Should You Buy Your Euros Before Or After The Election?
Theresa May sent shockwaves through the UK last week when she unexpectedly announced a snap general election.
The uncertainty of yet another divisive vote is sure to have an impact on what our money is worth and while we have seen the pound spike in value since the announcement, it is still historically weak.
So just when is the best time to buy your euros? Martin Lewis, the Money Saving Expert, shared some insight with the Express to help you get the most bang for your buck.
Right now, sterling buys €1.20 and US$1.28, which is well above recent levels. Lewis commented: “After the Brexit result, which the markets (rightly or wrongly) didn’t like, the pound dropped against the euro, but dropped more against the dollar – because the euro itself was weakened by the result.
“Many factors affect currency movements – general economics, speculation, relative interest rates, political stability and more. And while an election brings uncertainty, that uncertainty is known and tends to be incorporated into the current price of the pound.”
It is nearly impossible to predict which way the exchange rate will spin and as a consequence, Lewis recommends that you pay close attention to what is happening in the territory you are visiting. He further advises that travellers buy half of their euros now and half after the election, thus guaranteeing the best of both.
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