The current instability of exchange rates for the British Pound. / myLot

Manchester, England

June 2, 2016 8:41am CST

The exchange rates for the British Pound seem very volatile at present. A couple of weeks ago my neighbour bought Euros at a rate of 1.24 per £, at which time the rate was falling daily. A couple of days ago they were on sale at 1.278 per £ and when I bought some today they were down to 1.261 per £. This is still a good rate, but the amount of fluctuation recently has been well above the usual expectations. I can only assume that the upcoming EU referendum is causing this instability, which we experienced during the Scottish referendum a short while ago.

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8 responses

Anna

@LadyDuck (458230)

• Switzerland

2 Jun 16

I am sure that the reason of the fluctuation is the upcoming referendum. The dollar is up even against the Swiss Francs, while the Euro and the British Pound are down.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

The British Pound is still strong against the Euro, so it seems as though the Euro is doing worse than we are. A remain vote will return us to the previous levels whilst a leave vote result is unknown.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

@LadyDuck We are also a major contributor to the EU coffers.

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Anna

@LadyDuck (458230)

• Switzerland

2 Jun 16

@Asylum The Euro is suffering more because a possible exit of the Great Britain would possible be the first in a series.

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Inlemay

@Inlemay (17714)

• South Africa

2 Jun 16

My friend who is going to the Serengetti next month went to our Bureau de change and he ordered $5000 (we have to order) it comes a few days later . . . and he had to pay R90 000,00 to get them - thats a turn for any stomach~

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

I have no idea whether that is a good rate or a poor one because I have never used rands.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

@Inlemay That means that she overpaid by R5000, which is quite a difference.

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Inlemay

@Inlemay (17714)

• South Africa

2 Jun 16

@Asylum that is a horrific rate for us in South Africa - the exchange rate for Euro and Dollars as well as pounds is R17 - 1

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celticeagle

@celticeagle (159058)

• Boise, Idaho

2 Jun 16

Ugh! Hope it doesn't go to much further. When do you expect it will even out or whatever?

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

After the referendum on 23rd June it will settle down more. If Britain votes to remain in the EU it should return to the previous average exchange level, but a vote to leave will possibly result in an unpredictable change which could be higher or lower.

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celticeagle

@celticeagle (159058)

• Boise, Idaho

2 Jun 16

@Asylum .....So, you have to wait and see.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

@celticeagle Exactly, but it is only 3 weeks away now.

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marguicha

@marguicha (215477)

• Chile

2 Jun 16

In my country the dollar has gone up lately, probably because of the coming election there.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

There will alw3ays be a variation in exchange rates, but at present it is more unreliable than usual here.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

@marguicha The problem is more likely to be due to the amount of scare mongering that has been done by the two opposing parties of pro withdrawal and anti withdrawal. A lot has been claimed about loss of jobs and financial collapse.

marguicha

@marguicha (215477)

• Chile

2 Jun 16

@Asylum I read from you that there were problems in the UK regarding their relation with the European Union. Could that be it?

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Boingboing

@boiboing (13153)

• Northampton, England

2 Jun 16

I'm off to Madeira on Sunday and I hate to think what the rates will be like as we approach the referendum. People just won't listen. All the experts say 'don't go' and yet people think idiots like Boris and Nigel can be 'trusted' to renegotiate trade deals if we leave. I wouldn't trust them to renogotiate a parking fine.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

You say "all the experts" yet it is a small select number of people chosen by the people promoting that we stay. The EU costs Britain a vast amount of money.

Boingboing

@boiboing (13153)

• Northampton, England

2 Jun 16

@Asylum The IMF and every major economic forecasting group versus Nigel Farage. Honestly, who would you believe? Stupid to ask really as nobody's changing their mind on this one.

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Koalemos

@Asylum (47893)

• Manchester, England

2 Jun 16

@boiboing I have encountered many financiers who oppose the decision to remain in the EU.