The pound has picked up against the euro following a difficult week for the exchange rate.

Last week ended on £1.133, with today’s rate having improved to hit £1.138 as of this morning, according to Bloomberg.

Whilst this is an improvement, it falls short of the 11-month high that the pound has seen in recent weeks.

Highs of £1.150 were seen just a couple of weeks ago, with hopes that this could pick up again soon.

A number of disappointing UK data figures last week kept a hold on the exchange rate for a number of days.

The Bank of England is to announce this week whether interest rates will be kept at 0.5

The UK’s PMI was predicted to be 53.5 in April, yet this was missed and reached just 52.8.

Falling inflation rates within the Eurozone also contributed to the disappointing currency.

The Bank of England is to announce this week whether interest rates will be kept at 0.5, with expectations that it will remain the same.

It would be the first increase since November 2017 when they were raised to 0.25.

This was the first time in over a decade that the Bank decided to increase them.

Exchange rate pound euro

Exchange rate: The pound has managed to improve against the euro to trade at £1.138

Laura Parsons, currency analyst at TorFX, told Express.co.uk how the pound has moved over the bank holiday weekend.

She explained: “A succession of poor UK data gave the pound a beating last week, with the GBP/EUR exchange rate ultimately entering the long bank holiday weekend trading on the cusp of €1.130.”

Ms Parsons also revealed how it could improve later this week.

She wrote: “Sterling may struggle to recover strength over the next couple of days amid bets that the Bank of England (BoE) will refrain from adjusting interest rates this week.”

But how can holidaymakers ensure they are getting the most for their travel money?

Exchange rate pound euro

Exchange rate: How can you get the most for your pound when buying euros?

Avoiding the airport is one easy step, with new research revealing just how low the lending rate.

At some UK airports, travellers would get just €0.90 for the pound, over 20 per cent worse than the market rate.

For example, this would mean that when exchanging £500, a whopping £103.13 would be lost when exchanging it elsewhere with better rates.

The high street has a number of foreign exchange bureaus who offer a much better exchange rate than the airport.

Even using a prepaid card can be a better option as they lock in the currency exchange rate to avoid currency fluctuation.

Source of Travel News

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