#Pound to #euro exchange rate soars but how will #Brexit affect GBP this week?

THE POUND to euro exchange rate benefited from a boost yesterday thanks to a release of data as the first full week of trading got underway for 2020 - but Brexit continues to dominate. What does this mean for your holidays and travel money?

PUBLISHED: 07:39, Tue, Jan 7, 2020 | UPDATED: 07:59, Tue, Jan 7, 2020

The pound to euro exchange rate rose yesterday thanks to better than expected services PMI. Politics continues to be the main driving force behind the movement of GBP, experts have warned. The Brexit Withdrawal Agreement Bill is set to complete its Commons stages this week.

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However, given the Conservative majority, it’s highly likely the legislation will pass.

The pound is currently trading at 1.1765 against the euro, according to Bloomberg at the time of writing.

Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.

“Sterling gained ground against the euro on Monday after a better than expected services PMI allayed some investors’ concerns over the economy and saw a rolling back of bets on a Bank of England rate cut,” said Brown.

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pound euro exchange rate gbp euros brexit news holiday travel money latestPound euro exchange rate: Politics continues to be the main driving force behind the movement of GBP (Image: Getty Images)

pound euro exchange rate gbp euros brexit news holiday travel money latestPound euro exchange rate: The pound is currently trading at 1.1765 against the euro (Image: Bloomberg)

“Today, politics will come to the fore once again, with the Withdrawal Agreement Bill - the legislation implementing the Brexit deal - set to complete its Commons stages over the coming three days.

“These stages will, however, largely be a formality, with the Tories’ 80-seat majority making the legislation near-certain to pass.”

So what does this mean for your holidays and travel money if you’re looking to get away?

The Post Office is currently offering a rate of €1.1296 for over £400 and €1.1542 for over £1,000.

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