The pound to euro exchange rate has dropped, hitting a six-month low against the common currency. It comes amid a coronavirus pandemic – which saw the Bank of England cut the base rate by 50 basis points on Wednesdaylast week, on the same day as Chancellor of the Exchequer Rishi Sunak delivered the 2020 Budget which included a number of coronavirus-related measures.
- Pound to euro exchange rate: Sterling hits fresh five-month low
This morning, the pound to euro exchange rate has been trading at 1.1080, according to Bloomberg at the time of writing.
Michael Brown, Currency Expert at Caxton, shared his thoughts on the pound to euro exchange rate with Express.co.uk.
He said: “Sterling slid to six-month lows against the common currency, falling well below the €1.11 handle in a steep sell-off that had no obvious catalyst.
“Some of the reasons behind the pound’s broad-based weakness could have been last week’s emergency BoE cut, outflows from UK government bonds (Gilts), a general lack of liquidity, or even the UK being behind the rest of Europe when it comes to the number of confirmed cases of coronavirus.
“This week, data will continue to take a back-seat as investors monitor the spread of the coronavirus, and continue to assess the economic implications of the fast-moving pandemic.”
As of 9am on March 15 2020, 40,279 people have been tested in the UK, of which 38,907 were confirmed negative and 1,372 were confirmed as positive.
Public Health England has confirmed that as of the aforementioned time, 35 patients who tested positive for COVID-19 have died.
Today, it was confirmed that Boris Johnson or a senior minister will hold daily press conferences on the crisis.
So, what does the pound to euro exchange rate mean for travel money?
At the Post Office, online rates for euros today are 1.0676 for spends of £400 or more.
This is 1.0831 for purchases of £500+, and 1.0887 for £1,000 or more.
Elsewhere in travel news today, the Foreign and Commonwealth Office (FCO) has issued its latest travel advice against travelling to a number of countries.
It comes amid the pandemic of COVID-19, with the World Health Organisation (WHO) reporting cases in 144 countries, territories or areas.
As of this morning, the guidance advises against all but essential travel to 35 counties.
- South Africa
The FCO also advises against all but essential travel to Argentina, Albania, Burma, Czech Republic, Dominican Republic, Ecuador, Equatorial Guinea, Estonia, Guatemala, Honduras, Jamaica, Kosovo, Latvia, Liberia, Lithuania, Malawi, Malta, Morocco, Mongolia, Paraguay, Peru, Philippines, San Marino, Sierra Leone, Slovakia, Sri Lanka, and Vietnam.
Public Health England states that anyone experiencing mild symptoms must stay at home for seven days if they have either:
- A high temperature
- A new continuous cough.
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