When is the best time to buy Euros based on the EU Referendum in the UK? [closed]

I need to get some Euros before going on holiday in early August.

With the EU Referendum coming up in the UK on 23rd June 2016, my question is, When is the best time to buy Euros? By best, I mean, when would I get the best exchange rates.

I'm looking for advice from sources such as travel companies and any non-biased government sources. I am not looking for biased or political opinions.

I will buy the Euros with GBP, some in cash, rest will go on a card. (Multi Currency Travel Card)

Best Answer

I can't give financial advice or comment on the markets - for financial advice from people who know what they're talking about, try http://money.stackexchange.com and check what sort of currency speculation related questions they accept before posting - but in general if you need money to travel and the markets are unpredictable, you can reduce your risk by splitting the purchase.

For example, you could buy half now, then save buying the other half until after the referendum.

Or you could buy a third now, a third shortly after the referndum and a third closer to the time of travel.

The exact best configuration depends on your own personal weighing up of the amount in question, how big the risk is in terms of your own finances, and how inconvenient the hassle of changing money multiple times would be.

Update: hope you bought a good chunk of the money before the referendum...

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Shall I buy euros now or wait?

Resist the urge to buy foreign currency before your trip. Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.

What is the best time of day to buy euros?

The Bottom Line The best times to trade these instruments coincide with key economic releases at 1:30 a.m., 2 a.m., 8:30 a.m. and 10 a.m. U.S. Eastern Time, as well as between midnight and noon, when European and American exchanges keep all cross markets active and liquid.

Will the UK still use the euro after Brexit?

Key Takeaways. The United Kingdom left the European Union on Jan. 31, 2020. The United Kingdom, while it was part of the European Union, did not use the euro as its common currency.

Will Brexit affect the euros?

An initial sharp drop has been followed by several slumps and a persistent overall decline. This leaves the pound sterling to euro exchange rate 15% lower than pre-referendum levels. The pound declined immediately against the US dollar and the Australian dollar, with rates plunging by 17% after the vote.

Where is the euro going?

Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.

Images: Pixabay, Dominika Gregušová, Dom J, Omar Markhieh