By Grace Smyth
Current GBP-EUR trading levels continue to remain fairly stable and within its recent 1-2 cent trading range. Yesterday saw the Pound retract slightly throughout the trading day; perhaps the dip is a retraction from reaching the top end of its current trading range.
The main news released yesterday was the update given on travel restrictions. Long awaited by those looking to take a break and head for holiday destinations the news was welcomed. From the 19th of July, UK residents who have been fully vaccinated arriving in England from destinations on the amber list will no longer have to quarantine. Those under 18 years of age returning from amber list countries would also be exempt from quarantine. Although, travellers will still need to pay for Covid tests before and after their return.
Under current restrictions anyone returning from countries on the amber or red list must isolate for 10 days, regardless of vaccine status, so the change in restrictions certainly makes it much easier to travel and has opened up opportunities for those keen to get their plans of a property in the sun back on track without having to consider the impact of isolating on their return holding them back. Perhaps this could also give the travel industry a much needed boost.
Covid speculation is likely to remain a big factor controlling the Pound’s movements in the coming weeks, with the 19th of July dubbed as ‘freedom day’ reported to be going ahead as the day Covid restrictions in England are lifted. With cases seemingly on the rise and summer days coming with more and more events being brought back, could there be an increased risk that cases might get back to levels where the NHS is back under strain? The other worry is that rising cases could put a strain on consumer confidence which could weight heavy on spending and ultimately economic recovery. Time will tell.
If you have a requirement for currency in the coming weeks and months then do get in touch with us here at A Place in the Sun Currency, our dedicated team of currency consultants are at hand to offer guidance on the currency markets and keen to help you strategically plan your currency requirements to get you the best possible outcome.