Pound to euro #exchangerate: 'Quashed' Brexit deal rumours send GBP tumbling

THE POUND to euro exchange rate underwent a series of fluctuations yesterday after rumours of a Brexit deal began to circulate. With trade talks remaining the focus of trader's decisions, what does this mean for travel money?

PUBLISHED: 07:58, Fri, Oct 2, 2020 | UPDATED: 07:58, Fri, Oct 2, 2020

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The pound to euro exchange rate has seen a dramatic procession of highs and lows in recent weeks as the end of the Brexit transition period draws ever closer. UK and EU officials continue to emotion Brussels this week to try and come up with a deal before the end of October.

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Yesterday rumours began to circulate that a deal had, in fact, been struck.

In recent months suggestions that a deal is on the horizon has helped sterling clawback strength against the common currency.

However, EU sources "quashed" any rumours, dampening the GBP's outlook by the end of the day.

The pound is currently trading at a rate of 1.0981 against the euro according to Bloomberg at the time of writing.

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pound euro exchange ratePound to euro exchange rate: The pound has fallen amid Brexit trade talks (Image: DX)

pound euro exchange ratePound to euro exchange rate: The exchange rate according to Bloomberg (Image: Bloomberg)

Michael Brown, currency expert at Caxton FX shared his insight exclusively with Express.co.uk on today's exchange rate.

“Sterling had a choppy day yesterday, bouncing around like a yo-yo at the behest of headline after headline on the post-Brexit trade talks, but ultimately ended the day weaker after EU sources somewhat quashed any rumours that a breakthrough had been made," he said.

"Those talks will remain in focus today, as markets wait to see whether negotiations have made enough progress to enter the intensive ‘tunnel’ phase.

"If they have, sterling should remain well-supported.”

Though the pound celebrates a modest gain in time for its quarter-end at the end of September, financial experts suggest there is more turbulence ahead.

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