The pound to euro exchange rate fell at the start of the week but has since risen and been “left fluctuating on the cusp of €1.140,” experts have said, as it continues to be buffeted by Brexit news. Sterling is currently trading at €1.140 against the euro, according to Bloomberg at the time of writing. Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures. “Less-than-impressive UK growth data left the pound under pressure on Monday. The latest GDP report showed an unexpected contraction of -0.4 per cent on the month in December,” she said.
“The year-on-year figure for the fourth quarter of 2018 also came in at 1.3 per cent instead of the 1.4 per cent expected.
“The report left Sterling 0.6 per cent weaker against the US dollar. While the GBP/EUR loses were less significant, the pound was left fluctuating on the cusp of €1.140.”
Brexit uncertainties continue to dominate the markets, with the political turmoil weighing on consumer and business sentiment.
In a statement to the House of Commons Tuesday afternoon, Prime Minister Theresa May promised to secure a withdrawal deal from the European Union (EU) that would be supported by MPs.
May also pledged a second “meaningful vote” for MPs if they back her amended Brexit deal fresh from key talks with EU leaders on 26 February.
If a deal has not been agreed with Brussels, new votes on 27 February could hand power over to Parliament giving MPs a say on what happens next.
Before a second vote, MPs will participate in votes on further alternatives to May’s Brexit plan on Thursday.
The amendments, the details of which are still unknown, will be debated and voted by MPs after cross-party Parliamentary discussions to break the deadlock.
CMC Markets analyst Michael Hewson said: “Further delay is unlikely to be welcomed by business, however, the Prime Minister appears determined to push her deal to the wire, given the lack of a parliamentary majority for any other options.
As for the euro, it is plagued by ongoing concerns over the slowing of the Eurozone economy, with many single currency traders remaining jittery on disappointing data releases.
Mario Centeno, the chairman of Eurozone finance, commented ahead of yesterday’s Eurogroup meeting: “We know there is a temporary slowdown in our economies. We also know that most of the risks, as the Commission pointed out, are political risks, which call for us politicians to act.”
For those concerned about how Brexit will affect travel. Martin Lewis has shared his top travel advice for holidaymakers looking to head abroad after Brexit.
The Money Saving Expert said that three key areas to watch out for are passports, travel insurance and EHIC cards.
Should the UK quit the European Union without a deal, you need to have at least six months left on your passport from the date of your arrival to an EU country.
Lewis also urged Britons to get themselves a valid EHIC card. Travellers should remember this is always free. Any service that requires you to pay is fraudulent. EHIC cards can be obtained via the NHS or EHIC site.
No matter what happens to the fate of the UK within the EU, the Money Saving Expert encouraged Britons to buy travel insurance as soon as they book their holiday rather than just before they travel.