Analysts believe that the early election will win the PM a greater majority in parliament, granting her a mandate to pursue her plans to leave the single market and strengthening her position in the upcoming Brexit negotiations with the EU.
The Money Saving Experts says the exchange rate depends on both activities in the UK as well as those in the country where you want to buy currency.
He said: “After the Brexit result, which the markets (rightly or wrongly) didn’t like, the pound dropped against the euro, but dropped more against the dollar – because the euro itself was weakened by the result.
“Many factors after currency movements – general economics, speculation, relative interest rates, political stability and more. And while an election bring uncertainty, that uncertainty is known and tends to be incorporated into the current price of the pound.”
Martin said it is impossible to tell which direction the pound will track before and after the election, with rates fluctuating by the minutes.
To ensure you are covered both ways, he advises buying roughly half of what you need at today’s rate and leaving the rest until later.
Another way to ensure you get the best rates is a specialist overseas credit card that you constantly pay off in full every month.
