British tourists heading to Europe this summer warned to buy Euros 'this week'

James Rodger & James Rodger

11 June 2024 at 5:19 am·2-min read

Brits missed out on an estimated £9 million in savings last year through passport applications — -Credit: (Image: Getty Images/iStockphoto)

British holidaymakers heading to Europe are facing a rock-bottom exchange rates as euro drops to TWO-YEAR low against the pound.. This comes as welcome news for Brits planning their summer holidays on the continent, with the euro currently standing at 84p against sterling.

Securing your foreign currency before you travel allows you to shop around for the best rates. The advice to stock up on foreign currency if you're heading to the European Union follows research indicating that Brits could be overpaying by £200 at the airport.

This development follows French President Emmanuel Macron's risky decision to call a snap poll after his Renaissance party was defeated by Marine Le Pen's far-right National Rally in the European elections. Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank and Frankfurt, suggests that the euro's weakness is a result of the European Parliament elections where "Euro sceptic and anti-European parties have made gains, particularly in the major EU countries. And there are new elections in France. Their result could complicate policy-making in France."

""The poor showing of incumbent political parties in France and Germany at the weekend's European Parliamentary elections - plus President Macron's decision to dissolve parliament - are weighing on the single currency," says Chris Turner, head of FX analysis at ING Bank.

Alexandre Hezez of the Groupe Richelieu investment group said: "France is in a situation where reforms are becoming impossible," and "We already saw this with the SandP downgrade. "All of this shows that there is a risk of budget deficits, debt and maybe even more downgrades in the near future".

Bruno Cavalier, lead economist of independent financial group Bourse Oddo BH, agreed saying the relatively stable economy of the past two years cannot be taken for granted going forward. "These latest events create uncertainty at a time when the latest economic and budget results are quite mediocre. ", reports Birmingham Live.

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