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Pound to euro exchange rate: GBP ‘loses ground’ after EU’s failure to secure recovery fund

The pound to euro exchange rate experienced an unsettled week. Sterling slumped to a two-week low and has continued to struggle ever since. Today, all eyes remain on the EU leaders’ summit as negotiations for a coronavirus rescue fund continue.

With a €1.8trillion (£1.6trillion) financial plan hanging in the balance, it’s hoped a deal will be decided soon.

Failure to agree on a plan could hit EU countries even harder after weathering the coronavirus storm.

GBP is struggling to climb over that 1.10 handle since last week.

The pound is currently trading at 1.0945 against the euro, according to Bloomberg at the time of writing.

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Pound to euro exchange rate: GBP ‘loses ground’ after EU’s failure to secure recovery fund (Image: EXPRESS)

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Pound to euro exchange rate: The pound is currently trading at 1.0945 against the euro (Image: BLOOMBERG)

This is below Friday’s rate of 1.1030.

Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures this morning.

“Sterling lost ground against a slightly firmer euro on Friday”, he said.

He continued: “As traders monitored the EU leaders’ summit and bought the common currency on expectations that a deal on the recovery fund would be agreed.

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“Said deal is yet to be agreed, however negotiations have stretched into a fourth day, generally a sign of leaders being confident that something will be agreed, which should continue acting as a tailwind for the common currency.”

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The Post Office closed their travel money shops back in March due to the coronavirus pandemic.

Since Britons received the green light for summer holidays abroad once again, demand for travel money has returned.

The Post Office is now offering a wide range of Travel Money services across the UK.

Pound to euro exchange rate: GBP is struggling to climb over that 1.10 handle (Image: GETTY)

The Post Office is currently offering a pound to euro exchange rate of 1.0551 for £400 or more, 1.0704 for £500 or more and 1.0759 for £1,000 or more.

Nineteen of the 28 member states of the European Union use euros as their currency.

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This includes British holiday hotspots Cyprus, Greece, Italy, Malta, Portugal, and Spain.

Customers planning trips who need travel money can choose a same day online “click and collect” delivery of travel money which is available from a number of branches.

Currencies (Image: EXPRESS)

There is also a pre-order currency function in selected branches.

Nick Boden, Head of Post Office Travel Money said: “We have been monitoring the position carefully in recent weeks and are aware of growing consumer interest in holidays as lockdown rules have relaxed.

“With the reintroduction of flights by leading airlines and the re-opening of resorts in Europe, we feel that it is appropriate to resume our travel money services so that we can accommodate those who want to start planning trips abroad in the coming months.

“We’re following FCO advice closely and we advise holidaymakers to do the same.”

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