Commentary from David Swann, Head of Pricing at Travelex:
“The pound came back with an oomph late yesterday, getting back to its previous position against the euro in mid-February, before Cameron announced the date for the referendum. This came with the news that Brexit polls have revealed a strong lead to remain.
Since campaigning began, the pound has suffered against the majority of major currencies including the euro, reaching a low at the start of April. With its push yesterday, the pound is now up 6% against the euro, with Brits receiving an extra €35 on every £500 exchanged.
It’s impossible to accurately predict what will happen to the pound if we decide to stay or leave the EU but many are speculating that it will weaken against some of the major currencies if we leave and strengthen if we stay.
We’ll all be waiting with anticipation to see how the pound fares after the results of the referendum but whichever way it turns out, it’s hard to say how the pound will perform.
Travellers who are conscious of the pound’s strength against the euro should keep a close eye on our rate tracker and buy at a time that they feel is right for them. They might also want to look at destinations a little further afield where they can get more for their budget. Brits have gained significant spending power in destinations such as South Africa and Brazil.”
