What to do?

[ninamouse]

I am stalking the exchange rate at the moment to get the best price on dollars for my trip in three weeks.

It was 1.61 to the pound yesterday with FairFX offering the best online rate at 1.581

Today it's gone down to 1.60 with FairFX offering 1.57

Do I buy now? Or shall wait to see if it creeps up a little bit more?

I have got the Halifax Clarity Card to take out there but I do need to take some cash too.

Does anyone have good knowledge in this area and know what the market might do?

 

[chmurf]

the exchange rate is at a fairly high level, and it seems like it's going to keep going down

it's at a very high level (almost the highest) over the last 2 years (it was only slightly higher at some point in january 2013)

I'm no specialist, but judging by your ticker that says 3 weeks, I would say that it's a good time to secure at least part of your US currency for your upcoming trip.

I'd say buy, because it might go up, but the odds that it goes down are higher in my opinion.
1.57 is a fairly good rate these days.

(but that's just my own $.02, don't sue me if I'm wrong )

 

[wilma-bride]

<<< consults crystal ball >>> Buy, buy, buy

Seriously, I honestly have absolutely no idea. If I were you, though, I would buy some currency now while the rate is good. Unless you're purchasing thousands, the difference a couple of cents makes in the amount you get overall is negligible. And if it does rise again, you could buy some more. Conversely, if it begins to fall, you could make sure to buy the rest before it falls too far.

 

[wayneg]

If you are going use your Clarity card does it really matter about 1 or 2 cents?
I use my Clarity & Post Office cards, last trip spent £3,000 on them, in cash I spent around $50, mainly for tolls & the odd item where didn't accept cards.
If you are using your card in a similar way a few cents in the £ doesn't matter, just buy now while its at a reasonable rate.

I slightly disagree with chmurf, my opinion is we are at a rate about where we should be after a couple of years of being too low. Not checked recently but the last time I did check we had a 10 year average of $1.62 although that past is no indicator of the future.

Even people that make money on the Forex market struggle to predict which way it will go, we have no chance on here.

 

[crabbie1]

I havent looked for ages so I think 1.57 is excellent considering 5 months ago we thought 1.50 was good after having it fluctuate so much.
I would not hang around I would at least buy some incase it drops.

 

[foxxxy83]

I'd agree with the other posts. I'm kicking myself coz I got mine months ago when the rate was 1.49 coz I thought it might go down! Ooooops! Lol! Nothing I can do about it now but would definitely get some if you can at 1.57

 

[chmurf]

I slightly disagree with chmurf, my opinion is we are at a rate about where we should be after a couple of years of being too low. Not checked recently but the last time I did check we had a 10 year average of $1.62 although that past is no indicator of the future.

our disagreement is slight indeed.
let me refine with a chart (below)

my "analysis" (what a strong word, lol) was directed towards OP who only has 3 weeks before departure.

As seen on the chart, there is a cycle, during which the sterling goes up, then slightly down, then up again, and so on.
with 3 weeks to go, the odds, for the OP, to get a better rate, are very low.

For the rest of us, we might yet see an even stronger GBP. But I don't see that coming in a significant amount before OP hits the deadline to purchase currency. But I see it rather go down a bit, again not by a significant amount, but today we have half a percent down ... so ... I'm no expert, lol

 

[ninamouse]

Hi,

Thank you for all your feedback.

It helped me make a decision and I have just managed to get a rate of 1.579 - so an incy bit off 1.58 - which I am happy with.

I would prefer to get that now and then get a bit more if it goes up again, rather than kick myself if it goes down any more.

Again - thanks DISer's! You are fab!

 

[foxxxy83]

Awww, so happy for you!