Exchange Rate

[RescueRangers]

Originally Posted by scouse_minx

I’m sure it’s been a long time since it was this low but it feels like for like is a real possibility.

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Its currently 1.1932 at time of writing. Tourist rate will be close to $1.13 in some places soon !

[traceyt]

If the tourist rate gets back to 1.20 i'm biting the bullet and getting mine, dont think there's a hope of it going to 1.25 or higher before I go.

[shack69]

As it stands with prices not including tax and tip , the price you see at a reastuarunt is less in pound eg $20 for a meal will actually cost you about £21.50. So long gone are the days of thinking your getting a good deal. We atually need a minimum rate of 1.27 to make the price you see on the menu equal the price in pounds.

[Moorlandman]

Originally Posted by scouse_minx

Wow… I never understand these things. But to me, economically things don’t seem that different to the start of the year but the exchange rate has plummeted.

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The Ukraine war has had a big impact (large increases in energy costs ) which will be reflected in economic figures over the next quarter.

I work in financial services ( insurance) and not much has changed apart from interest rate increases but my friends who work in construction have noticed work slowing down. Hopefully, we will avoid a recession.

[IBEX23]

Originally Posted by RescueRangers

Its currently 1.1932 at time of writing. Tourist rate will be close to $1.13 in some places soon !

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That’s astounding… I can’t remember such a low rate. I remember DIBB days in 2019 and people were up in arms about 1.30 or so…

[IBEX23]

Originally Posted by shack69

As it stands with prices not including tax and tip , the price you see at a reastuarunt is less in pound eg $20 for a meal will actually cost you about £21.50. So long gone are the days of thinking your getting a good deal. We atually need a minimum rate of 1.27 to make the price you see on the menu equal the price in pounds.

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It’s crazy when you put it like this… that $60 steak at Disney looks less appealing for sure

[IBEX23]

Originally Posted by Moorlandman

The Ukraine war has had a big impact (large increases in energy costs ) which will be reflected in economic figures over the next quarter.

I work in financial services ( insurance) and not much has changed apart from interest rate increases but my friends who work in construction have noticed work slowing down. Hopefully, we will avoid a recession.

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We can only hope. I wish I had more knowledge on the subject to know when to hold off or when to buy. It feels like a lottery when exchanging for dollars lately

[fl-veteran]

It's been as high as 1.2124 and as low as 1.1899 today.

At the end of the day, on a couple of thousand pounds a couple of extra cents to the pound only makes $40 difference.

[ERICSMUM]

In times of global troubles such as now with Russia/Ukraine, the high price of petroleum & gas and possible future shortage, many countries, pension funds and large corporates will transfer their cash into USD if not needed for day to day operations. The USD is a “currency of refuge”, it’s believed to hold its value better in troubled times.

[IBEX23]

Originally Posted by ERICSMUM

In times of global troubles such as now with Russia/Ukraine, the high price of petroleum & gas and possible future shortage, many countries, pension funds and large corporates will transfer their cash into USD if not needed for day to day operations. The USD is a “currency of refuge”, it’s believed to hold its value better in troubled times.

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Thank you for a detailed explanation. As I say I know nothing of these things but this helps me understand. So is it that the £ is not weak but the $ is very strong right now?