Pound to euro exchange sees upturn following '10-month high'
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The pound hit a nine-month high on February 17 before rising to a 10-month high yesterday. It is likely to stay there today, said experts.
The reason for the sterling’s upward movements is the UK’s vaccine rollout.
Britain has administered more first dose vaccines per 100 people than any other nation of comparable population size.
This explains why the pound’s value has been increasing in recent days.
The pound currently stands at 1.1547 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 about the latest exchange rates this morning.
He said: “Sterling printed fresh 10-month highs against the common currency yesterday, continuing to benefit from the bullish momentum that the pound has been building all week, based upon the UK’s vaccine drive.
“Today is likely to see those gains consolidated, albeit with a little profit taking likely, before attention turns to the PM’s ‘unlocking’ speech on Monday,” he added.
Prime Minister Boris Johnson is set to lay out plans for the easing of lockdown restrictions on February 22.
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The Prime Minister is expected to make a speech about his “roadmap” out of England’s lockdown next Monday.
Mr Johnson will discuss the re-opening of schools, which is likely to happen on March 8.
He will also update the public on the hospitality and travel industries.
On Monday February 15, Health Secretary Matt Hancock told Sky News that he was looking into a form of “vaccine certification” to allow British people to travel to other countries that may ask for proof of vaccination in the future.
The next movements of the pound will depend on Mr Johnson’s speech and the Government’s actions in regard to the COVID-19 restrictions.
UK Currency Strategist George Vessey shared his insight regarding the exchange rate and its relation to the coronavirus this week.
He said: “The downside remains limited though, amid optimism that the impressive pace of vaccinations in the UK would allow the UK Prime Minister Boris Johnson to lift COVID-19 restrictions and get the economy moving.
“PM Johnson is considering a staged exit from COVID-19 lockdown that would see pubs and restaurants reopen in May, and hospitality and domestic holiday industries reopening in July,” he added.
So, what does this mean for your holidays and travel money?
Like yesterday, the good news is that travel money providers are offering much more favourable rates than before the rise in exchange rate.
Post Office Travel is today offering a rate of €1.1082 over £400, €1.1243 over £500, and €1.1300 over £1000.
However, it is not yet clear when UK nationals will be allowed to travel outside of the country.
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