Travel

Pound to euro exchange rate: Sterling under ‘PRESSURE’ amid ‘sliding’ value and new change

Written by admin

The pound to euro exchange rate is “sliding”, with more movement predicted by financial experts today. Sterling has faced a torrid time this week, with its worth again falling as the week comes to a close. The uncertain political landscape, with Prime Minister Theresa May losing the support of some Tory MPs amid a vote on the power of the Treasury over a no-deal Brexit, has caused faith in the currency to teeter. Wednesday’s Bank of England discussion, led by Governor Mark Carney, served to dampen the exchange rate further.

The pound is currently trading at €1.105 against the euro, according to Bloomberg.

Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.

She had previously warned the pound would be “volatile” as the financial talks took place.

Laura said: “The GBP/EUR exchange rate slid 0.4 percent on Wednesday, falling back to €1.106.

“While UK data was thin on the ground, the Eurozone’s unemployment rate declined unexpectedly.

“Meanwhile, Bank of England (BoE) Governor Mark Carney put the pound under pressure when he asserted that any future rate adjustments are likely to be limited and gradual.

“Today’s ECB meeting minutes may provoke further GBP/EUR movement.”

Therefore, it appears the impact of the meeting could have further negative consequences.

The UK’s departure from the EU has had the strongest impact overall on sterling over recent months.

The country is now facing fewer than 100 days to go until the scheduled departure date.

However, Britons do not need to fear Brexit affecting holidays.

A Downing Street spokesperson has said it was “categorically untrue” that people had been warned not to book trips beyond March 2019.

Travel agents’ body ABTA has said: “There is nothing to suggest that you will not be able to continue with your holiday plans after 29 March.

“Even in a no-deal scenario, the European Commission and UK Government have said flights to and from the UK will still be able to operate.”

Elsewhere, authorities have warned the euro could face difficulties in 2019 if reform does not take place.

The Centre for Economic and Business Research said in its annual predictions for 2019 “internal contradictions” would force the Eurozone to “integrate economically” or “risk breaking up.”

It remains to be seen whether the gap between the sterling and euro rates will vary further.


Source link

About the author

admin

World News Update Daily. Global News Daily

Leave a Comment