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Exchange Rate going Down?

Exchange Rate going Down?

Old Jan 23rd 2015, 11:15 pm
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Default Re: Exchange Rate going Down?

Originally Posted by Michael
The Euro to the USD is now at $1.12. I suspect xe.com fears that the GBP will drop in sympathy and isn't currently willing to take the risk.
Since Western Union took over XE seen many reports of poor rates.
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Old Jan 24th 2015, 2:44 am
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Default Re: Exchange Rate going Down?

The Canadian dollar is tanking, you can get a whole 0.53 GBP for 1 CAD.

Oh what fun it is to be in a country with monopoly money.
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Old Jan 24th 2015, 2:54 am
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Default Re: Exchange Rate going Down?

Originally Posted by Jsmth321
The Canadian dollar is tanking, you can get a whole 0.53 GBP for 1 CAD.

Oh what fun it is to be in a country with monopoly money.
There aren't many countries with one unit of currency worth more than GBP1

Remarkably, until decimalization, the pound was divisible into 960 parts.

Last edited by Pulaski; Jan 24th 2015 at 2:59 am.
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Old Jan 24th 2015, 3:09 am
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Default Re: Exchange Rate going Down?

Originally Posted by Pulaski
There aren't many countries with one unit of currency worth more than GBP1

Remarkably, until decimalization, the pound was divisible into 960 parts.
I just meant in general, the CAD is becoming fairly bad against most currencies.
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Old Jan 24th 2015, 9:36 am
  #20  
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Default Re: Exchange Rate going Down?

Originally Posted by Pulaski
There aren't many countries with one unit of currency worth more than GBP1

Remarkably, until decimalization, the pound was divisible into 960 parts.
Did we have farthings in the 1970s? I don't remember that.
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Old Jan 24th 2015, 12:35 pm
  #21  
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Default Re: Exchange Rate going Down?

Originally Posted by dunroving
Did we have farthings in the 1970s? I don't remember that.
I have farthings now! In my little jar of interesting coins. I also have an Australian penny, George VI on one side and a kangaroo on the other.
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Old Jan 24th 2015, 1:18 pm
  #22  
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Default Re: Exchange Rate going Down?

Originally Posted by robin1234
I have farthings now! In my little jar of interesting coins. I also have an Australian penny, George VI on one side and a kangaroo on the other.
I have a crown from the year of the queen's coronation. It's probably worth five shillings by now.

[Pulaski, I did some Googling and realised that of course decimalisation came in when the florin was introduced in 1849. ]
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Old Jan 24th 2015, 1:23 pm
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Default Re: Exchange Rate going Down?

Originally Posted by dunroving
Did we have farthings in the 1970s? I don't remember that.
Apparently farthing coins were withdrawn in 1961, though as far as I can tell prices sometimes went down to the farthing right up to decimalization.

I presume that like the old Italian lira, when groceries were priced down to 10 centesimi increments, but the smallest coin apparently in circulation was 50 centesimi, the there had to be some rounding involved.

Originally Posted by dunroving
..... Pulaski, I did some Googling and realised that of course decimalisation came in when the florin was introduced in 1849. ....
I have on occasion tried to explain £sd currency to Americans. Explaining cricket is easier.

Last edited by Pulaski; Jan 24th 2015 at 1:28 pm.
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Old Jan 26th 2015, 6:14 pm
  #24  
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Default Re: Exchange Rate going Down?

I think I've been fairly lucky with this. I transferred here in June when I was getting around 1.7 on the exchange so my employer based my $ salary ~1.8.

If I had moved now I think my US salary would have ended up a lot lower. When I google convert my US salary to GBP, it's a lot higher than it was when I left the UK.
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Old Jan 26th 2015, 7:47 pm
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Default Re: Exchange Rate going Down?

Originally Posted by Pulaski
It's called "volatility". Every liquid market has it.

The general consensus appears to be that the dollar will continue to strengthen. My guess is that it will stop its run-up somewhere between $1.40/£1 and $1.30/£1, during the second half of 2015. ....... The last time I made a major $/£ rate prediction, last August IIRC, for further strengthening of the £, I was proved wrong within days when the £ started to slide and has fallen more than 20c.
Agree, a lot of volatiliy. Too much volatility in Europe to predict. I would have thought after the Greece election the $ would have strengthened, not sure what has cost it today.
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Old Feb 5th 2015, 3:23 pm
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Default Re: Exchange Rate going Down?

Just a heads up for those looking to transfer, today's market rate for xe is $1.503 to the £..
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Old Feb 5th 2015, 3:52 pm
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Default Re: Exchange Rate going Down?

.............as soon as I (finally) got a decent offer on my UK house this happens to the exchange rate


I would actually have been better off accepting the lower offer that I got in October. Awh well, win some lose some. If the sale goes through I think I will probably leave the money in the UK until the rate drifts back up to 1.70.
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Old Feb 5th 2015, 4:20 pm
  #28  
 
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Default Re: Exchange Rate going Down?

Originally Posted by FatFrank
..... I think I will probably leave the money in the UK until the rate drifts back up to 1.70.
Unfortunately there is no reason to suppose that rates will move back to(wards) 1.70 any time soon, it could easily be a couple of years, or longer.

At the moment there are several reasons that USD could strengthen further (growing economy, global instability), and a less rosy outlook for the UK and therefore the GBP.
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Old Feb 5th 2015, 4:24 pm
  #29  
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Default Re: Exchange Rate going Down?

Originally Posted by FatFrank


I would actually have been better off accepting the lower offer that I got in October. Awh well, win some lose some. If the sale goes through I think I will probably leave the money in the UK until the rate drifts back up to 1.70.
I'm looking at a similar situation...I had been gradually liquidating all my UK based cash/investments and transferring it all over here- basically sick of the double paperwork, the increasing reporting requirements, and the exchange rate risk. I figure we're here for the duration, so may as well base ourselves in USD.

I'd been getting on quite well with that task, then my Mam passed away last year. The estate is starting to pay out now, but since she died I've sat and watched the exchange rate slip from 1,70+ to current levels, and not been able to do a thing about it. Now I've got a much larger chunk in the UK than I want, but what to do with it? For various reasons, not least of which my residency, the investment opportunities over there are far more limited than they are here, so its a trade off - take the hit now and look to recover it through better investment returns, or leave it there and keep the fingers crossed. What to do, what to do.......

Last edited by Yorkieabroad; Feb 5th 2015 at 4:26 pm.
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Old Feb 5th 2015, 4:50 pm
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Default Re: Exchange Rate going Down?

My condolences for your loss Yorkie. One thing that does trouble me living here in the US is my parents aging back in the UK Anyway, I would like to wait for 1.7 before I wire money over, but looking at the historical rates it may be a quicker return to 1.6+

Historical Exchange Rates | OANDA
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