The pound to euro exchange rate could take a hit on Monday after sterling surged forward last week. Despite the uncertainty over the UK’s Brexit deal, which will see the UK leave the EU on March 29, the pound rocketed. Currency reached a 24-month on Thursday, high yet experts predict a much bleaker start to the week. The pound is currently trading at €1.164 according to Bloomberg, at the time of writing.
Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk about the potential downturn.
She said: “After storming to an almost two-year high last week, the GBP/EUR exchange rate edged lower before the weekend.
“However, the pound remained trading above €1.160 – it’s best levels since May 2017.
“The UK is set to release its construction PMI this morning.
“If output slowed in February, sterling could come under pressure this morning.”
Meanwhile, on Thursday, Express.co.uk reported how sterling had stormed to a 21-month high thanks to Brexit optimism.
It came after Prime Minister Theresa May had renewed confidence a no-deal Brexit could be avoided.
Should it occur, it would mean the UK would leave the EU with no specific plans, procedures or laws in place on how to proceed.
Previously, such a potential outcome has sent the pound to euro exchange rate plummeting.
It also sparked concern over the validity of millions of passports.
Yet finance experts have revealed there are some advantages to Brexit, whether this be in deal or no deal form.
Ian Strafford-Taylor, CEO of currency expert, FairFX said it could provide holidaymakers with chance to “explore” travel destinations they might not previously have contemplated.
He told Express.co.uk: “As far as travel money is concerned, Brexit provides a good opportunity for holidaymakers to explore destinations outside of the eurozone because the pound may be performing stronger against other currencies.”
Mrs May delayed another vote on her Brexit deal in Parliament after it was overwhelmingly rejected by MPs last month.
The meaningful vote will take place before March 12.
The PM has confirmed she will also allow Parliament to vote on whether to delay Brexit or pursue a no-deal Brexit if an agreement cannot be reached.