'Panic' buy holiday currency today?

[Gareth1974]

With the loss of the AAA credit rating, I'm wondering if the pound will take a hammering when the markets open tomorrow.
Got a holiday in April and I'm thinking of ordering the currency online today. Does this sound like a good idea?

[Vixpy1]

It fell a fair bit on Friday anyway

[davepoth]

It'll probably be back up again by April, after the next terrible news from Europe.

[Gareth1974]

I can get 1.18 euro from a place called "online fx" - who I've never heard of, or 1.13 from the Post Office.

[mcflurry]

Gareth1974 said:

I can get 1.18 euro from a place called "online fx" - who I've never heard of, or 1.13 from the Post Office.

I'd be wary of any organisation that can offer a price 3cents above the wholesale market rate...

[zuby84]

I'm sure I'm missing and and not just thinking straight, but can someone explain why a downgrade in sovereign credit rating will make the pound weaker?

Cheers

[isleofthorns]

Mainly capital flight, investors selling sterling based assets in favour of other denominated assets.

Conversely, you might think it could aid sterling as bond yields improve.

I guess mostly sentiment driven as much as anything

[rossub]

The market has already priced a downgrade in, so not much likely to happen as a result of it actually happening.