Pound to euro exchange rate: GBP ‘storms’ to 21-month high thanks to Brexit deal optimism | Travel News | Travel

The pound to euro exchange rate could be set to continue its “run of good fortune” today thanks to the latest Brexit developments. Prime Minister Theresa May has renewed confidence that a no-deal Brexit could be avoided. GBP has increasingly built on this week’s strength and has hit a 21-month high after reaching a low of €1.099 in August 2018. Sterling is currently trading at €1.168 against the euro, according to Bloomberg at the time of writing.

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With the odds of a no-deal Brexit slashed, the pound’s run of good fortune could be set to continue today

Laura Parsons

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

“The GBP/EUR exchange rate continued storming higher on Wednesday, with the pairing reaching the dizzy highs of €1.170,” Parsons said.

“With the odds of a no-deal Brexit slashed, the pound’s run of good fortune could be set to continue today.

“However, the euro might just be able to claw back some of its recent losses if Germany’s latest inflation figures show an uptick in annual consumer price pressures.”

If the figure for Germany’s Harmonized Index of Consumer Prices for February shows steady growth of 1.7 per cent as forecast, the euro could rise.

If the figure shows steady growth of 1.7 per cent as forecast, the euro could rise.

The pound could also slip against the euro today following the release of February’s Gfk UK consumer confidence. 

Pound to euro exchange rate: GBP ‘storms’ to 21-month high thanks to Brexit optimism (Image: Getty Images)

The forecast suggests confidence will continue to slide to -15, after last month’s -14, which could dampen sentiment in the pound.

Theresa May gave a speech in the Commons yesterday during which she urged MPs to back her.

She talked about the UK leaving the EU, saying: “I have found a real determination to find a way through which allows the UK to leave with a deal. That engagement has already begun to bear fruit. Parliament should do its duty so our country can move forward.”

According to May, the UK remains “firmly on course” to leave the European Union.

Reports also suggest that the Prime Minister may also extend Article 50. This has buoyed the pound as the Brexit deadlock is being increasingly challenged.

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Ian Strafford-Taylor, CEO of currency expert, FairFX said: “While an extension would allow more time for negotiating, it also extends the period of uncertainty currently facing the UK.”

“The lack of clarity around Brexit leaves the pound vulnerable to volatility and it’s very easy for rates to move in either direction meaning no-one knows definitively which way they’re heading.”

He added: “Nothing is certain, but if the UK leaves the EU with no deal, the pound could fall across the board. In terms of what that looks for exchange rates, we could see the pound break below 1.10 against the Euro.

“On the other hand, it’s also possible that the pound will strengthen if the UK and EU can agree on a divorce deal, but it all depends on the deal itself. If the market feels the deal isn’t economically favourable to the UK, then we could even see the pound lose ground.”

“Either way, the more clarity we have over exactly how Brexit will play out, the clearer the picture will be on what it could mean for the pound.”

May has scheduled her meaningful vote on her proposed EU divorce deal for before 12 March, yet did proposed amendments, including those tabled by the Labour party, impact travel? 

The outcome of Wednesday’s voting does not directly impact holidaymakers or travel firms. The final recursions will be dependent on whether Brexit occurs in a deal or no deal form.

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