The euro could see another “lift” against the value of the pound on Tuesday. Experts claim strong retail figures in the Eurozone have sparked the positive news, with an increase in consumer spending both on the month and on the year, while the worth of the pound dropped. Sterling is currently trading at €1.115 against the euro, according to Bloomberg. Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.
She said: “The GBP/EUR exchange edged slightly lower on Monday, easing to €1.113.
“Prime Minister Theresa May set the date for the parliamentary vote on her Brexit deal (15 January) but concerns that the deal will be rejected remain.
“The euro, meanwhile, received some support from the Eurozone’s retail sales figures for November.
“Consumer spending in the currency bloc increased 0.6 percent on the month and 1.1 percent on the year, smashing forecasts of 0.2 percent and 0.4 percent.”
She added: “Today’s Eurozone confidence indexes could give the euro another lift if they show an improvement in sentiment in December.
“However, if the gauges decline, as forecast, GBP/EUR could recoup Monday’s losses.”
This will offer some hope of a boost for the pound towards the middle of the week.
The UK’s departure from the EU has had the strongest impact overall on sterling over recent months.
The country is now facing fewer than 100 days to go until the scheduled departure date.
However, Britons do not need to fear Brexit affecting holidays. A Downing Street spokesperson has said it was “categorically untrue” that people had been warned not to book trips beyond March 2019.
Travel agents’ body ABTA has said: “There is nothing to suggest that you will not be able to continue with your holiday plans after 29 March.
“Even in a no-deal scenario, the European Commission and UK Government have said flights to and from the UK will still be able to operate.”
Elsewhere, authorities have warned the euro could face difficulties in 2019 if reform does not take place.
The Centre for Economic and Business Research said in its annual predictions for 2019 “internal contradictions” would force the Eurozone to “integrate economically” or “risk breaking up.”
Experts will be keeping tabs on the pound worth in a hope it regains some traction today.