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Pound euro exchange rate ‘4% stronger year-on-year’ - euro ‘struggles’ against GBP

AmeerJun 08, 2021Travel
Pound euro exchange rate ‘4% stronger year-on-year’ - euro ‘struggles’ against GBP

The pound to euro exchange rate may have seen little movement in recent days as traders await the latest monthly monetary policy decision from the European Central Bank (ECB). Despite this, experts point to a much more promising bigger picture for sterling.

According to George Vessey, currency strategist at Western Union Business Solutions, the GBP is “four percent stronger year-on-year”.

At the time of writing, the pound is currently trading at a rate of 1.1625 against the euro according to Bloomberg.

Michael Brown, currency expert at Caxton FX spoke exclusively with Express.co.uk to share his insight into the current rates.

He explained: “FX markets struggled to get out of first gear yesterday, with GBPEUR being no exception, and the cross doing little apart from tread water for the entire day.

READ MORE: Supersonic plane will fly London to New York in 3.5 hours

“New economic forecast will also be published by the ECB which will make upcoming data releases more closely scrutinised.

“The euro is about 1.5 percent below its 3-year high versus the dollar and around four percent higher than its March-end low.

“Against the pound, the euro continues to struggle though – falling for four weeks on the bounce.

“GBP/EUR is nearly four percent stronger year-to-date and is over 2.5 percent higher than its two-year average rate.”

“Meanwhile, UK-EU relations will be tested once again this week as the Northern Ireland protocol is set to be discussed.”

While the green list may be slim at present, many Britons are still planning on jetting off in the coming months.

While it may be tempting to harness some of the pound’s strength now, experts warn it is best to wait until your holiday is confirmed before rushing to exchange travel money.

“It may be tempting for many to rush to book this year’s holiday and take out holiday money now in preparation,” said James Lynn, co-CEO and co-founder of Currensea.

“However, while it is tempting to take out foreign currency in anticipation of a holiday I would advise against this.

“Market movements are often more marginal in reality than they appear.

“Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.”

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