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singlegrandma2

By singlegrandma2,
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Jack Staff

Jack Staff

Posted
Posted

£1 is now 1.24 Euro so it has already fallen following the outcome of the referendum (it has recovered a little from this mornings low of 1.0911).

 

Sterling saw record-breaking losses as the UK opted for Brexit. £1= $1.37. What will happen with the £ remains to be seen.

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DebbieMacG

DebbieMacG

Posted
Posted (edited)
With the vote in England, do you think this will affect usd/euro? Wondering if I should go buy Euros now?

 

The vote was in the United Kingdom, not just England (Wales, Scotland, Northern Ireland, Gibraltar as well)

Edited by DebbieMacG
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snowmc

snowmc

Posted
Posted

The currencies will rebound back to where they were last week soon. It's best to just wait to you are there and use the ATM. If you buy currency now, from home, you will pay an uncharge to the company you are purchasing it from.

 

Example....I checked this morning on the British pound. Trading at $1.36 If I purchased £s to take with me, the exchange rate was $1.43....difference of ¢7...if you purchase £200, that's $14

 

Not worth it. I will just wait till we are there in 2 weeks and use the ATM....my bank does not charge me ATM fees and refunds any that are charged from the other bank.

 

You can also use credit cards for almost everything and you will receive the current exchange rate. Many credit cards are not charging foreign exchange charges now....check with you company.

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Mim Lloyd

Mim Lloyd

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Posted

If you're American wanting to buy £ with your $, I'd buy now. Rates have plummeted against the £ today but will almost certainly rise up again when the shock and uncertainty of the out vote settles. Nothing is certain though of course.

 

I've been watching the rates over the last couple of weeks. They slowly rose leading up to the vote so on Tuesday I bought a lot of $ and € to put away for future holidays. I got £1 = $1.48 which was good for me in the UK spending my sterling, this morning it was $1.34 which is good for Americans spending their dollars.

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loubetti

loubetti

Posted
Posted

Just remember though that the pound reached $1.04 in 1984. I was in London then, staying at the Savoy in a deluxe room for only $150 a night! Yes, in 1985 it went back to around the level it is at today. The £ is a relative bargain right now, but it could go lower.

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calliopecruiser

calliopecruiser

Posted
Posted
With the vote in England, do you think this will affect usd/euro? Wondering if I should go buy Euros now?

 

Yes! it's way too big not to affect the US$:Euro.

 

Oh......I bet you wanted to know HOW it would affect them. Oh, well, that's a different question. There will be lots of opinions and hopes, but no one really knows.

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SadieN

SadieN

Posted
Posted (edited)

Over the past year the Euro has been fluctuating between $1.09-$1.14. Right now it's about $1.12.

xe.com

 

This is the rate before you bank adds any fees and percentage to the exchange rate.

 

 

 

Sent from my iPhone using Forums mobile app

Edited by SadieN
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Go-Bucks!

Go-Bucks!

Posted
Posted
No offense, but I don't think CC the place to get investment advice

 

 

The OP's question wasn't about getting investment advice, nor were they given investment advice. They just asked whether Brexit will affect the USD/Euro exchange rates and whether they should purchase euros now.

 

This is very much a CC issue as cruising to different countries necessitates using foreign currencies. And it's on the minds of many of us who will be traveling over to Europe soon. I bought my euros and pounds yesterday since the price went down - I'm happy! :p

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Hlitner "Live from...." Rare

Hlitner

Posted
Posted (edited)

A very good question. Consider that the Euro has taken a beating in the past year and is now very low (against the dollar). If the financial markets and speculators (which have a lot to do with currency values) detect further weakness in the Euro (and the countries that underwrite the currency) one might suspect a further weakening in the Euro (perhaps taking it down to 1:1 against the dollar). And there is also the issue of the major investors/banks of the world putting their resources into a safe currency (or alternatives such as Gold) because of uncertainty. This normally would mean money pouring into the US Dollar (always considered a safe haven) but now we also have the political uncertainty in the USA. So some might call this a real mess with no historical parallel. Personally, at this point, it is hard to imagine a near term situation where the Euro will strengthen.

 

So now I have written an economic analysis which is as worthless as just about every other analysis :). But personally, we would not be putting our own money into Euros.

 

Hank

Edited by Hlitner
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Keith1010 "Live from...." Rare

Keith1010

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And if the USA economy goes into a recession then who knows.

 

If we had a crystal ball we would know it all.

 

I still think back to the experts a few years ago predicting gasoline would be something like $10.00 a gallon by now.

 

Keith

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navybankerteacher

navybankerteacher

Posted
Posted (edited)

Speculators make money if they bet correctly on future currency values - they lose money if they bet wrong. There are so many variables that can be read to mean different directions for every currency vs. the $.

 

Just because the euro and GBP have dropped in recent days, there is no reason to think that one, or both, is poised to rebound --- or to believe that the slide has stopped.

 

Currency arbitrage makes no more sense to a layman today than it did a year ago - or will next year.

 

If you think you are smarter than the arbs, go for it in a big way.

 

The one certainty that will cost you is that paying unfavorable exchange rates (like buying euros in the US) is less intelligent than paying the closest to flat market rates AT THE TIME YOU WILL NEED euros by buying them when you need them at ATM's when in Europe at the fairest rates.

Edited by navybankerteacher
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Mim Lloyd

Mim Lloyd

Posted
Posted
dI still think back to the experts a few years ago predicting gasoline would be something like $10.00 a gallon by now.

 

Keith

 

Here in the UK we buy our petrol by the litre which equates at the moment to about $6.60 per gallon. And that's a good price!

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