Quizzes & Puzzles0 min ago
exchange rate?
3 Answers
Hi can anyone give me any information on the exchange rate (pounds/US dollars) Im going to america next april. I have been hearing that the rate is very close to 2, but when I went to the post office today they told me that it was 1.87 and thats the hightest its ever been?? A little info would be a great help, what would you reccomend I do? Get them now?
regards
Tom.
regards
Tom.
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Tom
The headline rate is the foreign exchange rate.
What you will get in the Post Office (or anwhere for that matter) is the tourist rate.
There is a big difference. The $2-�1 rate is close to being achieved in the ForEx market and this will drag up the tourist rate. $1.87 for �1 is a very good tourist rate and probably hasn't been matched for several years.
To decide whether to buy now or not is somewhat of a chance. There are many, many factors influencing the rate but if you think this is a good rate then it's probably best to buy the dollars now.
The headline rate is the foreign exchange rate.
What you will get in the Post Office (or anwhere for that matter) is the tourist rate.
There is a big difference. The $2-�1 rate is close to being achieved in the ForEx market and this will drag up the tourist rate. $1.87 for �1 is a very good tourist rate and probably hasn't been matched for several years.
To decide whether to buy now or not is somewhat of a chance. There are many, many factors influencing the rate but if you think this is a good rate then it's probably best to buy the dollars now.
1.87 isn't bad but the best place for foreign currency is Marks & Spencer, they are currently giving 1.906 on USD notes with no commission on a minimum buy of �100. As to whether you should buy now it depends on your attitude to risk and whether you can afford to tie up your money until April. Over the last few days the dollar has started to strengthen and has recovered slightly from its low of 1.984 to 1.966, it may weaken again or continue to grow stronger, there are varying opinions out there.
Well said - Ever Clean and Fitz - Spot on!!
As to buying or not...you also need to consider if the pound will strengthen against the $ or not - possible but bearing in mind this is the christmas season - after than generraly the pound tends to weaken for Q1. Pre-budg-rep shows signs of a strengthening but then again all this foriegn spending in the US on the back of a weak dollar will more than likely strengthen the $.
As to buying or not...you also need to consider if the pound will strengthen against the $ or not - possible but bearing in mind this is the christmas season - after than generraly the pound tends to weaken for Q1. Pre-budg-rep shows signs of a strengthening but then again all this foriegn spending in the US on the back of a weak dollar will more than likely strengthen the $.
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