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Pound to euro exchange rate: GBP ‘gains ground’ despite the UK coronavirus lockdown

The pound is currently trading at a rate of 1.0940 against the euro, according to Bloomberg. The pound to euro exchange rate suffered a loss this week after Prime Minister Boris Johnson announced that the UK will be put on lockdown to halt the spread of the coronavirus.

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  • Pound to euro exchange rate: GBP at mercy of coronavirus

Mr Johnson told the public in an evening announcement that the nation is currently in the throws of a national emergency.

He urged people stay indoors in order to “save lives”.

Those residing in the UK have been warned that venturing outdoors is strictly prohibited unless it is to buy food, carry out “essential” work or for medical reasons.

One outdoor trip for exercise each day is also permitted.

However, large gatherings of more than two people have been banned unless it is to attend a funeral.

There are currently 423,724 cases of coronavirus worldwide, of which 8,077 are in the UK.

But despite the pound’s recent plummet, there was some positive news this morning as sterling saw a small increase against the euro.

Michael Brown, Currency Expert at Caxton FX spoke exclusively to Express.co.uk.

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He said: “Sterling gained ground against the euro on Tuesday, rallying above the 1.09 handle, as risk appetite improved with traders continuing to digest Monday’s Fed policy package and paying close attention to whether the US Congress would agree on a fiscal stimulus bill.

“Today, this morning’s UK inflation data is set to be ignored, with all eyes remaining on the progress of the coronavirus pandemic and its economic implications.”

The Post Office is currently offering €1.12 per sterling pound.

The pound has seen a welcome boost as global markets have surged higher in the past 24 hours thanks to an increase in positive investor sentiment.

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  • Pound to euro exchange rate: Coronavirus sees GBP plummet

However, the pound has also had its lowest level against the dollar for 35 years due to the ongoing coronavirus pandemic.

The recent drop began when the Bank of England slashed the base interest rate to 0.25 percent this month.

Managing Director of WeSwap, Matt Crate commented on the fall: “There are lots of factors at play at the moment and it is near impossible to predict exactly how COVID-19 and upcoming knock-on events will impact our everyday lives and the pound versus other currencies.

“Many may be looking ahead to summer and winter holidays to see if they can travel and if so, how much it will cost them.

“In light of this uncertainty, it is always best to exchange money as early as possible.

“Using tools such as WeSwap’s Smart Swap is a way to lock in a price and allow your foreign currency to be bought at a better time for the pound.

“It is impossible to tell what will happen over the course of the coming months, but forward planning, taking out the relevant insurance, and preparing for a worst-case scenario is the best course of action given the unique situation we all find ourselves in.”

Currently, the Foreign and Commonwealth Office is advising Britons to avoid “all nonessential travel for the next 30 days.”

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