UK pound rallies against Euro – my new career in currency speculation?
Written by Karen Bryan
Well if last week I had put money on my own prediction tha the value of the pound would soon increase against the euro I could have made a tidy profit as the UK pound has increased by around 10% in value over the last week, 3 – 10 January 2009. Yesterday 1 UK pound was worth 1.12 euro from near parity last week.
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Do I see a new career as a currency speculator for myself? I don’t think so as some currency fluctuations don’t seem to be based on any logic so you could easily lose your shirt.
Update 19/04/2009
The pound is holding its value against the euro with the rate on 19 April 2009 standing at one UK pound to 1.13 euro.
I hear you – I’m off in 2 weeks to the continent so breathing a sign of relief…
Hmmm… yes, I’m not too happy about the UK’s fall in value… DK were going to pay us in Aussie dollars for the current job we’re doing for them in Australia, but because the Aussie dollar was so weak at the time I renegotiated to be paid in UK pounds as they normally pay us in (our accounts are in Dubai and our currency is linked to the US dollar anyway). I think I’m going to have to hold off invoicing them until it’s strong again. Or stay clear of Europe for a while.
Enjoy Spain and Happy New Year!
[...] UK pound rallies against Euro – my new career in currency … [...]
lara – currency fluctuations do make it hard to judge the best currency in which to be paid. You can end up losing a fair proportion of income through unfavourable exchange rates and bank charges to convert into your home currency.
As I work for dozens of different publishers around the world, I’m constantly being paid in different currencies, from pounds, euros and dollars, rand and baht, to dirhams and riyals, so it’s a constant challenge to get the best bang for my bucks, but I’m used to the US$ fluctuating and the Aussie$ also, but the pound is generally the most reliable of all the currencies, which is why it’s so frustrating now. If you can’t rely on the pound, what can you rely on? The euro I guess! They all go into my home currency – the dirham – but luckily, I don’t have bank fees, just one annual charge, which is one less headache.
Keep us posted on your pound predictions! I’ll be keen to follow.
Lara – Many experts have been saying for some time that the UK pound was overvalued.
I wish I could make accurate predictions about the future fortunes of the UK pound but as I said the fluctuations aren’t always logical so you could do a lot of research on which to base you predictions and then something unexpected or illogical happens and your carefully though out prediciton is totally wrong.
Just joking, Karen :)