Best time to exchange sterling for dollars?
Hello all,
I will need to exchange pound sterling for dollars due to a long holiday coming up. I’ve been following the exchange rate with an almost paranoid obsession lately, watching it fall under 1.4 dollars to the pound.
The actual exchange rate is around 1.45 at the moment, with a bullish trend, according to sites like reuters/.forex etc.
Think I should hold out for as long as possible? (have until September) hoping the high street rate gets over 1.5 dollars to the pound, realistic?
Anyway, any advice is appreciated, will probably only work out at 100 dollars or so either way but, of course I’d rather have more
Tagged with: bullish trend • exchange rate • Forex • long holiday • obsession • pound sterling • reuters
Filed under: Forex Street
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Totally depends on the amount you exchange. High street buy and sell (tourist) exchange prices are way over the bid/ask you get from the market. Current market rate approx is £$1.4460- 1.4465. Tourist rate at moment is anywhere from 1.37to1.40 (sell) to 1.50 to1.57 ( buy).
Sometimes it is better to use card when abroad,( dependant on country) take the 2.5% charge (please check with the your bank) but at least you will get a better spot rate (exchange rate) than at a tourist booth.
Pound is holding steady, 1.42 has been defended but it all depends on the UK budget June 22nd, if the market doesn’t like it or more sovereign fear grips, 1.35 is possible. For now while 1.42 holds bias is towards 1.50, but with tourist rates like you say, it is isn’t going to make much of a difference.
Hope this helps. Enjoy your holiday!