Exchange rate

[Devojcica25]

To wait or not wait? Rate today 1.27 on Revolut! I know hardly loosing much based on what we paid for this holiday! When in doubt turn to Dibb and this is exactly what I am doing. Do you think Pound will recover after 7th of June or go even further down? I changed bulk of our spending money at 1.30 so few pence down doesn’t really affect us that much. I read so many times that if we had a magic ball we would all be rich and work the market in our favour! All replies gratefully received! Apologies if this question keep popping up!

[Guest]

What is happening on the 7th June?

Edit: Oh you mean May leaving. No I don’t think that is going to have any positive impact on the exchange rate.

[Bozza]

For as long as people go to the States on holiday, people will ask "shall I get my currency now or wait?"

Unfortunately none of us have that magical crystal ball. If we did, we'd be ultra-wealthy forex traders.

When it comes down to it there are only ever three choices:

- Buy now
- Buy later
- Buy little and often between now and later so you get an average of the rates over a period of time.

But, as you suggest yourself, the odd cent here and there really doesn't make much difference relative to the cost of the whole holiday.

[scooby99]

Considering that the exchange rate has mainly hovered between 1.25-1.32 for the last few years, I doubt it will move much if at all in the next 2 weeks.

A few cents difference isn’t going to make much of a difference on balance.

[Devojcica25]

Got them at 1.27... smart words as always I think I just needed a bit of reassurance... nothing like thinking that maybe next week rate will jump to 1.50 😂

[ERICSMUM]

I suspect Teresa May’s departure has already been factored in by the forex market. Ditto once all the hopeful successors are known.

Assuming that nothing else major happens to upset the market.

Just my opinion, don’t buy (or not) on the strength of it !