Despite yesterday being a “subdued” day for the pound to euro exchange rate, according to a finance expert, sterling still stands on the upside of the 1.17 mark against the euro. Experts predict that the pound’s value will continue to rise in the coming days.
This week, the UK’s national lockdown started to ease, and the country’s vaccination rollout continues to be a success.
Speaking about the re-opening of the UK’s economy and its relationship to sterling, Stuart Cole, chief macro strategist at Equiti Capital, gave his comments to Express.co.uk yesterday.
He said: “The sterling outlook remains positive, the combination of continued vaccinations, lifting of lockdown restrictions and rising yields all converging to support the pound.”
Other speculators also reduced their net long position on the pound, hinting that the currency is performing well.
Mr Cole said that this suggests a “pool of untapped potential support for sterling”.
Although foreign travel remains off the cards for Britons, there has been an increase of flight bookings in recent weeks.
James Andrews, senior personal finance editor at Money.co.uk, warned against swapping your pounds for euros just yet, recommending doing so at a later date.
He said: “Although countries have said they will be opening their doors to UK visitors, consumers must be cautious before exchanging money at this stage.
“Until the Government has confirmed that you will be allowed to travel, consider if you need to exchange travel money right away,” Mr Andrews added.
“Depending on restrictions at the time, you will usually get the best deals by either ordering online or going to a travel money provider.
“If you have enough time in advance, consider taking out a travel money card that lets you withdraw cash overseas fee-free.”