Pound to euro exchange rate: Sterling RISES after positive UK growth forecast 2018


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POSITIVE GROWTH: The pound to euro exchange rate is rising

The pound has been going through a turbulent time in the last few months as Brexit uncertainty continues.

However, sterling saw a positive boost after yesterday’s 2018 growth forecast.

This morning the pound to euro exchange rate has gone from €1.12649 to €1.12912 to the pound – and is still tracking upwards.


LIVE: The current exchange rate is €1.12894 to the pound

The positive currency news will come as a happy surprise for those looking to go away this Easter.

Sterling’s rise follows a week where four-month lows were reported, after unresolved Brexit negotiations.

Today’s boost comes after the Spring Statement yesterday where the growth forecasts for 2018 were increased.

Chancellor Philip Hammond claimed the UK economy has reached a turning point.

How to get the best exchange rate: 7 top tips

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Top tips for getting the best exchange rate

He said there is “light at the end of the tunnel” when it comes to UK economy.

The chancellor told MPs growth was forecast to be 1.5% this year, up from 1.4% forecast by the Office for Budget Responsibility in November.

However, the economy has still been negatively affected by the referendum vote, according to OBR chief Robert Chote.

He said: "Overall the referendum vote does seem to have weakened the economy as we and most other forecasters expected, but not quite as much as we forecast back in November 2016.

"Having said all this, we are still dealing with the very early drafts of economic history and it's important not to put too much weight on what are still early indicators of economic activity either side of the Brexit vote."

Speaking exclusively to the Daily Star Online Caxton FX Analysis, Alexandra Russell-Oliver said: “There have been a few factors at play in sterling’s move higher against the euro to test 1.13.

“Partly, the pound firmed around the Spring Statement in light of certain more positive economic forecasts, key as Brexit nears.”

This morning’s ECB comments from President Draghi and Praet, which included references to remaining uncertainties in the inflation outlook and the euro’s strength, may have also helped the move.”

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How can you get the best exchange rate?

Speaking exclusively to the Daily Star Online, Retail Director at No1 Currency, Simon Phillips, revealed his top five tips.

1. Don’t buy currency at the airpot

2. Look for the best currency exchange deals online

3. Avoid using the wrong debit cards abroad

4. Use a specialist travel card

5. Use a prepaid currency card

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