The pound to euro exchange rate continues to be at the mercy of Brexit this week as the date of the UK’s departure from the EU looms. Today will see the emergency EU summit when the EU27 will vote on an agreed-upon extension. Experts have warned that GBP could experience much volatility at a time where uncertainty about the UK’s future is rife. Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.
“With the UK’s deadline for exiting the EU fast approaching (once again) the pound has been left in a state of flux,” said Parsons.
“There are no certainties at this stage and this week is likely to be another volatile one for GBP.”
The pound is currently trading at €1.160 against the euro, according to Bloomberg at the time of writing.
The crunch EU summit takes place today, the results of which could impact the pound.
Prime Minister Theresa May will be looking for German Chancellor Angela Merkel and French President Emmanuel Macron to back an extension of the UK leaving the European Union.
The current default position is for a no-deal Brexit to take place at 11pm on this Friday, 12 April.
All 27 remaining EU heads of government must agree to an extension if the UK is to be granted more time to negotiate terms of exiting the bloc.
The pound stabilised against the euro yesterday after it emerged that US President Donald Trump is planning to put $11 billion of tariffs on EU wine, cheese and aircraft.
Robert Lighthizer, the US Trade Representative, said: “This case has been in litigation for 14 years, and the time has come for action.
“The Administration is preparing to respond immediately when the WTO issues its finding on the value of US countermeasures.”
The Post Office is currently offering a pound to euro exchange rate of €1.1254 for over £400 and €1.1382 for over £1000.
Holidaymakers heading abroad have been warned to be careful when using their credit card while away as certain credit cards used abroad can cost consumers as much as £50-£60 in charges, research carried out by financial advice website Moneycomms.co.uk revealed.
Alastair Douglas, CEO of credit experts TotallyMoney said: “With the Easter break fast approaching, many will be looking forward to a bit of time away. But packing the wrong credit card could easily cost a lot more than you anticipate.”
Douglas added: “Some credit cards are ultra-expensive when used outside the UK, causing havoc with your holiday spending budget, because we’re not just talking about a few pounds. In some cases, it can set you back an extra £50 or more.”
“To avoid budget-impacting credit card charges sign up for an ‘overseas’ credit card, prepaid currency card or Debit Card (if you’re prepared to switch bank account).
“Keep this dedicated overseas card in a drawer with your passport as your foreign spending card of choice.”