Other Buying Euros

Ive got a trip to Holland in March with uni.
Now the question is simple should I buy some Euro now in case the pound drops some more or should i wait too see if its makes a recovery.
Thanks gals and guys

 

That's kind of the million euro question isn't it?

 

I personally would wait, but I'm terrible with money.

 

I would recommend selling stuff you already own to people in Europe in order to raise the Euros.

 

The pound will eventually recover, I presume, so I'd buy a whole ton of euros and change them back when the market recovers. 25% profit, easy, assuming it gets back to where it used to be.

Then again, I might have failed to grasp just how serious the economic crisis is.

 

maybe you've failed to grasp which way the exchange rates have gone...

 

No you got it the wrong way round! If the exchange rate of the pound to euro is low you get little euro to the pound and vice versa. This means if you buy the euros now and sell when the exchange rate increases you will sell the euro for less than you bought it for.

Low UK exchange rate -> Little Euro to the Pound / Lots of Pounds to the Euro
High UK exchange rate - > Lots of Pounds to the Euro / Little Euro to the pound.

In effect, the Europeans will get lots of pounds but the British will get little Euros.

Personally I would get the Euros now, they increased after Christmas and I got several hundred pounds at 1.08, now it has dropped to 1.02. Likewise I got a few hundred dollars at 1.46, now it is 1.34. I also got several thousand Egyptian pounds at 8.2, now its 7.85. And that was only last week. The Pound will recover, but it's a matter of when.

 

MrWillyWonka you're a bit behind. Around new years it got at 1.02, then it pushed towards 1.12 (BoE's interest rate cut that wasn't quite as big as expected), and now it's been decreasing towards the current 1.0616

Or I've misinterpreted what you were trying to say.

On February 5 the BoE will convene again and most likely announce another interest rate cut. If it's larger than expected, the pound will drop, if not, it'll stay steady or rise a bit. No telling what it'll do by March though.

I believe it's going to rise just a bit just before the 5th of February, and then fall down after the BoE released a statement. Well, I hope anyway, sice I'll be coming to the UK the 7th .

 

I don't think were ever going to see the pound as high as that the euro going to recover a lot quicker I think were seeing the last death throws of the old pound personally. But i want to get the best deal I can.

 

lol at willywonka. I think were seeing the death throws of the pound were not ever going to get 60p to the euro again but i want to get the best deal i can.

 

The Euro HAS recovered, when the Pound recovers then the Euro will go down, it's the balance of the exchange rates.

I believe the Pound will get stronger but it is a matter of when. The Pound to the Dollar has been extremely weak before (about 30 years ago) but last year it was extremely strong so it shows that recovery does happen even if it takes a while.