Based on search volume, we’ve observed slightly lower interest in foreign exchange rates and travel money in May/June than the same period last year when there was more attention on the value of the pound in the lead up to the EU referendum vote.
In May 2016, the pound strengthened on the euro and US dollar before weakening in early June as the prospect of Brexit became more real; this drove a lot of interest in exchange rates and people considered locking-in rates before the referendum. By comparison, in May / June 2017 the pound is weaker and has been volatile so there is less reason for customers to speculate and lock in rates. Recently, the pound has generally weakened with uncertainty over the election result and the prospect of a close vote leading to no majority government.
In terms of whether it’s a good time to buy, that’s anyone’s guess. Markets are obviously hard to predict but general consensus is that if there is a strong Conservative majority following today’s vote, the pound should strengthen helping Brits get more for their money. If there is no outright winner, the consensus is that the pound could be volatile in coming days and weaken further. For those heading away soon, and unsure of what to do, you can order online at Travelex.co.uk now to lock in the rate and cancel if necessary with no charge up to 24hrs before the order is due to be collected.
We advise customers to keep a close eye on rates at Travelex.co.uk and can set up email alerts to help them get the best value on travel money using our Travel Rate Tracker.