As MP’s voted last night for Theresa May to seek an extension to Article 50 and delay the UK’s exit from the EU, GBP remained steady against the euro, despite fears that any proposed delay could tip the pound into a downward spiral.
We expect the markets to react very quickly once it is clear what direction the Brexit process is heading so we’re advising our customers to make any currency exchanges now
The GBP-EUR rate as markets opened this morning was 1.1714 according to Bloomberg which was far healthier than many people had predicted.
Speaking this morning, Currency Online Group CEO Paul Brewer said that the pound is continuing to “hold firm” and expects it to do so for a short while yet.
He continued “At the moment the pound is trading well at 1.17 against the euro. However, beyond the next week or so is where things start to look uncertain.”
Theresa May will try once again to get MP’s to vote for her Brexit deal next week. If she fails, it is at that point when the pound could start to fall.
What does this mean for Britons who want to travel to Europe in the future?
With so much still uncertain, Britons have been left wondering when is the best time to exchange their travel money to avoid losing out. According to Currency Online Group CEO, that time is now:
“We expect the markets to react very quickly once it is clear what direction the Brexit process is heading so we’re advising our customers to make any currency exchanges now”.
If you are heading to Europe and are happy with the current available rate, the expert’s advice is to ‘lock in’ now to avoid being out of pocket later on.