The pound has begun to recover in recent weeks, after hitting an 11-month high earlier this month.

Today’s exchange rate sees figures of £1.150, briefly pushing past this for the first time this week.

It has struggled to retain against the euro and it has stayed around £1.142 all week, thanks to recent news surrounding Brexit and the customs union.

Thankfully it has managed to recover before the weekend after the European Central Bank (ECB) announced that interest rates would remain unchanged.

Could the pound continue to soar against the euro this weekend?

This is in contrast to the UK interest rate which has been at 0.5 per cent since 2009

The interest rates have stayed the same with lending holding at 0.25 per cent in the Eurozone.

ECB president Mario Draghi confirmed that “growth is expected to remain solid and broad-based”.

This is in contrast to the UK interest rate which has been at 0.5 per cent since 2009.

It is thought that they could rise twice this year, and twice in 2019, although BoE governor Mark Carney insisted any rises would be gradual.

Britain’s savers will hopefully see an increase in their bank accounts, but homeowners may see an increase in their mortgage repayments if on a variable rate deal.

Exchange rate pound to euro

Exchange rate: The pound has reached the highest rates this week against the euro

Laura Parsons, currency analyst at TorFX, explained the pound’s movement this week.

She told Express.co.uk: “The GBP/EUR exchange rate bounced around half a cent higher on Thursday, briefly pushing beyond €1.150 in the wake of the European Central Bank’s (ECB) latest interest rate decision.

“The ECB was as dovish as expected, although President Mario Draghi was quite optimistic about the economic outlook.”

She also revealed how it could be affected today by new data being released.

Ms Parsons said: “However, the pound could take a tumble later today if the UK’s latest growth figures are revised lower.”

Exchange rate pound to euroBloomberg

Exchange rate: The pound is currently trading against the euro at £1.150

Exchange rate pound to euro

Exchange rate: Holidaymakers can ensure their pound goes further when abroad

British holidaymakers looking to make their pound go further when on holiday are falling short when it comes to wasting money on ATM fees.

It is estimated that exchanging holiday money abroad has cost a whopping £125 million a year in fees charged at the cash point.

The average amount withdrawn abroad is approximately £169.78, with a £1.50 charge as well as a two per cent fee and another charge to convert the money.

To make the most of the exchange rate, it is worth getting foreign currency in the UK at a bureau offering the best deal, avoiding the airports.

Using prepaid cards can also help lock in the best exchange rate when trading against the pound.

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