The pound has fallen to its lowest level against the euro in EIGHT years
One pound buys just €1.0850, a level last reached in 2009
THE pound has hit an eight-year low against the euro today due to uncertainty around Brexit negotiations and strong economic data from Europe.
Sterling sunk to €1.0850, a level last reached in October 2009, against the euro. It also fell against the dollar, down to $1.2799.
There is one exception to this, as the pound did briefly hit similar levels, in October last year due to a fat finger flash crash.
Strong economic data from Europe is part of the reason for the drop in the pound's value.
But it has unperformed against most other major currencies this year, due to the drop in the pound's value after the referendum to leave the EU last year.
The pound has fallen by almost 9 per cent against the euro since April this year.
Yesterday, top judges proposed a plan for access to the single market after Brexit without being governed by EU courts.
SUNNY MONEY How to get the best deal on holiday money and currency
Theresa May says Britain must leave the control of the European Court of Justice after we quit – but the EU want it to oversee the rights of the three million EU citizens who will stay in the UK after 2019.
How to get the best holiday money rate
WE spoke with Hannah Maundrell, editor-in-chief at money.co.uk to find out how you can guarantee the best rate when you go on holiday
- Don’t buy cash at the airport – you’ll always be able to beat the rate with a bit of forward planning
- Compare travel money companies online – Factor in delivery costs and choose the option that gives you the most cash to spend on holiday. If you’ve left it until the last minute order online for airport collection so you get the best of both worlds.
- Use comparison tools – MoneySavingExpert’s TravelMoneyMax enables you to compare pick-up and pre-order rates.
- Don’t pay for travel money with a credit card – it’s likely you’ll be charged a cash withdrawal fee which adds to the cost.
- Top up a prepaid card to lock in your rate now – Choose your card and read the T&Cs carefully as some apply hefty fees. WeSwap, FairFX and Caxton FX are all worth checking out.
- Always choose to pay in the local currency rather than sterling – This will help you avoid sneaky exchange fees
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