Speaking exclusively to Express.co.uk, Michael Brown, currency expert at Caxton FX, explained his insight into the current exchange rate.
“Sterling touched two-week lows against the euro yesterday, though that is a less significant milestone than it sounds given the tight trading range of late, and the pound’s losses have been recovered overnight,” he said.
“Another quiet data docket lies ahead, likely leading to a rather quiet trading day once more.”
“The key question is whether rising inflation will impact the Bank of England’s (BoE) monetary policy, prompting it to raise rates sooner.
“Brexit is at the margins of the headlines, but several issues are yet to be resolved.
“Any impasse in talks about the services sector could weigh on the pound.”
While rates may be steady now, experts warn holidaymakers should not rush into buying travel money.
James Lynn, CEO and co-founder of Currensea, explained: “While it’s excellent news international travel is opening up, the proposed traffic light system will mean there will still be an element of disruption this summer, both to travel companies and consumers.
“Extra caution and careful planning will be really important when it comes to planning holidays this year – and keeping abreast of the latest updates will be key.
Holidaymakers should instead wait until they are certain their destination is on the “green list” and their travel plans are going ahead before purchasing their foreign currency.
“For those looking to travel abroad this summer, following the pound and keeping an eye on both exchange rates and the latest travel announcements are some of the best and most simple ways to make sure they get the most for their money,” added Ian Strafford-Taylor, CEO at travel money specialist FairFX.
“Although 12 countries and territories appear on the approved green list, holidaymakers will be hoping for more positive news at the next review in three weeks’ time, as many of our favourite summer destinations are still in the precarious amber category.”
This post originally appeared on Daily Express :: Travel Feed