The pound to euro exchange rate remains “south of the 1.16 euro rate” today as the last full week of trading ends in March. There is little to postpone the pairing with an expertly predicted “range bound” tag. The pound is trading at 1.1581 against the euro at the time of writing, according to Bloomberg.
Michael Brown, currency expert at international payments and forex firm Caxton FX, spoke to Express.co.uk about the latest exchange rate figures.
“Yesterday was a rather subdued day for the cross, which this morning is back south of the 1.16-euro handle at the upper end of the last range,” said Brown.
“There is still a lack of fundamental drivers to move the pair, which means traders are feeding on junk when it comes to the causes of the volatility.”
“Today’s docket is calm, which means another Rangebound day is ahead.”
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Michael Brown, currency expert at international payments and forex firm Caxton FX, spoke to Express.co.uk about the latest exchange rate figures.
“Yesterday was a rather subdued day for the cross, which this morning is back south of the 1.16-euro handle at the upper end of the last range,” said Brown.
“There is still a lack of fundamental drivers to move the pair, which means traders are feeding on junk when it comes to the causes of the volatility.”
“Today’s docket is calm, which means another Rangebound day is ahead.”
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What does this mean for your vacation and your travel money?
Post Office Travel is currently offering a price of € 1.1148 for over £ 400, € 1.131 for over £ 500 or € 1.1368 for over £ 1,000.
The status of the international holidays this summer is still unclear.
Traveling abroad is currently illegal with significant fines going into effect starting Monday for those who depart without a “reasonable apology”.
“However, I would advise against it. In reality, market movements are often more marginal than they appear.
“Especially during these volatile times, it is safer to keep your money in your UK bank account than to buy or exchange vacation pay.
“As soon as we can travel again, it will be the end of the COVID bump, and I expect the pound has improved even more as a result.”
However, it is worth keeping an eye on exchange rates to make sure you get the cheapest rate once the trip starts again.
Ian Strafford-Taylor, CEO of travel money specialist FairFX, has urged the British to keep an eye on exchange rates and plan ahead if they want to go overseas this summer to get more bang for their buck.
He said: “We still have a long way to go before we approach pre-Brexit highs, when the pound rose 1.30 against the euro.
“The proposed EU Digital Green Certificate gives hope to vacationers in Europe, but it is not yet clear how the British hoping for a summer vacation will benefit from this or any other program that the UK government might put in place.
“The government will clarify the likelihood of overseas travel on April 12th, so savvy vacationers will keep a close eye on the latest developments and interest rates while the pound is strong.
“While the outlook for this summer is still relatively unknown, especially after today’s announcement of £ 5,000 fines for anyone breaking travel rules starting next week, vacationers will want more bang for their buck if they can, as tour operators are likely to Prices will increase after a 12 month roller coaster.
“After the pound, the exchange rate and planning ahead are some of the best and easiest ways to do this if you decide to go abroad this year.”
