The pound’s potential surge against the euro as today’s finance markets open will be “short lived”, according to experts, who poured cold water on the hopes of holidaymakers for a good currency deal. Sterling has endured a poor exchange rate against the euro for weeks, starting yet another bad run on Thursday. Last month, Express.co.uk reported how GBP was at its lowest levels since 2000. Currently, the pound is trading at 1.124 against the euro, according to Bloomberg, at the time of writing.
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk about the dire currency situation - and the one thing that can change it.
He said: “Sterling recorded a second consecutive daily decline against the euro on Friday, losing 0.3 per cent to close out a fifth consecutive week of losses - the longest streak since December 2018.
“The pound’s fall came as the single currency continued to strengthen after a less-dovish than expected ECB meeting and benefitted from weaker than expected US labour market data.
“Turning to the week ahead, while markets may glance over April’s GDP and labour market figures, focus for the pound remains on political developments.
“The Conservative Party leadership race is now in full swing, with markets remaining attune to developments in the contest - particularly the chances of a no-deal advocate in Number 10.
Pound to euro: Gains for sterling will be short lived today (Image:
