Speaking exclusively to Express.co.uk Michael Brown, currency expert at Caxton FX shared his insight into the current exchange rate.
He said: “After somewhat chaotic trade to end last week, the pound finds itself on both calmer and firmer footing this morning, once more trading above the 1.15 handle, as attention begins to shift to Wednesday’s Budget.
“Today’s manufacturing PMI data shouldn’t bother the market too much, with attention more focused on leaks ahead of Chancellor Sunak’s aforementioned speech.”
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“It is illegal to travel abroad for holidays and other leisure purposes.”
Furthermore, under current lockdown rules many high street travel money retailers remain closed.
Luckily, some of them are offering online click and collect services, including the Post Office Travel Money.
The Post Office Travel Money is currently offering rates of €1.1097 for amounts of £400 or more, €1.1259 for amounts of £500 or more and €1.1316 for amounts of £1,000 or more.
With Prime Minister Boris Johnson suggesting some international holidays could be given the go ahead from May 17, some Britons might be considering buying travel money while the rates are favourable.
However, one expert has warned this is not necessarily a good idea.
“However, 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.
“Once we are allowed to travel again, this will signify the end of the COVID bump and I anticipate this will mean the Pound has improved even more significantly than the level it is at today.”