The pound to euro exchange rate has broken “below the €1.16 mark” and the currency pairing struggles this week, said experts. The poor performance of GBP comes amid fears around the Covid Astrazeneca vaccine. Some have speculated sterling’s fall is due to a lack of confidence in the Oxford jab after blood clot concerns.
“Sterling had another rather dismal day against the common currency yesterday, breaking below the €1.16 mark,” said Brown.
“It fell back towards the bottom of the broad trading range that has dominated since March.
“Some have speculated that the move may have been due to the UK regulator’s decision to restrict usage of the AstraZeneca vaccine, though this seems a little far-fetched.
“Today’s calendar is a little barren, perhaps giving the quid the breathing space required to stage something of a recovery.”
So what does this mean for your holidays and travel money?
Post Office Travel is currently offering a rate of €1.1191 over £400, €1.1353 for over £500, or €1.1411 for over £1,000.
With the exchange rate slipping and foreign holidays still at least over a month away, it is unlikely most Britons will be buying holiday money quite yet…