Should I change my GBP to Turkish Lira now at 3.8 or shall I wait will it go back up to 3.9 as in previous month?

Hello

I need to change a large amount of GBP into Turkish lira. I have been watching closely since beginning of February and wish I changed it at 3.97, however I waited and in March it has dropped between 3.8- 3.84 As the dollar gets stronger and rumors from Turkish banks that the interest rate will increase soon, will it drop even more? Should I change now so not to loose out further.

Thanks for any advice in advance

Hi Francesca,

In answer to your question, the Pound has had a great run against the Turkish Lira. The Lira has suffered due to instability in neighbouring countries, but has also taken a hit as investors shifted out of risk-driven currencies ahead of the expected interest rate increase in the US later this year.

We would anticipate that the eventual tightening of monetary policy from the Fed, when it comes, will cause a little more selling pressure on the Lira, so if you have time, it might be worth holding off on executing your requirement until then.

Regards,

John
curerncynews.co.uk
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