Dollar at 1.27, do I buy before it gets worse?

[tinkandonaldfans]

After the vote, i saw the dollar drop but yesterday was a big drop. We travel on the 31st Aug and not sure if I should buy our dollars now before it gets even worse. I don't know a lot about what makes it go up or down so if anyone has more info of potential causes of it going down again in the next 7 weeks I would love to hear.

I appreciate no one really knows and they are only guesses but I would rather an educated guess than going in blind!

We are looking to change around £1500

thanks

 

[Paula Sedley-Burke]

I don't think anybody can predict it and what is going to happen so ultimately it is a gamble. If you get them now the positive is know where you are. It could get better or it could get worse.

You could get half and hedge your bets?

I already got most of mine but the rest I am going to wait until the PM is decided. That might calm things a little.

I would buy some now and some later if you haven't got any. But that is just my view. I am medically retired at home and know very little about the econmony! ( disclaimer lol ) .

 

[sam_rogers]

I agree, any time I've been and changed money quite far in advance I've always done about £300 or so at a time and then changed a little more if it went up or looked like the rate was going to drop

 

[peachiepie]

I have no advice, but I am in the same boat! At the moment I'm putting it off for a bit in the hope it rises, but I'm getting a nervous about waiting.

 

[LanaBear-ox]

I just had a look this morning and it is up to 1.29 so it's steadily rising. Do a bit at a time if you're worried
'

 

[LiquidSunshine]

As others have said, maybe change your money a bit at a time. This seems the best way to do it, then you can keep an eye on the markets, if it rises then you still have some money to change.

Its hard to tell what's going to happen, i.e. it may settle once a new PM is in place, but then again it might not.

 

[disneyholic family]

don't ask me....
i clearly know nothing..
we bought pounds right before the vote to ensure we'd have the pounds to buy the package i've reserved for next year..
had i held out i would have save two thousand dollars...
on the other hand, had brexit lost, i would have lost in the other direction..
oh well....it's all a gamble...
we took our position and that's that...
on the bright side, we also sold off all our euros before brexit....(switched them to dollars)....
so we avoided a loss there as the euro has fallen too...
and given that parity is predicted for the euro , i guess that was a good decision....
they're also predicting parity for the pound, though that's a pretty nasty drop if they think it will get to parity...

 

[Wakey]

As soon as the Sunderland and Newcastle votes came in I got on Sainsbury and ordered half at 1.44- wished I'd got the lot but at least I hedged half correctly. I'd take a post office card and put nearly all spending on that. Whether it falls or rises any more you'll get a better exchange rate on that.

 

[mackay_j]

Is anyone going on a cruise - if so get OBC and cash out at the end of the cruise I got $1.43 today - cruise can be anywhere eu/usa. Forecast yesterday was to go to a low of 1.1 to the £ -eek!! But who knows if trump get in I think we may get a big bounce back - But I would be too scared to go

 

[k8Davies]

I'm hedging my bets on it going back up..

As when I was in Florida, on a cruise back in 2010, because of the General election result and the need to form a coalition it went down (Okay not as much) to about 1.35, then on the day I got back, they formed a government it went back up.

So I think as soon as they sort out the leadership of both sides and coupled that with the fact America will be having an election (So might cause an influx the other way), i'm sure it will even out to about 1.40 ish in the coming months.

(Although I have no expertise on this and have only become interested again in the exchange market due to the holiday, so my opinion probably at best worth less lol )

 

[k8Davies]

Oooh now the Tory race is down to one, the pound has rallied albeit the minutest amount of a %, Although with this happening, I have now decided that I am a money Market genius and know exactly what I am talking about ***...

(*** disclaimer I still have no idea what I am talking about but got in a lucky prediction so have now become carried away lol)

 

[saintrob]

Oooh now the Tory race is down to one, the pound has rallied albeit the minutest amount of a %, Although with this happening, I have now decided that I am a money Market genius and know exactly what I am talking about ***...

(*** disclaimer I still have no idea what I am talking about but got in a lucky prediction so have now become carried away lol)

Me too!!

 

[k8Davies]

It's up to £1.31 today hooray!!! (Although with things being as crazy as they are it could go either way in the next few days).

 

[LiquidSunshine]

I have been keeping an eye on the M&S card holder rate. Two days ago it was $1.27 now sitting at $1.30 to the £. The euro rate is still pretty rubbish, currently €1.17.

Halifax clarity card rate is currently $1.32.