The pound to euro exchange rate has fallen “below the 1.16 euro mark” and the currency pair is in trouble this week, experts said. GBP’s poor performance is due to concerns about the Covid Astrazeneca vaccine. Some have speculated that the pound sterling’s decline was due to a lack of confidence in the Oxford stab after blood clot concerns.
“The pound sterling had another rather gloomy day against the common currency yesterday, falling below the 1.16 euro mark,” said Brown.
“It fell back to the bottom of the broad trading range that has dominated since March.
“Some have speculated that the move may be due to the UK regulator’s decision to restrict the use of the AstraZeneca vaccine, although that seems a bit of a stretch.
“Today’s calendar is a little barren and may give the pound the respite it needs to recover.”
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What does this mean for your vacation and your travel money?
Post Office Travel is currently offering a price of € 1,1191 for over £ 400, € 1,1353 for over £ 500 or € 1,1411 for over £ 1,000.
With the exchange rate plummeting and foreign holidays at least a month away, it is unlikely that most Britons will still buy quite a lot of vacation pay.
In fact, UK jet setters are being told to wait until there is any uncertainty about overseas travel this summer.
Traveling abroad is currently illegal as there are significant fines for those who depart without a “reasonable apology”.
However, in more promising news, Boris Johnson has vowed to “not give up” his scheduled restart date for international travel on May 17
Experts advise waiting for the volatility to subside.
James Lynn, Co-CEO and Co-Founder of Travel Card Currensea, said: “It might be tempting to take foreign currency out in anticipation of a future vacation while the exchange rate is cheap.
“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.”
“In addition, with regards to your consumer rights, using a travel card is always a safer and cheaper option than using cash.”
