Euro exchange rate at 1.09

mitchaa

Off to Milan for a couple of days, and was shocked to see the ER at 1.09 this morning when i went into the post office:eek: I remember not that long back where we were getting 1.45 for the pound.

Now admittedly not knowing much about the financial markets, what do people think? Are we soon likely to see 1-1? If so what is likely to happen?

davetrousers

Post office isn't competitive any more, shop around.

Exchange rate is carp though!

sdooley

post office is still quite good for rates... better than the banks anyway

1 to 1 - might see it in some bureau de change for buying cash but I don't think the mid-market rate will drop that low - if it does there is no limit to how low it could go - there is a reason there were so many zeros on the end of so many other currencies - lira, pesata, etc.

Guy_Montag

Off skiing next week, after paying for the essentials, I don't think I'm going to spend anything else. Well no more than buying a baguette & cheese for lunch (to make before heading out).

beecher

I think we'll see a knock on effect on tourism next year when people work out how much their holiday will cost. I'm staying in the UK as it just isn't affordable to go abroad with the exchange rate close to parity. Hopefully we'll see an influx of tourists coming to the UK and with many people staying at home it'll be good for the tourism industry here too. Lets pray for a good summer!

Quasar

I get my Euros at Marks & Spencer. Their rates are fairly good and charge no commission. Not every M&S has a Bureau the Change though.

If the pound drops much further without sign of recovery, I wonder whether joining the euro is going to be the best option for Britain?

Cannon_Fodder

mitchaa wrote: »

Off to Milan for a couple of days, and was shocked to see the ER at 1.09 this morning when i went into the post office:eek: I remember not that long back where we were getting 1.45 for the pound.

Now admittedly not knowing much about the financial markets, what do people think? Are we soon likely to see 1-1? If so what is likely to happen?

Seems like there may be some negative points to the credit crunch/recession, after all...?

BiggaThanBen

You will get the best (interbank ?) rate if you take a Nationwide debit or cash card with you and take money out from ATM at the destination ...

tomstickland

Guy_Montag wrote: »

Off skiing next week, after paying for the essentials, I don't think I'm going to spend anything else. Well no more than buying a baguette & cheese for lunch (to make before heading out).

I'm off skiing soon too. The money I've saved on petrol probably just about makes up for the extra cost due to exchange rates. I'm going to eat as much as possible in the chalet. There's also a really good patiserie by the main lift, so that'll cover my lunch each day.

Treadmill

You can get 1.10 if you check the travel money maximiser on this site, I would buy Euros sooner rather than later though as the downwards momentum does not look like changing

Pssst

Current M & S rate @ 1300hrs today was 1.07 !!! Parity is here,we are stuffed. I wouldn't be surprised if we ducked under the 1:1

There is no way that i shall be holidaying in Euroland next year if this carries on.

My last holiday last year was in my favourite place. Chatting to the locals eg shop owners,restaurateurs,they all said times were tough and they had seen a marked reduction in tourism especially from the UK. In this area,they said that typically,the Brits make up for about 70% of business.