? For all you exchange rate experts out there

[henrydog]

I see the rate is getting quite high again, not sure what to do, should we change our money now or we can wait another 2 weeks.
Do you think the rate is more likely to go up or down in the near future, your comments please.

 

[Silver]

Who knows, if only we had a crystal ball ......

I've ordered mine from M & S today at 1.62 and I'm more than happy with that. Two years ago we only got 1.35.

Even if the rate goes up a little bit more it won't make that much difference so I took the plunge.

 

[Mike Jones]

.. anyone know any sources where you can get currency on a card, without paying silly charges?

 

[Beejayjay]

I dont think there will be enough of a move either way in the next two weeks to be concerned about - upside would be maybe a cent, same on the downside.

The Bank Of England holds it's next Monetary Policy Committee meeting next week I believe, and there is speculation that they may raise rates by 0.25 - house prices still going up, mortgage lending near all time highs, both inflationary - but the market is already expecting any move to be upwards, so the effect, even if there is a rise next week, would likely be small to barely perceptible.

So, I dont think you have a great deal to gain by waiting, unless you are changing up a serious wedge.

Bear in mind that for every 1 cent move upward in the exchange rate, you get only one more dollar for every pound £ 100 exchanged. So don't worry too much about second guessing the market. 1.62 is a decent rate.

Hope this helps.

 

[henrydog]

ok thanks for the comments, will do it tomorrow. Thats one less thing to sort out then. Just waiting for the tickets to arrive now.

 

[Silver]

Mike, if you have an M & S chargecard you can use that to pay for your currency/travellers cheques and get the interest free credit period.

No charges for doing this, unlike with normal credit cards, and no commission charges - and a decent rate.

 

[Mike Jones]

Silver - thanks. Don't have one, but have applied for one on-line this afternoon! Couldn't find a better rate anywhere else! (don't tell the wife that I/we've got an M& S charge card now though!)