Sterling to Euro Exchange Rate Today
September 23rd 2020 17:00
Today’s Pound to Euro Exchange rate is at €1.0907
This is 9.7% up from the lowest EUR/GBP exchange rate of the past 12 months. (€0.833 on Dec 14th 2019).
|€1 EUR||is worth||£0.9169 GBP|
|£1 GBP||is worth||€1.0907 EUR|
|€10,000 EUR||is worth||£9169 GBP|
|£1000 GBP||is worth||€10907 EUR|
The Pound-to-Euro exchange had been on a gradual decline since mid-May when it was at €1.15. It hovered around the €1.10 to €1.12 mark for the past few weeks.
In early September the Pound-to-Euro exchange rate fell 3.72% in a week as relations between the EU and UK deteriorated,
The UK put forward legislation that would seem to override some elements of the Withdrawal Agreement it signed with the EU late in 2019. This has increased the prospect of a ‘hard Brexit’ at the end of the year.
Renewed Covid lockdowns in the UK are also affecting the value of Sterling.
Expect more volatility as we get closer to the end of the year.
Goldman Sachs says the market-implied odds of a disorderly EU exit appeared to have declined last week. They forecast GBP/EUR rate of €1 in the event of a no-deal Brexit and €1.15 if there is a deal agreed.
Foreign exchange strategists at Deutsche Bank say the British Pound is expected to remain under pressure through the final three months of 2020 with the currency particularly at risk against the Euro
In conclusion, anyone holding large amounts of Sterling, who is looking to buy Euros, is unlikely to see any significant improvement for a while.
This could be a good time to buy Sterling if you want to lock in a good rate. For the best places to carry out currency exchange see our page on where to get the Best Exchange Rates.
Currency fluctuations can make it a nerve-wracking time for anyone planning to exchange large amounts of Sterling or Euro.
Using a Currency Exchange company can remove some of the uncertainty. Crucially , they will usually allow you to fix an exchange rate as much as 12 months in advance of a transfer
For the best way to exchange large amounts of currency – see our article explaining how to get the Best Exchange Rates.
You might also be interested in this information about Transferring Money between Ireland and the UK
If you are looking at when is the best time to buy Sterling cash for a trip to the UK – then take a look at this page. The Best Places to Buy Sterling in Ireland