The pound was trading just above the 1.15 handle against the euro yesterday, but this morning it is closer to the 1.16 handle. Sterling could “test” this mark further today before tomorrow’s local elections, as well as the Bank of England’s monetary policy meeting.
Yesterday, Mr Brown said: “Sterling-euro remains rather dull, perhaps unsurprisingly given the closure of London markets yesterday.
“The cross continues to hold just north of the 1.15 handle, and is unlikely to deviate too much from this level before Thursday’s BoE decision, and local elections.”
However, contrary to what Mr Brown expected, the pound moved from just north of the 1.15 handle closer to the 1.16 handle during the day yesterday.
Until yesterday, it had been a quiet few days for the pound, as it also traded just above the 1.15 mark before the bank holiday weekend too.
So, what does all this mean for your travel money?
Foreign travel is currently off the cards for Britons, but the ban is set to be lifted from 17 May, with some countries expected to reopen their borders to tourists.
However, some experts have warned against swapping travel money at this time.
James Lynn, co-CEO and co-founder of Currensea, said: “While it is tempting to take out foreign currency in anticipation of a holiday I would advise against this.
“Market movements are often more marginal in reality than they appear.
“Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.
“Once we are allowed to travel again, this will hopefully signify the end of the COVID bump and I anticipate this will mean the pound will improve significantly.”