However, an expert has told Express.co.uk there may be a “lift” to the pound.
Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.
She said: “The GBP/EUR exchange rate closed out last week trading in the region of €1.124 as the pound found little reason to rally.”
However, she added there are a few event this week that may affect the pound’s standing.
“Today’s run of Eurozone data could have an impact on the pairing.
“But, investors will also be looking ahead to a Thursday and the Bank of England’s (BoE) long-awaited interest rate decision.
“A rate hike from the BoE could give the pound a lift this week, but if the central bank keeps rates on hold we could easily see GBP/EUR falling to new multi-month lows.”
Higher interested rates announced by the banks would boost the British economy.
This is because they attract investment into the country, boosting the value of sterling.
Many Britons will have their fingers crossed for a positive movement in the sector.
Currently the Post Office is offering traveller’s 1.1015 euros for the pound.
If you exchange £750 you will get £826.13 in return.
In comparison to this week, last week was a “data-light week for the UK” in terms of the pound to euro exchange rate.
Laura Parsons said on Friday: “The European Central Bank (ECB) delivered its latest interest rate decision.
“The central bank’s comments were both unsurprising and uninspiring in terms of euro movement, so the GBP/EUR exchange rate remained around the €1.125 level.
How can you get the best pound to euro exchange rate?
Martin Lewis, also known as Money Saving Expert or MSE told This Morning viewers the pound is in the “doldrums”
Despite the low rate, the Money Saving Expert revealed on the show that the easiest and cheapest way to spend abroad is on the “right plastic.”
Source Link:- https://www.express.co.uk/travel/articles/996063/Pound-to-euro-exchange-rate-best-money-currency