The pound to euro exchange rate reached a three-week high yesterday, with the pound trading just below of the 1.13 handle. It came as trade negotiators fromthe UK and the EU met for a fourth round of post-Brexit negotiations.
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Pound to euro exchange rate: Sterling remains ‘strong’ amid Brexit
The countdown to the June 30 deadline is looming, which marks the latest date at which the Brexit transition period could be extended.
Today, the pound is currently trading at 1.1231 against the euro, according to Bloomberg at the time of writing.
The pound to euro exchange rate opened at the 1.1237 handle.
Michael Brown, Senior Market Analyst at Caxton, spoke to Express.co.uk about the pound to euro exchange rate.
He said: “Sterling ticked higher against the common currency on Tuesday, continuing to benefit from the broader risk-on feel, hitting a three-week high just shy of the 1.13 handle.
“Nonetheless, further significant upside for the pound may be unlikely, particularly with a degree of political risk yet to be priced in as we move towards the June 30 deadline for extending the Brexit transition period.”
The UK is currently in a transition period having left the European Union.
This period is set to end on December 31, 2020.
It means that new rules will take effect on January 1, 2021.
However, with the coronavirus crisis currently ongoing, some have made calls to extend the Brexit transition phase.
Elsewhere in travel news, from June 8, quarantine measures for anyone who arrives to the UK from abroad will be introduced.
The new rules will mean they are forced to self-isolate for 14 days.
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There will be some exceptions for those who arrive from the Common Travel Area – meaning the Republic of Ireland, the Channel Islands, and the Isle of Man.
Meanwhile, some European countries have begun to open their borders to tourists once again.
This includes Italy where, as of today, travellers from most European countries are now allowed to enter the country without quarantine.
The country is also lifting restrictions on domestic travel, allowing people to move between different regions.
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