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Sunday, July 25, 2021

Pound to euro exchange rate: 'Worst against the euro since last September'

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Pound to euro exchange rate: 'Worst against the euro since last September'
An expert explained last week was the worst for the pound in a number of months. As Europe and the rest of the world catches up with rolling out the vaccine, the pound will slip further.
The pound should hold steady in its position today, according to the expert.

However, it will still continue to battle Brexit and coronavirus as they impact the market.

Michael Brown, Senior Market Analysis at Caxton told Express.co.uk: “Last week was sterling’s worst against the euro since last September, with the cross now trading only just above the crucial €1.15 handle, as some long GBP positions begin to get squeezed, with Europe beginning to catch up in the COVID-19 vaccine race.

“Today’s calendar is rather quiet, hence the key question remains whether the pound can continue to keep its head above the aforementioned support.”

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DON’T MISS: Benidorm expat shares ‘best thing about resort’ but slams ‘ridiculous’ Brexit visa rules[1]

Travel money will become more and more important to Britons as overseas travel opens up.

It is hoped holidays will be on the cards this summer.

The Government’s “traffic light system” will come into play from May 17. Holidays: Portugal, Dubai and US flights boosted following foreign travel update

The list has yet to be announced, but some speculation destinations such as Portugal and the US could make the cut.

There are also some positive signs from Dubai.

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Skyscanner claimed the top 10 most searched for destinations last week were London, Manchester, Dubai, Tel Aviv, New York, Edinburgh, Bangkok, Belfast, Faro and Orland.

An expert has warned travellers they might lose money where they least expect when it comes to exchanging.

James Andrews, the senior personal finance editor at money.co.uk[2], has warned holidaymakers could end up “getting ripped off” if they don’t take some careful considerations.

He warned against one major mistake.

James said: “Do not exchange money at the airport, their rates are almost always less favourable than you can get in advance.

“No matter how last minute your plans are, never be tempted to buy currency at the airport – the prices are notoriously harsh.

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“If you do want to collect your money at the airport, ensure you order it well in advance to take advantage of better rates.”

James went on: “If you have left it to the last minute, you might be able to order your travel money online as late as the night before and pick it up at the airport before you fly out.

“That should get you a far better rate than a walk-up customer and still see you have the currency in your hands before you land.”

However, the expert had an important caveat for this.

“Just make sure you double-check the opening times and which terminal the branch is in before you order.”

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Pound to euro exchange rate: 'Worst against the euro since last September'
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