British Pound Decline – Any Light at the end of the Tunnel?
I have family over in the US who I like to visit every couple of years if I can. Both of my brothers are over there and they both have families now so I don’t like to leave too long between visits. As this means that I’ll be exchanging my pounds to dollars whenever I visit, there’s always one eye on the currency market, checking on how the current rates are faring. Unfortunately, they’re not doing so great at the moment and there seems to have been a steady decline since this time last year. It was up at around $1.67 to £1.00 last time we went to the States and now it’s down at a miserable $1.40 to £1.00.
We’re due to travel again this summer during the holidays so I’m in a bit of a dilemma. The latest news is a little more promising than that at the start of the year, suggesting that the pound isn’t in as bad a shape as first thought so may not drop as substantially against the dollar as initially expected. This however is always a tricky one because we travel in July, if the pound is in worse shape than it is now in July, then it makes sense for me to change my pounds to dollars now without waiting any longer. If there was a chance that I could see it improving by July and not depreciating, then I’d hold onto my pounds until before we go. This is a tough decision and something, like many people, you don’t just want to take lightly. It can mean quite a difference in the amount of spending money you have available to you when you get over there.
I’ll be keeping that eye of mine on things anyway over the next month I think before a decision is made. I will keep you posted on my decision. Please let me know if you have any thoughts on what I should do.