Pound lower than the euro

[SAM SPARKLE]

1.20 reached - Pound is up 1.92% on the day, this is due partly to further lack of confidence in the Euro as Spain has now been downgraded.

[SAM SPARKLE]

Well didn't last long - now bubbling under at 1.19 - However, anyone lucky enough to have a Fairfx Card can top up at 1.1825 just now.

[cereza]

1-21 hit today as Euro still suffering.
One word of warning now - there are some massive short positions in the Euro so at a point there will be a very big correction which although temporary may be violent so if you need to do some conversions it wouldn't be a bad idea to start now

[SAM SPARKLE]

Good advice Cereza, I have just topped up my Fairfx card which is currently offering 1.19

[sfuller]

Hi - where are you seeing 1.21please? is that in CVO or the UK. We are out next week and just wondering where to get the currency from?

[cereza]

Hi - where are you seeing 1.21please? is that in CVO or the UK. We are out next week and just wondering where to get the currency from?

Sorry for any confusion sfuller - we are talking about the official rate in the FOREX markets. You won't find this rate available for small currency conversions but it is a guide as to the movement of the exchange rate. When the official rate got to 1-21 the best holiday currency rate would have been about 1-19 as SamSparkle got on his Fairfax card. In places like M&S and The Post Office the rate would be more like 1-15 to 1-16. If you don't have access to Fairfax or someone else at their sort of rate then you might find it better to change up in CVO. The rates may get even better this coming week - the best we have seen for a long time

[EMM]

Market forcast on friday was 1.22+ however given Camerons comments about the economy , state of finances and fall stock markets we may see sterling taking a breather.

[cereza]

Sterling is a bit part player in the currency markets at the moment so its exchange rate will be more governed by events elsewhere. US stock markets dropped heavily late Friday and this encouraged US$ buying while at the same time the Euro was badly affected by the bad news from Hungary which encouraged even more Euro selling. If stock markets continue down in the coming week then there will be more Euro selling and more talk of a Euro crisis. There is a pattern now unfolding in stock markets which very much resembles the patterns in the 1929 and 1987 crashes and if this pattern should continue then there could be another big drop in stocks which will result in more dollar buying/Euro selling and the Euro rates could fall dramatically again. This is a highly dangerous period and things could swing about violently so it is not a time to get involved unless you have to. Take advantage of the current £/Euro rate for what you need but don't go overboard as it could well get a lot better.

[PTBUXTON]

Hi - where are you seeing 1.21please? is that in CVO or the UK. We are out next week and just wondering where to get the currency from?

sfuller hi there it may be a touch to late if you are arriving next week,but try and apply for a nationwide Flex account no charge to take money out within EU countries, and you allways get bank rate not tourist rate I have had this card for over 10 yrs and it has saved me a small fortune.

[sfuller]

Hi Cereza and PTBUXTON
Thanks for comments - I do have the Nationwide card so will be using that whilst I am away but want to bring some to get me started so I am not at a cashpoint on day one! Interesting remarks about possibly getting Euros in CVO - will ponder that one over next couple of days before I have to make any decisions!

[SAM SPARKLE]

Hi - where are you seeing 1.21please? is that in CVO or the UK. We are out next week and just wondering where to get the currency from?

sfuller hi there it may be a touch to late if you are arriving next week,but try and apply for a nationwide Flex account no charge to take money out within EU countries, and you allways get bank rate not tourist rate I have had this card for over 10 yrs and it has saved me a small fortune.

Word has it that Nationwide are reviewing this and they may fall in line with other Financial institutions.

[shanagarry]

The €1.20 is not the tourist rate - you are likely to get €1.15 or thereabouts - this morning (Monday)

[SAM SPARKLE]

Fairfx (tourist rate) still holding 1.19

[TomUK]

sfuller - don't forget the golden rule! Use a Nationwide DEBIT card in the ATM and no charge is levied - if you use your Nationwide credit card, you will be charged a withdrawal fee each time. We we're getting four of five cents more than the exchange burea rates with our debit card.

[SAM SPARKLE]

I think the pound might be in for a bit of a pounding (please excuse the pun), suggest anyone needing to change money gets in there a bit sharpish. Fairfx still offering 1.1950 this morning, don't think it will last much longer.