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question about currency

  • 08-03-2015 05:21PM
    #1
    ygolometsipe
    Registered Users, Registered Users 2 Posts: 882 ✭✭✭


    Right now the pound sterling is trading a 1 : 1.138 against the euro.

    I get paid in pounds and I think I
    should move my savings to an Irish bank account to take advantage of
    the weaker euro.

    In March of 2014, the euro was trading at 1 : 1.25, so this is a significant jump

    5000 * 1.25 = 6250
    5000 * 1.38 = 6900

    I will need to check transfer fees but in general isn't this a good idea?
    I am making the assumption that the euro will rise again in the future.

    What do you think?


Comments

  • #2
    househero
    Registered Users, Registered Users 2 Posts: 1,094 ✭✭✭househero


    ygolometsipe wrote: »
    Right now the pound sterling is trading a 1 : 1.138 against the euro.

    I get paid in pounds and I think I
    should move my savings to an Irish bank account to take advantage of
    the weaker euro.

    In March of 2014, the euro was trading at 1 : 1.25, so this is a significant jump

    5000 * 1.25 = 6250
    5000 * 1.38 = 6900

    I will need to check transfer fees but in general isn't this a good idea?
    I am making the assumption that the euro will rise again in the future.

    What do you think?

    Yes its a reasonable assumption to think the euro will rise against the pound. Time frame is a tricky point.

    FYI the euro is at a near 12 year low against the dollar (safe haven currency)


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