Euro pound exchange rate drops to ‘new two-month low’ – travel money tips | Travel News | Travel
The exchange rates of the British pound against the euro saw a few weeks of strong growth before devastation struck yesterday. According to one financial expert, the pound fell to “new two-month lows”, while another warned that Brexit remained a concern for traders.
The pound is currently trading at a rate of 1.1560 against the euro according to Bloomberg at the time of writing.
Michael Brown, Currency Expert at Caxton FX, spoke to Express.co.uk to share his exclusive take on the exchange rate.
“The pound fell yesterday to new two-month lows against the common currency, with strong month-end demand for the euro and a pound struggling to find much love,” said he declared.
“Today’s economic calendar is almost completely empty, which means that the aforementioned flows will remain the main driver of price action.”
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“This despite the fact that the President of the European Commission (EU), Ursula von der Leyen, has remained firm on her commitment to the Northern Ireland Protocol (NI), while the 27 members of the bloc have agreed to keep the term intact after the last EU summit, which ended early in the morning. this morning in Asia.
EU’s Von der Leyen said Brexit talks were ongoing.
“With the lack of UK economic data to draw on, the pound will continue to draw on dollar and US economic data.
“If concerns arise over Brexit and the NI protocol, the British pound could soon be affected.”
James Lynn, CEO and co-founder of Currensea, added: “As his great news on international travel opens, the proposed traffic light system means there will still be an element of disruption this summer, at the both for travel agencies and consumers.
“Extra caution and careful planning will be really important when it comes to vacation planning this year – and keeping up with the latest updates will be essential.
“Financial security when traveling must also be a priority for consumers. Sudden changes and cancellations, which remain likely, could put travelers at risk if the right precautions are not taken. “
However, he added that once travel plans are given the green light, preparation is key.
“Don’t exchange your money last minute at the airport, the fares are generally much cheaper than alternatives online or on the high streets, so preparation is essential,” Lynn said.