The pound has performed well this week, which could be due to the local elections and the euro’s weakness. It remains above the 1.16 handle against the euro this morning.
“This stalemate looks set to continue as the week draws to a close, with a quiet data calendar due, and liquidity in Europe set to remain fairly thin after yesterday’s public holidays,” Mr Brown added.
George Vessey, UK currency strategist at Western Union Business Solutions, also gave his insight on the pound to euro currency exchange rate this week.
He suggested sterling’s latest growth could be due to positive news about the UK economy as the nation emerges from its third lockdown.
He said: “UK GDP shrank by 1.5 percent in the first quarter of this year, ending a two-quarter period of growth but coming in slightly stronger than originally forecast.
So what does all this mean for your travel money?
Although foreign travel is currently banned in Britain, Transport secretary Grant Shapps confirmed on Friday people in England will be able to travel to 12 named countries from May 17.
These countries are on the UK’s travel green list and are Portugal (including the Azores and Madeira), Israel and Jerusalem, Gibraltar, Iceland, Singapore, Australia, Brunei Darussalam, Falkland Islands, Faroe Islands, New Zealand, Saint Helena, Ascension and Tristan da Cunha, and South Georgia and the South Sandwich Islands.
With May 17 just around the corner, swapping travel money may be tempting at this time, but experts have warned not to do so until Britons are absolutely certain their holiday plans will go ahead.
It is crucial to keep an eye on the latest travel restrictions both in the UK and in the holiday destination, as they can change at short notice.
James Lynn, CEO and co-founder of Currensea commented: “While it’s excellent news international travel is opening up, the proposed traffic light system will mean there will still be an element of disruption this summer, both to travel companies and consumers.
“Extra caution and careful planning will be really important when it comes to planning holidays this year – and keeping abreast of the latest updates will be key.”
Mr Lynn added: “Financial safety when travelling must also be top of mind for consumers. Sudden changes and cancellations, which remain likely could put travellers at risk if the right precautions aren’t taken.”