Pound nears ten-year low against the euro ahead of No Deal Brexit

STERLING has hit a near ten-year low against the euro falling to €1.0724 this morning ahead of a No Deal Brexit.

Britain is set to leave the European Union (EU) by October 31, 2019, but if it can't agree trade, customs and immigration rules in time it will exit without a deal.

New Prime Minister, Boris Johnson, has said he is prepared to leave the union without a deal if it's the only way we can "Brexit" on time.

But the pound has taken a battering since the referendum to leave the EU in June 2016.

Prior to this, it had been as high as €1.44 in July 2015 but has been tumbling ever since.

It last dipped to these sorts of lows during the height of the financial crisis in 2009 where it fell to its lowest point in the past ten years of €1.0625.

Against the dollar meanwhile, £1 is currently worth $1.203, which again is down from highs of $1.715 seen in July 2014.

It's also the lowest point for the pound against the dollar in the past ten years.

Andy Demetriades, director of treasury solutions and partnerships at exchange firm Caxton says all eyes are on the pound to see what happens next.

He said: "All eyes will be on the psychologically important 1.20 level versus the dollar and 1.07 versus the euro, both rates not seen since the night of the referendum itself."

Is now a good time to buy or sell currency?

IF you're heading off on holiday or have just arrived home and are wondering whether now's a good time to buy or sell currency. Here's what you need to know:

Exchange rates are constantly changing and can go up and down because of any number of reasons.

This means it's almost impossible to even try and time the market, all you can do is make sure you get the best deal when you buy or sell.

Buying currency

Use MoneySavingExpert.com’s Travel Money Maximiser tool to compare rates if you're taking cash – it'll tell you where you can buy your cash for less.

To protect yourself against currency price changes, Money Saving Expert Martin Lewis recommends buying a bit now and a bit before you go. He said: "A simple way to guard against currency moves is buy some now, and some just before you go.

"This diminishes the impact of rate moves (good ones as well as bad)."

Also consider a specialist travel credit card, which allows you to spend money abroad without being hit by any fees or hidden charges. For more on travel credit cards you can read our guide here.

And never buy currency at the airport or other ports – it will always cost more.

Selling currency

Use Money Saving Expert's Travel Money Max tool to compare buy back rates to make sure you're not ripped off.

Here's the latest on whether a No Deal Brexit is still a possibility for the UK leaving the EU.

But former Labour leader Gordon Brown has warned that a No Deal Brexit risks breaking up the UK and claims Britain faces "oblivion".

Despite the uncertainty, a new poll reveals Tories are Sun readers’ favourite party once again thanks to Boris Johnson.

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