The pound to euro exchange rate showed very little movement last week as the trading week ended. However, as the coronavirus spread worsens and the death toll in the UK rises, the virus will hold attention this week. There are currently 273 cases in the UK and three people have died.
Experts have said market focus will be on “ongoing aggressive pricing for a global policy response to the virus”.
The pound is currently trading at 1.1502 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Sterling flatlined against the euro on Friday amid a lack of data releases on either side of the channel,” said Brown.
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Pound euro exchange rate: There are 273 coronavirus cases in the UK and three people have died
Pound euro exchange rate: The pound is currently trading at 1.1502 against the euro
“This week, market focus will once again remain on the coronavirus epidemic, and ongoing aggressive pricing for a global policy response to the virus.”
So what does this all mean for Britons heading off on holidays and looking to buy travel money?
The Post Office is currently offering a rate of €1.1096 for over £400 and €1.1314 for over £1,000.
Coronavirus is certainly impacting Britons’ travel plans as airlines cancel flights and bans are put in place.
However, Britons aren’t totally put off their holidays. Travel marketing and communications firm, Finn Partners commissioned a nationwide survey which reveals that 44 percent of British consumers are still happy to book a holiday if there is a great deal to be had in spite of the negative COVID-19 headlines sweeping the country.
The survey of 1,000 Brits revealed as many as 61 percent confirmed that publicity around coronavirus would not stop them from making new holiday bookings.
Importantly, 68 percent of respondents said they would happily book their holiday if they could change it at no extra cost and avoid losing money-making flexibility the key priority for the travel industry right now.
Less than one in five Britons said they wouldn’t book a holiday until they know more about how the situation develops or have any concern about travelling abroad and only 13 percent say they wouldn’t book a holiday in the next six months.
Pound euro exchange rate: There are currently 110,041 coronavirus cases around the world
The data also revealed that the older generation is resolute when it comes to booking holidays.
Seventy percent of those over 60 are continuing to book despite the publicity, along with 68 percent of 45 – 59-year-olds and 61 oercent of 30 – 44-year-olds.
While it is the younger generation (aged 16 – 29) who are more hesitant to book as a result of what is being shared in the media at 53 percent.
Those from the Midlands and the North are the most determined not to let the news dampen their holiday booking habits, in particular, those from Leicester (74 percent) Manchester (71 percent) and Leeds (69 percent).
Debbie Flynn, managing partner, Finn Partners Travel commented: “Whilst undoubtedly the situation is hitting the industry hard, our research tells us that Brits are unlikely to give up their holidays if the price is right.
“We know from the data that flexible bookings are absolutely critical to retaining consumer confidence. A key area of concern is losing money, whether that’s a ticket for an attraction, a flight or a package.”
Flynn added: “We conducted this research because we wanted to fully understand the current mentality of the British consumer when considering their holiday plans. We are encouraged by the results which clearly show the resilience of the British traveller who is motivated to continue to travel encouraged by great deals and discounts.
“If travel brands offer unprecedented flexibility in what is usually a peak booking period, and the government isn’t advising against overseas travel, then we believe they will give themselves a fighting chance at encouraging bookings during these uncertain times.”
In further finance news, the FTSE 100 leading index of shares has plunged more than 8.5 percent in early trading today as investors reacted to the price war which has wiped 30 per cent off the price of a barrel of oil.
Among the biggest fallers were oil giants BP and Royal Dutch Shell, whose stocks dived more than 20 per cent.