The pound is currently trading at a rate of 1.1664 against the euro according to Bloomberg at the time of writing.
Speaking exclusively to Express.co.uk, Michael Brown, currency expert at Caxton FX shared his insight into the current exchange rate.
He said: “Sterling begins the week practically unchanged from where it ended the last, just shy of the €1.17 mark, and lacking fresh impetus to push on a break that barrier.
READ MORE: Benidorm: Express readers divided over appeal of Spanish resort
So far, this has not been confirmed, yet many Britons have already booked up their holidays for later in the year.
It may be tempting to exchange travel money while rates are particularly favourable.
However, one travel money expert has warned this might not actually be a wise decision.
James Lynn, co-CEO and co-founder of travel card Currensea, explained: “It may be tempting to take out foreign currency in anticipation of a future holiday, while the exchange rate is favourable.
“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.”
Despite this warning, according to research from money.co.uk, website traffic searching for pound euro exchange rates have increased by 143 percent.
“However, no matter how good one particular deal looks, you always need to compare offers to make sure you’re not wasting your money – the best deals will have a good exchange rate with the lowest additional charges like delivery fees.
“Take your time, and compare a wide range of providers before you make your purchase”
The Post Office Travel money is one high street brand which offers travel money exchanges.
The Post Office is currently offering a rate of €1.1215 for amounts of £400 or more, and €1.1436 for amounts of £1,000 or more.