News
New low for pound against euro
09 April 2008
The British pound hit a record low against the euro on currency exchange markets today, creating an interesting picture for the travel market this summer.
At one point in the day, sterling fell to a low point of 80p to the euro, a development that was attributed to speculation over the Bank of England (BoE) cutting interest rates.
Later in the day, the value of sterling returned slightly to 79.8p against the euro.
The BoE is widely expected to announce a quarter-point cut in interest rates to 5% this week.
Martin Slaney of currency trading company GFT told the Guardian that interest rate conditions across Europe suggest that the current pound-euro scenario will persist 'for the foreseeable future'.
He added: 'We have only briefly touched the 80p level today but talk of pound-euro parity will no doubt now pick up.'
While the news will not be welcome to Brits planning to travel to Europe this summer, people heading in the other direction will be looking forward to getting record value from their euro.
Opodo is a leading online travel company offering flights, hotels, rental cars and holidays worldwide. Search for travel deals.
At one point in the day, sterling fell to a low point of 80p to the euro, a development that was attributed to speculation over the Bank of England (BoE) cutting interest rates.
Later in the day, the value of sterling returned slightly to 79.8p against the euro.
The BoE is widely expected to announce a quarter-point cut in interest rates to 5% this week.
Martin Slaney of currency trading company GFT told the Guardian that interest rate conditions across Europe suggest that the current pound-euro scenario will persist 'for the foreseeable future'.
He added: 'We have only briefly touched the 80p level today but talk of pound-euro parity will no doubt now pick up.'
While the news will not be welcome to Brits planning to travel to Europe this summer, people heading in the other direction will be looking forward to getting record value from their euro.
Opodo is a leading online travel company offering flights, hotels, rental cars and holidays worldwide. Search for travel deals.
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