The pound is ending the week on a stronger, “firmer” note according to currency experts giving a glimpse of happiness for GBP. It comes after a torrid week where sterling has been under pressure, tipping at lows not seen since 2012 this time last week. Yet after slight reprieve yesterday, it is on a stronger footing. The pound is currently trading at 1.090 against the euro, according to Bloomberg, at the time of writing.
Rehan Ansari, Head of FX Risk Management and Derivatives at Caxton FX, spoke exclusively to Express.co.uk about ending trading own a positive note this week.
He said: “Sterling firmed against the Euro yesterday after the release of UK Retail Sales data that beat market expectations.
“Following the data release the market maintained its upward trend throughout the day to post a new weekly high of 1.0923.
“The rally would have been welcomed by market participants that have a requirement to buy Euro’s against the pound.”
They added: “Looking to the day ahead, with little in the way of significant data releases from either side of the pairing, politics appears set to dominate.
“The risks for the pound still appear biased to the downside but the market will be interested to see if it can hold onto the gains it made yesterday.”
It remains to be seen what political developments will unfold, and whether the ongoing Brexit negotiations will continue to impact the exchange rate today.
Yet for those looking to book a last-minute break, and make the most of their pound, the Eurozone might not be the best spot.
Vouchercloud Greg Le Tocq said: “Despite the fluctuating value of GBP, the British public are always on the hunt for a bargain – particularly with their holidays.
“We were delighted to find numerous desirable European destinations where the Pound is still going further.
“What’s especially intriguing is the range of destinations — from beach holidays in Turkey to the stunning culture of Georgia and the cities of Sweden, you’ve got so many options for a savings-conscious holiday.
“You just have to know where to look!”
Experts from Mybgagage.com added: “If you’re planning a last-minute break and not tied to the idea of a typical holiday spots, then trying a more adventurous destination could allow you to exploit the pound’s strength.
“Brits heading to Turkey, Bulgaria, Tunisia, Argentina, Iceland and Malaysia will all get significantly more local currency in exchange for their pounds sterling, compared to this time last year.
“The cost of living is often lower beyond Brits’ favourite western European destinations too, which can further improve the value for money you get.”