Pound to euro exchange rate: Sterling stabilises after days of Brexit turmoil

Uncertainty: Traders on the floor of the New York Stock Exchange after the Brexit vote
Getty
Sebastian Mann30 June 2016

The pound’s dive against the euro appears to have been halted as markets rallied after days of turmoil following Britain’s vote to leave the EU.

Sterling bought 1.2076 euros at lunchtime on Thursday – down from a high of 1.3072 exactly a week ago, when experts still predicted a victory for Remain in the Brexit poll.

This means a €1,000 holiday in the Eurozone would be about £60 more expensive for Britons buying their euros now, compared with this time last week.

The pound plummeted from Friday after it became clear UK voters had opted to leave the EU by a margin of 52-48, hitting its lowest level of 1.1998 on Monday.

Today’s slightly improved exchange rate suggests the currency may now have stabilised against euro.

The pound also appears to have rallied against the dollar. At Thursday lunchtime sterling bought 1.3408 dollars.

It comes as markets continued a recovery after $930bn (£695bn) was wiped off global stock markets in the biggest two day rout in history.

British taxpayer-owned shares in the Royal Bank of Scotland and Lloyds alone took an £8bn hit on Friday and Monday – the first two days of trading after the EU referendum.

But on Wednesday the FTSE 100, an index of Britain’s biggest companies, returned to its pre-Brexit vote level, signalling investors may be adjusting to uncertainty.

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