Michael Brown, currency expert at Carton FX, said: “Sterling briefly traded above the €1.18 handle on Easter Monday, though remains marginally south of this level this morning, as European traders prepare to return.
“The move comes amid favourable UK tailwinds with the ‘unlocking’ roadmap set to continue as planned, and as the eurozone continues to grapple with a third wave of infections.”
So what does this mean for your travel money?
Currently, foreign travel is off the cards for Britons as the UK remains in its third lockdown, with the easing of restrictions every couple of weeks.
The ban on international travel is set to be lifted on May 17.
James Andres, senior personal finance editor at Money.co.uk previously told Express.co.uk: “Although countries have said they will be opening their doors to UK visitors, consumers must be cautious before exchanging money at this stage.
“International travel is currently prohibited by law until May 17 earliest.
“Until the government has confirmed that you will be allowed to travel, consider if you need to exchange travel money right now.”
Once travel does kickstart, is it thought that countries will be divided into a traffic light system.
Countries which will be green are likely to be those with a low number of coronavirus vases like Gibraltar, who has vaccinated its entire population.