Exchange rate

[matty624]

I've been watching the dollar rate continue slowly upwards, it's now $1.59 (Marks and Spencer) as of today. Has anyone else got a good rate recently (we're looking to buy soon...) and has anyone any thoughts as to where it will end?
It would be nice to buy at a good rate for a change, the last couple of years have been poor to say the least!
Ian

 

[jwhiting]

I was going to ask the same question today, spooky!!!

I noticed £1.58 in most local travel agents yesterday, some with commission free, some without.

Last year when we went to LA it was £1.39, how times change.

I'm tempted to just exchange now, I can't see it dramatically changing in 3weeks.

Julian

 

[DisBabesMan]

The post office are also pretty good. We got some last week at 1.57, and getting some more today at 1.58. All commision free as well.

 

[matty624]

Great minds think alike Julian! I see you've only three weeks left, we've got more than double that to go, my trouble is likely to be not buying until the rates started to drop... Hopefully though, it'll still be fantastic compared to $1.36+ last year.
Does anyone know for sure whether or not the rates you get from credit cards are any better/worse than currency and travellers cheques?
Ian

 

[Disbabe]

Last year we used our American Express out there and it worked out about the same for all the transactions as the exchange rate for travellers cheques. It can sometimes be better as there is a difference between banking rates and tourist rates.

 

[Fantasia Sam]

The current exchange is good at the moment we put everything on our AMEX and it looks like we got a rate of 1.58 which has saved us even more money woo-hoo! I hope it continues to rise until we get the next bill. I'd definately be tempted to buy but there again didn't we have 1.63 earlier in the year or was that my imagination ?

 

[matty624]

You might be right about that Sam, but earlier in the year finances didn't allow us to even consider buying, so I didn't like to watch too carefully, far too depressing...
If it does reach $1.63 or more, we're going to buy and take the risk it doesn't get any higher.
Ian

 

[Peebee]

Sam, it did reach $1.65 on the wholesale money markets at the beginning of February, which probably meant about $1.63 at the retail outlets. If anyone wants to see how the wholesale rate has moved over the last couple of years, then take a look at this : http://uk.finance.yahoo.com/q?s=GBPUSD=X&d=c&t=2y

The cut in interest rates around that time caused the rate to slip back a bit, but we're nearly at the same level again. However, there seems to be strong speculation that UK interest rates might be reduced again in about a week and a half. If that happens it might be worth popping straight down to your local exchange bureau before they have a chance to react

Paul