Pound to euro exchange rate ‘jumps’ as Ireland back May’s Brexit customs union future

The pound has improved against the euro ahead of the weekend following a difficult start to the week.

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The exchange rate is currently €1.130, an improvement from yesterday’s figures of €1.127.

TorFX currency analyst Laura Parsons spoke to Express.co.uk about Friday’s exchange rate.

“The GBP/EUR exchange rate breached €1.130 on Thursday, climbing 0.3 per cent on the day’s opening levels,” she said.

“The pound also jumped by more than 0.5 per cent against the US, Australian, and New Zealand dollars.”

The latest Brexit news most likely had an effect on the exchange rate, following Theresa May’s speech at the Conservative Conference.

The Irish government are thought to be backing May for an all-UK customs union.

This would mean the involvement of the United Kingdom as a whole and avoid customs checks between Britain and Northern Ireland.

Therefore Northern Ireland and the UK would follow the same customs rules.

According to the Irish Times, this could also solve the issue of a border.

A senior official told the newspaper: “It looks like it would resolve that issue.”

However, he also was wary of the plans being accepted by Europe which was “another conversation”.

It has also been argued that the open border between Northern Ireland and the UK undermines the reason many voted for Brexit, to put a cap on free movement.

Experts added the pound could move again in a positive direction this weekend.

Ms Parsons explained: “With no high-impact UK data due before the weekend, it will be down to German factory order and producer price data to inspire any GBP/EUR fluctuations before the weekend.

“A slump in factory orders could help the pound hit new highs.”

The pound is especially weak against the euro meaning Britons holidays to Europe are much more expensive.

However, the pound is strong against the Turkish lira meaning holidays to Turkey can be grabbed for a bargain.

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Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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