Pound to euro exchange rate goes ‘absolutely nowhere’ as foreign holidays still banned

The pound to euro exchange rate has gone “absolutely nowhere” this week, experts have said. GBP slumped to its lowest monthly rate last Friday and has not shown much improvement since. The pairing has “bumped along the bottom of the recent range” all week.

READ MORE

  • Martin Lewis: Best travel insurance policies which cover coronavirus

No data or new developments have yet managed to shift the sterling to euro exchange rate.

Furthermore, experts have cautioned this is unlikely to change today.

The pound is currently trading at 1.1036 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 this morning.

“For the third day running, sterling-euro went absolutely nowhere on Wednesday,” he said.

“The pair continues to bump along the bottom of the recent range around €1.1050, awaiting some fresh impetus.

“That fresh impetus is unlikely to be found today, despite the release of ECB minutes and a host of ECB speakers, with the market remaining fixated on the latest US coronavirus infection numbers.”

Britons continue to be advised against non-essential foreign travel.

Consequently buying foreign currency is inadvisable right now.

However, in a major boost for British tourism it was announced this week that from July 4, domestic holidays will be back on the cards.

Hotel and campsites will be able to open their doors from this date along with pubs and restaurants.

However, strict coronavirus-fighting measures will be in place throughout.

READ MORE

  • Dubai holidays: Government warning as new tourist rules announced

According to a survey by holiday let mortgage provider, Teachers Building Society, twice as many holidaymakers are now planning to book an ad hoc break in the UK for 2020 (25 percent) than abroad (12 percent) once it was safe to travel.

More than a third (36 percent) said they wouldn’t make any holiday decisions until they knew it was safe to do so, whilst one in five (19 percent) were planning to book a UK break for 2021.

As for the top choice of UK  destination, Cornwall and Scotland topped the list of most desirable places to visit.

Devon, Wales and the Lake District completed the top five.

When asked about where they’d be most likely to stay during a UK holiday, hotels were the most popular choice, with over a third (37 percent) saying they’d consider this option.

A further three in ten said they’d opt for a self-catering holiday let as their UK based accommodation, preferring a ‘home from home’ atmosphere.

Sixteen percent said they’d stay with family or friends, a budget-friendly option.

Keith Hannibal, Head of Lending at Teachers Building Society, said: “It’s been a challenging time for UK holiday let owners, and the UK tourism industry in general, so it’s encouraging that so many Brits are planning to have a UK based holiday once it’s safe for them to do so.”

“Late summer sun makes September a great choice for a trip, and even those pushing plans back to Autumn can still benefit from the beautiful destinations on offer across the UK, whether coast or countryside.

“Once the guidance that it is safe to travel is given, we expect there to be an increased appetite for visits to holiday lets which offer families and small groups the opportunity to stay in a home from home, and expect this interest to continue into 2021 too.”

Source: Read Full Article