The pound to euro exchange rate spent Tuesday “treading water,” experts have said. Both GBP and the euro are remaining close to the bottom of the range and barely shifted this week. Last week, sterling plummeted to its lowest rate for the month.
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Coronavirus and the economic fallout of the lockdown continues to affect the currency.
There are currently 307,682 coronavirus cases in the UK. Sadly there have been 43,011 death so far.
However, with little data out today, it’s unlikely the pound will show much further movement.
The pound is currently trading at 1.1050 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures this morning.
“Sterling continued to tread water against the euro yesterday,” he said.
“It bumped along at the bottom of the recent range around €1.1050, with the pair lacking fresh impetus to move out of the recent tight trading bands.
“Today, there is also likely to be little in the way of fresh impetus, given the sparse data calendar, hence subdued conditions will likely prevail once again.”
Yesterday, it was announced that holidays in the UK can begin again from July 4 in a much-needed boost for the tourism industry.
Hotels will be able to open their doors along with campsites and caravan parks.
The National Caravan Council (NCC) Director General, John Lally, commented: “This is great news for the two-plus million caravan owners and for the parks industry in England – and not a moment too soon.
“We have been working hard to explain to Government that caravan products are ‘socially distanced by design’ and that the parks industry across the UK can be safe places for people to holiday.”
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Lally continued: “Not only are caravans required to be 5m or 6m apart, but caravan parks are big open spaces, the ideal base for hard-working families to enjoy the great outdoors.
“Parks already are working on safety protocols to keep their staff and visitors safe.
“So we are delighted that the great British caravan holiday can recommence in less than two weeks time!”
However, other travel industry insiders said the government still have a part to play in restoring the sector.
Rory Boland, Which? Travel Editor, said: “This is good news for people hoping to take a holiday in England this summer.
“But many holidaymakers are still struggling to get refunds for cancelled hotel bookings and trust in the travel industry has fallen to record low levels, so some people may be reluctant to make new bookings.
“The government must take urgent action to end confusion around travel advice and refunds, and do more to support the industry to ensure that firms struggling due to coronavirus are in a position to fulfil their obligations to customers.”
However, there has been no update to foreign holidays – the government still advises against non-essential travel.
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