The low euro exchange rate is making headlines at the moment. The value seems to be on a never ending downward trend which is not good for this years summer holidays. The euro is by far and away the most popular currency bought in this country and its hardly surprising given that it’s the official currency of 19 neighbouring countries, many popular as holiday destinations.
So, has the euro reached an all time low? Is it set to continue to fall? And what can you do to maximise your rate?
Has the euro reached an all time low?
Every night at 11:59 Compare Holiday Money records the best exchange rate offered for 60 different currencies. This data is then used to power the graphs that appear on the currency pages and our exchange rate history pages. This is important because it records the retail exchange rates – the rates you can buy at, rather than the interbank rates that are better but you can’t get as a customer.
Today we can see that over the last 30 days the euro has fallen 3.03% and over 90 days -6.55%.
The current best euro rate available for home delivery* is 1.0752 with the Travel Money Club but they have a delivery charge. The best rate with no charges is Travel FX at 1.0720 and the best ‘click and collect rate’ is with Currency Online Group at 1.0702.
Looking back over the last year we see the following rates recorded:
June – 1.1210, March, April and May recorded highs of around 1.1620, the Winter period 2018-2019 saw lows of around 1.1020.
2017/18 despite the Brexit issues saw the euro fluctuate between 1.12 and 1.14 with the high point of 1.148 on 16th April 2018. However, on 29th August 2017 the lowest rate recorded was 1.064 but the period it was low was only 2 weeks unlike our most recent run of poor rates.
Looking back further in time the lowest rates we recorded were:
2016 1.091 on 11th October
2015 1.261 on 1st January
2014 1.271 on 30th September
2013 1.1303 on 12th March
2012 1.1654 on 23rd February
So looking back, the current low is unprecedented in it’s rates and duration. It doesn’t take a foreign exchange expert to explain the probable reason!
Is it set to continue to fall?
Who knows? is the answer to that one. If we could predict currency movements we would be very rich and retired!
The current consensus is that it could fall further especially if we have a no-deal Brexit but that is by no means certain and the pound has bounced back over the last couple of years with surprising resilience at times. The best advice if you are going on holiday in the future is to buy half now and half before you go so you hedge your bets.
What can you do to maximise your rate?
There are some things you can do to maximise your hard earned holiday money and we put together a number of top money saving tips in a recent article and although it won’t help you get a better exchange rate it may help to save you a little. Whatever the exchange rates are doing you will always find the most competitive on the website.
*Exchange rates taken live from the online rates at the time of writing. See the website for up to the minute rates.