Pound to euro exchange rate: Brexit sends sterling 'plummeting' as rates remain 'volatile'

The pound suffered its sharpest drop since the 2017 general election last week and has failed to recover since.

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The pound is currently trading at €1.125 against the euro, according to Bloomberg.

Brexit continues to dominate headlines and affect sterling’s growth this week.

Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.

“Last week’s dramatic response to PM Theresa May’s Brexit deal left the pound plummeting across the board,” Parsons said.

“The GBP/EUR exchange rate shed over 2 cents to trade in the region of €1.125 and remains close to those levels as concerns that May could soon face a vote of no confidence remain.

“With Brexit still in the spotlight pound exchange rates could remain volatile in the days ahead.”

Last week, May had to save her draft EU divorce proposal following a series of resignations from ministers who refused to support her.

Dominic Raab resigned as Brexit Secretary over concerns for the “indefinite” backstop agreement to avoid a hard Irish border and Northern Ireland remaining under EU regulations.

Esther McVey stood down as Work and Pensions Secretary as she could not defend a deal which meant the UK “handing over control to the EU”.

Other minsters to resign throughout the day included Suella Braverman and Shailesh Vara. Anne-Marie Trevelyan, Ranil Jayawardena and Rehman Chishti also left their posts as key figures in Government.

Despite the turbulence, May defended her proposal and told a press conference she believes “with every fibre of my being” the path she “set out is the right one for our country”.

The concern for holidaymakers heading abroad is the uncertainty around whether the worst is yet to come for the currency and if they should be buying their euros now.

Exchange rates are notoriously unpredictable so unfortunately there is no concrete formula for when to buy and sell.

Ian Strafford-Taylor, CEO of FairFX, recommended customers keep an eye on when the pound becomes strong again, to get the most for their money.

He said the next main movement from the pound could come off the threat of a ministers vote for May.

The Prime Minister has insisted she would combat any attempt to force her out after leading Brexiter Jacob Rees-Mogg called for the vote against her.

It is understood up to a dozen other Tory backbenchers have also sent letters calling for May to quit over Brexit.

However, there must be 48 letters of no confidence to the 1922 Committee to initiate such a vote.

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