US ($) Currency Thread 1 (closed - use thread 2)

gordylad

The pound lost almost 3 cents today againts the dollar

Tafkat

Its not doing much better overnight either. I just saw it dip under $1.64!

Think I have to agree with Baz, I can see it hanging around the low $1.60's for a fair few months now. Especially with more predicted interest rates cuts happening over here next month its unlikely to go up in the near future.

But then, like all of us, I'm only guessing!

SimbaSimon

Holy Moly! 1.62!!!

jetskidia

So what happened re FEvans comments?

wdyw

jetskidia wrote: »

So what happened re FEvans comments?

Given that 99.9% of the people here know next to nothing about the economy and exchange rates etc and rely on regurgitating what they heard on the radio/TV on their way to work or over their morning cornflakes you should never put too much faith in people predicting markets.

FEvans

look no one knows whats going to happen today, tomorrow or in the future. my understanding is that the real rate of the dollar to the pound should be around 1.70 /1.75 to the pound (based on the theoretical statistic of buying a basket of goods both here and the states.)

sterling has for a while been massively inflated against the dollar hence the rate of 2 dollars for every pound. ultimately all currencies will tend to level out against each other in the end but there will always been troughs and highs.

i am going to the states next april and to me it seems daft buying dollars now when i will not need them for at least another 6 months.

EmptyCouch

I'm going to the States next week, and wish I'd sorted our currency before!

With the current low rate, and even with a slight recovery, what is the best way to do money?

Should I get £500 in cash/travellers cheques and pick up at the airport (which I've never done. I take it they're open 24/7?) and then just use my HSBC cash card out there as I have free ATM withdrawls?

Does ATM work out cheaper than getting currency before I go?

Not going to be so cheap now!

Edit: Just read this on the HSBC website * Foreign currency exchange rates are shown on your statement against each transaction inclusive of an exchange rate adjustment charge – which is currently 2.75%

sarmia

$1.56 in Tesco this morning

nickcollett

EmptyCouch wrote: »

I'm going to the States next week, and wish I'd sorted our currency before!

With the current low rate, and even with a slight recovery, what is the best way to do money?

Should I get £500 in cash/travellers cheques and pick up at the airport (which I've never done. I take it they're open 24/7?) and then just use my HSBC cash card out there as I have free ATM withdrawls?

Does ATM work out cheaper than getting currency before I go?

Not going to be so cheap now!

Edit: Just read this on the HSBC website * Foreign currency exchange rates are shown on your statement against each transaction inclusive of an exchange rate adjustment charge – which is currently 2.75%

DO NOT get any of your money from the airport either end of your trip - the rate will always be lower than it is online or in high street stores.

It's worth calling up your bank and see what their currency rates are & how they are decided on a day-to-day basis as quite a few banks go by/almost go by the actual currency rare instead of the 'tourist rate' which is always a bit less.

I personally would advise changing over £500 online (travelex or thomas global exchange) then withdraw large amounts of cash from the ATM to spend out there.

gordylad

Becaues the recession word was used last might by King the pound is down almost 4 cents today. No recovery short term and I expect it to go below 1.5 in the coming weeks probably bottom out at around 1.40.