Buying The Euro

[crackernut2]

Maybe because of all the Brextit indecisiveness, the Euro is creeping up steadily and I am wondering if I should buy now, (I go to Italy in June), or wait a few weeks. Does anyone think that Brexit could influence the value of the Euro in the next couple of weeks?

[jim360]

It is pretty likely that the value of the pound to other countries will alter dramatically on or around March 12th. Which direction it goes will almost certainly depend on the outcome of the vote, and since that's not set in stone yet then the wait could carry significant risks.

But then that's not exactly uncommon for foreign exchange. If you expect the UK to take the decision to either back the Withdrawal Agreement or delay Brexit, then you might want to wait (independent of whether this is the right course of action, it's the one that Forex markets seem to like, which is the question here); if you expect No Deal to be preferred, then that's likely to see a >5% crash in the value of Sterling, so buy now or at least before March 12th.

[jno]

the answer is very likely to be Yes, but as to how much and in which direction ... you probably need to ask Mystic Meg.

[Prudie]

IMO opinion it's not creeping up steadily at all. It's 86p today and it's been hovering between 85 and 90 for at least 3 years. In fact it's lower today than it was a month ago.

[KARL]

Prudie is correct, it is not that the euro is creeping up but that the Pound keeps sinking - has done for decades (with small, short lived revoveries)

[Sqad]

I agree with Prudie.......the pound sterling is creeping up against the Euro.
I would buy you euros NOW.....who knows what will happen at the end of March.

[Hopkirk]

Today the pound reached a 17 month high against the Euro.

If I knew what it would do in the future, I would be very rich.

[jno]

sterling lost about 10 cents against the euro after the referendum. It hasn't regained any of that. It's up and down at the moment according to whether the markets think there'll be a no-deal Brexit or not.

[vetuste_ennemi]

You're on your own there, Crackernut.

Uncertainty affects all markets including FOREX.

Remove the uncertainty, by whatever means, and the value of the pound v Euro will depend on the success of the UK outside of the EU (if we leave), or its success relative to its Eurozone partners, if it stays.

I don't know any more than JNO does. Although, as haruspex, he does prod the entrails of cattle. I read tea leaves.

[10ClarionSt]

I'm going to Malta in two weeks but I bought my Euros last week when the rate was 1.12.

[Khandro]

The rate has been 1.1 (something) for ages, whether it's 1.12 or 1.16 makes very little difference to the tourist but it makes a big difference to the currency speculators who are dealing in very large sums.

What is more important is which agent you use for the exchange, UK banks and Thomas Cook are usually not a good idea. Worth checking around, but don't get obsessed - it's only money :0)

[gulliver1]

1.17 at the moment you might get around 1.14 ish, at travel agents or bank, Could change either way after todays vote , its just like backing a horse , Good Luck.

[dannyk13]

Gulliver //, Could change either way after todays vote//
There is no vote today. It has been put off until 12th March.

[jim360]

Strictly speaking there still *is* a vote today, although the chances are that it will merely confirm the scheduled series of votes on or by March 12th, rather than be important itself. For example, had Theresa May *not* promised that schedule, then there would have certainly been an amendment on whether MPs could have held those votes anyway.

[dannyk13]

Jim where do you get the information that there is a vote today? The meaningful vote is now scheduled for 12th March.

[jim360]

The government tabled an amendable motion on its approach to exiting the EU. It's a relatively meaningless motion, the current text simply stating "that this House... notes that discussions with the EU are ongoing", but some of the suggested amendments could have been significant, most notably the "Cooper-Letwin" Amendments (c, d), that if they were accepted would see Parliament taking control of the whole process.

https://publications.parliament.uk/pa/cm201719/cmagenda/OP190227.pdf (page 6-15)

[dannyk13]

Jim, I don't think that those amendments will have any effect on the rate of exchange.

[jim360]

Well, not any more, no, because Cooper-Letwin won't be formally moved to a vote. But had the PM not made her concessions yesterday, that saw the pound gain something like a cent on the euro, then the votes today would likely have been quite dramatic both politically and financially.

[gulliver1]

Yes Jim ,the result of todays talks ,will have an affect on the exchange rate of course.

[gulliver1]

As I mentioned above the exchange rate has remained @ 1.17 due to yesterdays vote, might think about buying euros now.

[jno]

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