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

player

Can anyone lend any advice regarding a trip to Cancun in little over a fortnight. My initial thoughts was simply to take US $ as I imagine this is the preferred method of payment for the locals.

But with the recent nose dive of the pound against the dollar I'm wondering whether to take Mexican Peso instead. Having never been here can anyone lend any advice on what to take. Thank you.

gordylad

Folks

Lets get real. The UK is in a recession there is no doubt about that so therefore the economy dictates the value of our currency and as we all know it has taken a hammering recently against the dollar. For the people who exchanged at 1.80 and above well done. Its a decent rate. The rate today is averaging at 1.50 and going down. If you think the rate will climb up to the 1.80's or the 1.90's again in the coming months then you are living in cloud cuckoo land. There is no saying what the pound will bottom out at but at the rate it is going then in the 1.40's we will be doing well...............

Froggitt

You overlook the fact that the US economy is in no better a state, with a national debt of $10,000,000,000,000. The fall in sterling against the greenback IMHO is overdone.

elite-concepts

here is the situation i am not sure whether to buy now or wait, i am going on holiday on December 10th? please i came to this website as i know i could get some solid advice. many Thanks
Elliot

Baz_2

Froggitt wrote: »

You overlook the fact that the US economy is in no better a state, with a national debt of $10,000,000,000,000. The fall in sterling against the greenback IMHO is overdone.

Its a balancing act. When both economies were doing well and everythign was stable the rate was around 1.63. When america started to lose it thats when it went up to 2.00. Now that we are joinging them its going down. The question is, who is going to see the next bad news. If the Americans are not goign to get any worse and we are then it will continue to go down. If thats it for them and we are at the bottom then it will stay the same.

The logical conclusion is that eventually both economies will stabalise and the rate will go back to what it was before all this started at around the mid 1.60's. But until then, we seem to be in a worse position as the Americans have been dealing with this for some time now so it can only fall further IMO.

jmw20

How well the economy is doing really isn't the b all and end all for how the exchange rate goes. Japan is looking very poor at the moment and their currency is getting incredibly strong against the pound. There are much more complicated things at work than we can understand, but I do hate the fact that by buying it is a gamble and similarly it is a gamble not to buy. It's a lose lose situation!

jinkssick

Crazy it was $2.02 in Oct 07.
Now it is $1.54 in Oct 08.

I know these things are not known but with the election of Barack Obama in 2 weeks as President, the stabilisation in the months after, do you think the rate will start to improve?

I am going to LA for 11 days at the end of January.

iltisman

I think an Abama win is already factored in,its our wacky government that is the problem they are doing everything they can to devalue the £ so that they can afford the inevitable big pay rises for the public sector.
I reckon the £ will go less than $1 in fact the only limiting factor is the scrap metal value of the coinage.

wwwd

elite-concepts wrote: »

here is the situation i am not sure whether to buy now or wait, i am going on holiday on December 10th? please i came to this website as i know i could get some solid advice. many Thanks
Elliot

Same here.

I'm going to NYC in December, and worry that the rate will go even further down. Last week (with the Post Office at least) was around 1.54, but this week it's now 1.43

I'm looking to take around £500/£1000 for spends. Should I just change that full amount now or wait? (and pray!)

Baz_2

wwwd wrote: »

Same here.

I'm going to NYC in December, and worry that the rate will go even further down. Last week (with the Post Office at least) was around 1.54, but this week it's now 1.43

I'm looking to take around £500/£1000 for spends. Should I just change that full amount now or wait? (and pray!)

Yes do it now!