the legislation implementing the Brexit deal – set to complete its Commons stages over the coming three days.
“These stages will, however, largely be a formality, with the Tories’ 80-seat majority making the legislation near-certain to pass.”
So what does this mean for your holidays and travel money if you’re looking to get away?
The Post Office is currently offering a rate of €1.1296 for over £400 and €1.1542 for over £1,000.
According to new research from Sainsbury’s Bank Travel Insurance, January will be the most popular month for people to book holidays for the coming year, with 6.4 million people across the nation are looking to book getaways.
Cruises are the most expensive type of holiday with these holidaymakers planning to spend an average of £1,650 each.
Sun, sea and sand is the biggest draw for UK holidaymakers with 40 percent choosing an overseas beach holiday this year.
The other most popular vacations are overseas city breaks (28 percent), UK city breaks (24 percent), UK seaside holidays and UK countryside and walking holidays.
Pound euro exchange rate: Use a travel card that doesn’t come with hidden charges such as ATM fees (Image: Getty Images)
Travel money provider WeSwap has urged Britons to ensure they are getting the best rates for their money as well as using a travel card that doesn’t come with hidden charges such as ATM fees and transaction fees.
With UK debit cards deducting up to around 3 percent in non-sterling transaction fees, in addition to 2 percent overseas ATM fee based on the amount you take out, once totalled up, we’re charged at a conservative estimate a colossal £125,000,000 in ATM fees abroad.
By researching travel cards, holidaymakers can travel safe in the knowledge that purchasing travel insurance will not take them over their budgets.
It’s also worth making the most of leftover money from previous holidays you’ve been on.
According to WeSwap research, £819 million worth of foreign currency sits in kitchen drawers and piggy banks across the nation and only 9 percent of Brits change back their leftover currency.
Pound euro exchange rate: It’s also worth making the most of leftover money from previous holidays (Image: Getty Images)
This results in Brits being £2.5 billion out of pocket for other holidays throughout the year.
WeSwap data has shown that only 10 percent of Britons use their leftover holiday money to buy gifts or souvenirs and a mere 9 percent of people change their money back.
Rob Stross, CMO of WeSwap said: “When it comes to holidays, there is always a lot to think about and quite often, things such as holiday money or insurance often fall to the bottom of the list of holidaymakers’ things to do.
“For those who are looking to book their 2020 holiday, it pays to be aware of pitfalls which could result in you paying a lot more than you had anticipated and know where you can save money.”