Pound to euro exchange rate: Sterling has 'brief surge' – may dip if Brexit deal rejected

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The pound to euro exchange rate is currently 1.1578, according to the latest data from Bloomberg this morning. Sterling enjoyed good fortune yesterday thanks to the emergence of a Brexit deal agreement between PM Boris Johnson and the EU. However this was short-lived, with the pound losing some of its momentum amid concerns some MPs will attempt to block the deal. What does this mean for holidaymakers hoping to exchange their money today?

Michael Brown, Senior Market Analyst, Caxton FX said: “Sterling traded in a choppy manner once again on Thursday, with the announcement of a Brexit deal met with a brief surge higher to 5-month highs; before some of the wind was taken out of the pound’s sails as concerns emerged that the proposed agreement may not be approved by MPs.

“Parliamentary arithmetic will be today’s main focus, as market participants attempt to gauge the likelihood of the Prime Minister’s deal being approved in the Commons on Saturday.”

While there is elation in some quarters that Boris has finally agreed a deal with the EU, others came out to criticise elements of the proposal, causing concern the deal will be rejected by Parliament.

Tomorrow’s vote on Boris Johnson’s Brexit deal will be “pretty close”, shadow chancellor John McDonnell has admitted.

Jeremy Corbyn’s right-hand man told Sky News: “I don’t believe it will pass, I think it will be defeated but… the numbers are going to be pretty close.”

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