I'll be honest with you and state I'm sick to the teeth of reading holiday money broker written articles that scaremonger their potential customers into buying their travel money before the result of the election is released. Their reasoning is the value of the Pound will drop against the Euro IF the vote to leave the EU is the result of this election.
Advise for those wishing to buy travel money online -
DO NOT BE PUSHED INTO BUYING YOUR TRAVEL MONEY BEFORE THE RESULT OF THE EXIT POLLS ARE RELEASED! (See below)
Note the following Pound to Euro last 28 day rates chart as of today Wednesday 25th May
As of today Wednesday 25th May
From the rates chart above you can see the Pound is stronger against the Euro than it was 28 days ago and the poll chart is showing the remain campaign in the lead by eight percentage points. I'm not a betting man but I can advise that if you do not need your travel money until after the vote then wait for at least the exit poll results to be released.
What is an exit poll?
An exit poll is a poll of voters taken immediately after they have exited the polling stations. The results of any exit polls are not allowed to be released until after the polling stations have closed therefore preventing any form of influence on voters who are yet to vote. These exit polls give an early indication as to how an election has turned out
Once the results of the exit polls are released, you at least have some sort of indication as to whether or not the Pound will weaken or strenthen based on these results. However please be aware that exit poll results are not always correct when it comes to the final outcome of the vote. Having said that, they are generally correct more times than not.
If the exit polls results show the "remain campaign" have won, clap your hands loudly and wait for the Pound to strengthen, which it will quite dramatically.
If the poll states the "Leave campaign" have won, then buy your travel money online as quick as you can before the markets have a chance to react to this news and the Pound plummets in value against a basket of currencies.
For your information I believe strongly that Britain will remain in the EU as us Brits hate change..
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Disclaimer: The above is supplied as general information only and is not to be taken as financial advise. Currency Today Limited do not accept any liability for financial loss as a result of information supplied in this editorial.
