Pound to euro exchange rate: Brexit deal date confirmation aids sterling

 

The pound has picked up against the euro after hitting a two-month low earlier this week.

It is currently trading at €1.133, up from yesterday which saw the exchange rate sit at €1.120.

A threat of a Brexit no-deal hindered the growth of the pound in recent weeks.

Dominic Raab has since announced a date for the Brexit deal to be finalised which has resulted in the recovering pound.

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A Brexit deal must be done by 21 November, according to Mr Raab, with just three weeks to go for a deal with the EU.

The letter to the House of Commons expected it to be finalised this year, with a deal “firmly in sight”.

Hamish Muress, currency analyst at OFX, said: “We finally have a concrete date from Mr Raab regarding a Brexit deal being finalised, and the pound has jumped in response.

“The announcement today from Dominic Raab will be welcome news for many, providing a reprieve for the pound in the face of the surging Dollar, which has seen GBP/USD lose over 3.5 per cent in a matter of weeks.”

However, the pound could struggle in the next few weeks if the date is not met.

Pound euro exchange rate: The latest Brexit deal date has been announced (Image: Getty)

Pound euro exchange rate: It is currently trading at €1.133 (Image: Bloomberg)

“We will have to wait to see if this date can be stuck to, and if anything leading up to November 21st may cause more market jitters,” said Mr Muress.

A spokesman for Prime Minister Theresa May did not confirm or deny the date expressed by Mr Raab.

However, the Department for Exiting the European Union (DExEU) played down the date that was expressed, adding: “There is no set date for the negotiations to conclude.”

Instead, the date was in reference to the evidence to be given by the Brexit Secretary, they said.

Labour MPs have accused the reversal of the date as a “messy U-turn”.

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Pound euro exchange rate: The Brexit is due to leave by March 2019 (Image: Getty)

The struggling pound has hit Britons going on holiday as they get much less for their money when exchanging currency.

When travelling abroad, the dollar and the euro are some of the weakest against the pound.

Instead, travelling to countries without either currency such as Turkey, who use lira, can be much better value.

Avoiding the airport exchange, however, is often advised by experts with them offering the worst on the market.

Some travel bureaus offer as little as 90 cents against the pound.

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