Euro and US dollar exchange rate news spring 2022

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With the world opening up again to international travel we take a look at the retail exchange rates against GBP for the two most popular currencies sold in the UK. Euros and US dollars.

Lots of factors influence exchange rates and they can be political as well as economic. In extreme cases such as the Russian invasion of Ukraine, this has taken both the Russian Ruble and the Ukrainian Hryvnia off of the UK market and it would be very hard to buy either even if you wanted to.

The Turkish lira has also undergone a dramatic rise in exchange rates against GBP over the last few months, not because of military conflict but largely because of the performance of the Turkish economy.

Both the euro and USD have fortunately, not been too badly affected by anything other than the normal ups and downs of currency movements. We take a closer look at the last few months:

Euro exchange rate

At the time of writing you could get 1.1794 with Covent Garden FX and 1.1793 with Travel FX for £1000 currency. Travel Money Club are offering the best rate at 1.1864 but postage costs does mean you would get slightly less than the top two.

Looking over the last 30 days, the euro rate has stayed steady. Peaking on 6th March at 1.204. That’s the highest it’s been since June 2016. In fact the rate on January 1st 2022 at 1.179 is very similar to todays rate and apart from a dip to 1.169 at the beginning of February and the peak in March, it has remained stable.

World events and even the pandemic, don’t seem to have affected this currency very much.

12 Month GBP to euro graph

USD exchange rate

It’s slightly different story with the USD which has seen a slight fall over the last 30 days from 1.348 on 19th February 2022 to 1.307 on March 20th.

When Joe Biden was elected president in November 2020 the USD exchange rate was similar to todays rate at around 1.300. It rose steadily over the next few months and peaked at 1.404 in mid-may 2021. Since then it has dropped back to present levels.

3 year GBP to USD graph

Conclusion

Although there is some movement in both of these popular currencies, they remain stable from a British travellers point of view. When is the best time to buy my currency is a question we get asked all the time. One option is to ‘hedge your bets’. Buy some while the exchange rate seems good, then if it improves before you travel you will benefit from the better rate. If it drops then you have benefited in part from the higher rate.

Whatever you decide, we will always show you the best up to the minute live, retail rates so you can see who is offering the best deal on over 70 currencies for the amount that you need when you come to buy. And if you are interested in the movement history of any of the currencies we show, you will find information on our dedicated exchange rate history pages.

Posted by Graham Morley

Graham is the Business Development Manager for Compare Holiday Money.

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