Pound to euro exchange rate: ‘Fresh impetus’ urgently needed as sterling fails to improve
THE POUND to euro exchange rate has inched up marginally since yesterday morning but overall has failed to show any substantial shift after trading at the bottom of the range all week. This is what you need to know.
Exchange rate update: Pound falls against euro
The pound to euro exchange rate continues to “move sideways” as the trading week comes to a close, experts have said. The pairing has shown minimal movement for better or worse throughout the week. GBP’s “uninspiring” change follows its dramatic slump to its lowest June rate last Friday.
Experts have warned that “fresh impetus” is required to unstick the sterling to euro exchange rate.
However, this is unlikely to emerge today.
The pound is currently trading at 1.1079 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures this morning.
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“It was yet another uninspiring, uninteresting day for GBPEUR yesterday,” he said.
“The pair continued to move sideways as it has done for just over a week now.
“Fresh impetus is much needed for the pair to pull away from the 1.1050 bottom that it currently sticks to like glue.
“However today’s calendar provides little scope for such a move.”
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Foreign travel is not yet possible for Britons despite lockdown easing, with major holiday money providers not yet offering foreign currency services - although this could be set to change imminently.
The UK government’s advice continues to caution against non-essential travel.
However, with domestic tourism already given the all-clear from July 4, it’s hoped an update concerning international travel will be announced in the coming days.
The government is hoping to set up a series of ‘air bridges’ with other countries to facilitate safe travel in the wake of coronavirus.
On Wednesday, Transport Secretary Grant Shapps explained these travel corridors would only be established with nations which have a coronavirus test and trace system equal to the UK’s.
The countries would also need to have a low rate of the virus.
Currently, anyone entering the UK has to quarantine for 14 days in a bid to limit the spread of coronavirus.
This is set to be reviewed on June 29 after which it is hoped the ‘air bridges’ will be set up.
According to reports from The Sun, this is when the UK Foreign and Commonwealth Office (FCO) will change their travel advice.
It should shift from “against all but essential international travel” to allowing travel to these safe countries.
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Travel expert Simon Calder spoke to the BBC about which countries the “list” could include.
“The latest leaks - and we’ve been going forward on this on the basis of leaks as opposed to any firm understanding,” he said, “is that France, Italy, Greece, Spain, and Bermuda, as well as Gibraltar, and Belgium, Austria and Germany and the Netherlands will be included in the first.”
It’s understood than medium-haul destinations such as Turkey and Dubai could be added towards August.
Towards the end of the summer long-haul flights to such countries as Vietnam, Singapore and Hong Kong could be given the all-clear.
However, the USA, Mexico and South American countries are not set to be added until the end of the year at the earliest.
