Sterling savings? Should i convert them to Euros now?

Its all done now - £8k got me 10660euro from transfermate, that was the best rate. Its a good bit lower than it was a few months ago - last time i checked back in october i would of got 11300euro for the 8k.

But thats how the cookie crumbles.
How it just keeps falling now so i'll get cheaper trips to the UK!
 
Just worth noting the euro hit a real high against the pound today...cant see this lasting. Cant be good for the euro zone if the euro is so strong agaisnt both the pound and doller.
 
garythegreat said:
Just worth noting the euro hit a real high against the pound today...cant see this lasting. Cant be good for the euro zone if the euro is so strong agaisnt both the pound and doller.
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Sterling is at its lowest since the inception of the Euro but according to some analysts the euro could again reach £0.90. That's the rate it had gone to previously against the German DM, when it was pegged prior to €uro entry.

The weakness of the Dollar and Sterling must be unbearable for corporate Ireland. Given our inflation figures, can it be sustainable?
 
Michael can you unpack that comment a bit more please as this is where I get confused about international money-markets. How does the weakness of sterling and $ make the trading situation of Euro-zone countries tougher?

Meanwhile in terms of the relationship of sterling and $ that is also confusing. Four - five years ago purchasing academic books from the USA was a great bargain when using sterling. My last transaction last week was almost $ for £1........+ carriage, not so good. Is it that the strength of Euro will mean (for example) lower tourist figures next year because the relative strength of their and other currencies to Euro means a holiday in Ireland will cost more?
 
Marie said:
Michael can you unpack that comment a bit more please as this is where I get confused about international money-markets.
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Marie, in short if you want to visit Ireland again it will cost you 15% more on Sterling compared to a visit say during the summer. The strong euro makes it difficult for Irish exporters to sell products to the UK and America, our two largest trading partners. This double squeeze is a nightmare but great for ROI shoppers heading North. For example I bought my wife an expensive watch for her coming 40th. The shop had a 20% sale and the currency divergence in the last 6 months mean't a further saving of 15%. Paid for on €uro credit card, as shops gives lousy rates on cash.
 
For anyone interested....I compared rationalfx with transfermate ( phoned both. The firm that offered the best deal was rationalfx. ( I would generally never use banks for large quantities of foreign exchange).
 
Thanks Michael! I'll use funds from an Irish account when I attend a family wedding in April so I don't get whacked by the exchange-rate.

In the short to medium term, is there any strategy for lessening the effect on the economy of an over-strong Euro? Would it 'weaken' if trade and profits decrease even further..........or does any change depend on what happens with $ and £ ?
 
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