Pound to euro exchange rate – slight rise for sterling as Brexit talks continue

THE pound rose slightly against the euro today after opening flat yesterday.

The 0.14% rise makes £1 equivalent to €1.13. Over the past year the pound has dropped in value a significant -4.82 per cent, in part due to continuing uncertainty over Brexit talks.

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The EU is due to agree this week that enough progress has been made so far to move on from the first phase of talks - but the Cabinet first has to agree on a united position.

With the value of currency so closely linked to the outcome of the UK’s departure talks, all eyes will remain firmly fixed on the remaining Brussels negotiations – with the toughest part, the trade talks, still to come.

Both the UK and the EU’s remaining 27 member states will face “substantial losses” without a deal on Brexit, according to a recent report.

Europe would be clobbered by 1.2million job losses if no agreement were reached, while Britain would take a 4.5 per cent hit to GDP, according to the Centre for Economic Policy Research.

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What has happened to the euro conversion rate in the last few months?

Sterling is down around 13 per cent against the euro and 11 per cent against the dollar compared with before the EU Referendum of June 2016.

For investors, a rate hike is good news, as it means the pound gains more value while it’s sat in buyers’ bank accounts.

A rise in interest rates can also reflect an increase in general economic confidence, which will increase sterling’s relative value on financial markets.

Where is the best place to get euros?

Euros can be bought at supermarkets, the Post Office and currency specialists – but rates vary massively.

The best rates can often be found at specialist online outlets, such as Travelex, which will deliver your cash directly to your home.

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Alternatively, FairFX offers currency cards which you can load up with sterling and then spend abroad like a debit card.

Travellers can use comparison sites, like MoneySavingExpert’s TravelMoneyMax, to find the best rate.

If you order in advance and pick up the cash then you’ll most likely get a better rate than if you walk in.