exchange rates

[debbyLL]

hello to any financial fortune tellers
the exchange rate is wonderful at the moment, better than it has been in years although i remember in 1982 a rate of 2.4, anyhow can anyone tell me why it has gone so high at the moment and is there a likelyhood it may fall or even go higher before oct, we don't know whether to get our travellers cheques now or not, also have checked M&S this am it is 1.6
thanks

 

[matty624]

I'd like to know about this too. I just checked M&S and since last night (and obviously early this morning) the rate has now dropped down to $1.587. How can it drop so much in such a short space of time. I wish I'd bought last night now... That'll teach me for being so indecisive!
Ian

 

[wendym]

I think it often falls at the weekend and you shouldn't buy on a Saturday but don't know why!!
Wendy

 

[matty624]

Wendy, I think it's something to do with when people traditionally buy currency etc, i.e. Saturday/Sunday. Obviously because the banks are closed on Sundays, I'd expect any high street sellers to have even worse rates then!
I'd still like to know like Debby, why the rate is so reasonable at the moment? If there is a cut in interest rates will the rate worsen, as was suggested on another thread?
Ian

 

[stubb]

hello

we bought some dollars today [sat 31/5/] and the rate we got was 1.60 we are going in august and were debating about buying the travellers cheques at the same time. It is difficult knowing what to do.

 

[matty624]

I'd be interested to know where you got $1.60 today? M & S are still selling at $1.587, and they are usually very competitive! I should have done a tour of the banks today, but was too busy gardening...
Ian

 

[wendym]

I got travellers cheques on friday for 1.5941 from the post office and no commission.
Wendy

 

[Scottish_Maleficent]

I have been watching the exchange rate too..........we go in four weeks and hope that it will stay....or get even higher....

The Dollar is very weak at the moment and the US economy in a bit of a slump. I've been reading the newspapers about it and the forecast is that the US economy is showing no signs of recovery in the immediate future.

So fingers crossed

I think the last time we went - last Feb it was only $1.40. So if it does reach $1.60 thats 20cents extra for every pound, and of you are changing a lot of money, like £2000 it is an extra $400..wow! ......a licence to spend spend spend.....

Cath

 

[stubb]

hello

I bought my dollars from lunn poly travel agents, after we got them we decided to go back and get some more but the queue was too big!

 

[horsemouth]

we got was 1.60

1.60, I don't think so!!!

It's been 1.5554 for the last 2 weeks,my daughter works there and its one of the lowest rates you can get.
Like Wendy we got ours at 1.59 at the PO on Friday, just had a look today and its now at 1.57.

Horse

 

[matty624]

Where are you actually talking about Horse, because M&S is still showing $1.583 as of 1 minute ago. Since you can buy on line very quickly (you don't need to ring them) and it appears to up dated numerous times per day it seems like a good place to buy.
Ian

 

[horsemouth]

I was talking about Lunn Polly m8