British Pound Purchasing Power in Lanzarote
"What is my Quid currently worth on holiday in Lanzarote?" An important question when it comes to what a pint, a breakfast, a steak or an excursion costs converted. At the moment the 'British Pound' is fluctuating, but the Euro is also tottering. That's why there will be regular updates from now on.
The current official exchange rate (as of 11 October 2022 - 12pm): 1 GBP = 1.1391 euros.
As the week progressed, however, the pound fluctuated downwards. Confusion over the timing of the release of the Treasury's debt reduction plans worried investors and government bonds began to sell off again.
In addition, Fitch Ratings downgraded the outlook on the UK's credit rating from stable to negative, which further worried GBP traders.
"The Pound-to-Euro (GBP/EUR) exchange rate has fluctuated so far this week as European markets react to the recent escalation in Ukraine and further action by the Bank of England (BoE)." - TorFx
The Pound to Euro (GBP/EUR) exchange rate has fluctuated so far this week as European markets react to the recent escalation in Ukraine and further action by the Bank of England (BoE).
Looking ahead to next week, there could be some volatility.
What has happened so far: GBP/EUR is giving up gains, but poor economic data and Russia fears limited the euro's gains.
Meanwhile, the pound (GBP) gained on Monday. The government cancelled its plans to cut the top tax rate and the Bank of England's (BoE) emergency bond-buying programme seemed to stabilise the markets.
This week, central bank speeches and UK policy could also have a significant impact on the GBP/EUR exchange rate. With so many influencing factors and so much uncertainty, the Pound-Euro pair could be vulnerable to increased volatility.
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Text: Chris Ernst | Foto: Editorial Network Montefuego Media Services / iStock