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Pound to euro exchange rate: GBP BEST rate after Brexit news

The pound greatly improved yesterday after it was rumoured Brexit negotiations were going well, resulting in sterling reaching near its best exchange rate since mid-June.

The increase in value against the euro came as Brexit Secretary Dominic Raab, 44, responded with a “thumbs up” when quizzed about the outcome of a crucial Brexit cabinet meeting at Downing Street.

Raab and other cabinet Brexit supporters are believed to be supporting the plan to quit any proposed Irish backstop with a few months notice.

After Raab was spotted leaving the meeting, BBC’s Political Editor Laura Kuenssberg tweeted: “‘Thumbs up’ – says Raab on his way out of cabinet.”

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Pound-euro exchange rate: GBP/EUR steady despite Irish concerns

The pound is currently trading at €1.147 against the euro, according to Bloomberg.

The Irish backstop is currently at the forefront of most Brexit debates. This is an emergency measure which would be set into motion if the UK left the EU without a Brexit deal.

It is designed to make sure there would be no hard border between Ireland and Northern Ireland.

However, negotiating the exact conditions of this arrangement has proved difficult so far.

Irish Prime Minister Leo Varadkar has challenged existing plans for the backstop, specifically if it is a time-limited deal.

He said: “As a government, we’re working very hard to get an agreement, ideally by the end of the year but one thing we can’t countenance is any idea that there’d be a three-month limit on the backstop.

pound euro exchange rate brexit news deal best

Pound to euro exchange rate: GBP BEST rate after Brexit news (Image: Getty Images)

“A backstop with a three-month limit on it or an expiry date on it of that nature isn’t worth the paper it’s written on.

Brexit optimism is still riding on the wave of rumours that Prime Minister Theresa May, 62, has secured a Brexit deal to keep the UK in the customs union after it leaves the EU has kept optimism high.

Laura Parsons, currency analyst at TorFX, told Express.co.uk yesterday: “Although the latest Brexit headlines have been offering mixed messages, rising hopes that the UK will avoid a no-deal exit from the EU have kept the pound buoyed.”

Eurozone PMI data proved disappointing on Tuesday but the pound still remained steady against the euro.

Finalised composite and services PMIs for October both showed a slowdown in economic activity – but not by as much as predicted.

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pound euro exchange rate brexit news deal best

Pound to euro exchange rate: The pound is currently trading at €1.147 against the euro (Image: Bloomberg)

pound euro exchange rate brexit news deal best

Pound to euro exchange rate: Brexit Secretary Dominic Raab gave a “thumbs up” after Brexit meeting (Image: Getty Images)

How to get the best exchange rate
Sun, July 15, 2018
Exchange rate: How to get the best deal on your holiday money.

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How to get the best exchange rate

Yesterday’s German factory orders reading also disappointed, after it showed a slowdown from 2.5 per cent growth to just 0.3 per cent.

The next solid piece of data will be today’s Eurozone retail sales readings.

These could spark a euro to pound exchange rate dip, with a year-on-year slowdown anticipated, although the monthly figure is tipped to rise from -0.2 per cent to 0.1 per cent.

Annual figures are usually more high-impact than month-on-month readings, so a mid-week pound to euro exchange rate rise is still a possibility.

Meanwhile, travellers heading to the airport should be aware of the clever trick some airports use to make passengers spend more money.

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