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1.93's A$ to the Pound!!!

1.93's A$ to the Pound!!!

Old Mar 1st 2010, 4:13 pm
  #1381  
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Default Re: 1.66

Is this the start of a Sterling crisis?
http://blogs.telegraph.co.uk/finance...erling-crisis/
"So, is this a Sterling crisis? According to Simon Hayes of Barclays Capital, you should define a currency crisis as a fall of around 25pc in value. That didn’t happen in the late 1960s under Harold Wilson and his devaluation; it didn’t happen in 1976, at the time of the IMF loan, nor did the fall amount to that much after Britain was ejected from the ERM in 1992. In fact, the only fall big enough to fulfil this definition of a currency crisis in the past 50 years was the one we saw over the past two years. However, as I’ve pointed out, this was a “benign crisis”. However, that does not stop it turning nasty – and on that basis the experience of the past 24 hours is not encouraging."

Sterling rout is more than a wobble over political uncertainty
http://www.guardian.co.uk/business/2...dollar-reasons

Nick Beecroft, senior foreign exchange consultant at Saxo Bank perhaps summed up today's mood. "This morning we have witnessed what can justifiably called the beginnings of sterling's collapse,"

Sterling Slide Triggers Crisis Alert
http://online.wsj.com/article/BT-CO-...eadlinesEurope

"LONDON (Dow Jones)--Sterling tumbled at the fastest pace since the darkest days of the financial crisis Monday, sparking fears that it could be on the brink of a brutal sell-off as a fresh wave of political stress, uncertainty over monetary policy and merger flows all hit the currency hard. "

Last edited by DownUnderPaddy; Mar 1st 2010 at 4:16 pm.
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Old Mar 1st 2010, 4:21 pm
  #1382  
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Default Re: 1.66

Originally Posted by stuckinblighty
I thought i got a shite rate when i exchanged but i took the hit just incase the £ went sub 2dollars....thank god i did now....did something right for once
I held on to some £ when it was 2.8, just in case it got back up to 3.0.....
 
Old Mar 1st 2010, 6:48 pm
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Default Re: 1.66

12 months ago when we got between 2.18 and 2.09 for the house money as it was falling, we thought we had done bad. Thank goodness we didn't hold on.
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Old Mar 1st 2010, 7:28 pm
  #1384  
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Default Re: 1.66

People who think this is a crisis want to take a look over the fence, i.e. if you live in continental Europe (as I do) buying in the UK is now a lot cheaper than the rest of Europe.

You have to believe that with increasing demand (from outside the UK), and the potential that increasing cost of imported goods will soon start to feed through to inflation then the government will eventually need to think about pushing up interest rates which will make sterling relatively more attractive and everything will begin to stabilise.

easy innit
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Old Mar 1st 2010, 7:56 pm
  #1385  
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Default Re: 1.66

Don't worry everyone. It will come back round. As you say this is the lowest rate in 25 yrs but this is the biggest recession for the UK in that time. If you look over the last 25 yrs you'll see peaks and troughs are common so it will come back up. Anyone that changes money at this rate must like chucking their money away. As Martin says, interest rates will have to come up in the Uk in the next year and then the £ will start to come up. Likewise labour are chucking money at everyone in Oz right now so their rate is high but an income - property price average of 6 isn't going to last. Remember thats what it was here before the recession.
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Old Mar 1st 2010, 7:59 pm
  #1386  
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Default Re: 1.66

1.65

going

D
O
W
N
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Old Mar 1st 2010, 8:00 pm
  #1387  
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Default Re: 1.66

Originally Posted by itxrd
Don't worry everyone. It will come back round. As you say this is the lowest rate in 25 yrs but this is the biggest recession for the UK in that time. If you look over the last 25 yrs you'll see peaks and troughs are common so it will come back up. Anyone that changes money at this rate must like chucking their money away. As Martin says, interest rates will have to come up in the Uk in the next year and then the £ will start to come up. Likewise labour are chucking money at everyone in Oz right now so their rate is high but an income - property price average of 6 isn't going to last. Remember thats what it was here before the recession.
Thats maybe the case but it aint any good to you if you need to exchange now/soon.

Its all in the timing i'm afraid.
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Old Mar 1st 2010, 8:41 pm
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Default Re: 1.66

Originally Posted by MartinH
People who think this is a crisis want to take a look over the fence, i.e. if you live in continental Europe (as I do) buying in the UK is now a lot cheaper than the rest of Europe.

You have to believe that with increasing demand (from outside the UK), and the potential that increasing cost of imported goods will soon start to feed through to inflation then the government will eventually need to think about pushing up interest rates which will make sterling relatively more attractive and everything will begin to stabilise.

easy innit
I live in Australia and I've been perusing the French and Spanish property websites. Look at this little beauty in Brittany, $145K AUD on 2.5 acres. It needs a bit of work but hey. I'm tempted to buy something like this for my retirement, I'd have loads more cash left over than if I downgraded to a unit in Perth in my retirement years. I could even grow vegetables and sell them in the local market with this property as a little pastime or hobby. I doubt if I could get something similar in UK, even with weak £.....unless it goes lower..

http://www.rightmove.co.uk/overseas-...%26index%3D110

Yes, you could probably get a house in rural Australia for $145K somewhere or other but being a couple of hours flight time from UK and the rest of Europe it's beginning to look more attractive by the day.
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Old Mar 1st 2010, 9:45 pm
  #1389  
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Default Re: 1.93's A$ to the Pound!!!

Hey Stuckinblighty. We are moving next month so if anyone needs the rate to come up it’s us ;-).

Thing is people need to be realistic. Its not going to bounce back straight away so we’re not selling up now and are going to try to spend as few £’s as poss. Get job straight away (hopefully) and start spending $’s. We’re renting out our UK property and will sell in 2-3 yrs when the rate comes back up. Makes sense in Oz to rent 1st yr or so anyway while we get to know where we want to settle.

A lot of people here seem to be desperate to sell now and convert so quickly. What’s the rush? If you wait 2-3 yrs you’re house will sell for more as things improve in the UK and the rate will have increased by then. The doom mongerers claiming it will get worst by then don’t know what they are on about. We are not Zimbabwe ;-)
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Old Mar 1st 2010, 9:56 pm
  #1390  
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by itxrd
We are not Zimbabwe ;-)
Believe it or not, Sterling even fell against the Zimbabwe dollar yesterday
http://business.timesonline.co.uk/to...cle7046086.ece
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Old Mar 1st 2010, 9:57 pm
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by itxrd
A lot of people here seem to be desperate to sell now and convert so quickly. What’s the rush? If you wait 2-3 yrs you’re house will sell for more as things improve in the UK and the rate will have increased by then. The doom mongerers claiming it will get worst by then don’t know what they are on about. We are not Zimbabwe ;-)
Just say the UK house price stagnate and go slowly lower for the next 20 years like Japan, eaten away by inflation? I'm not saying that will happen - but it could. What would be your 'Plan B'?

Anyone who thinks the Global Economy is on the path to recovery doesn't understand what's going on. The Financial Crisis is in warm up mode, it hasn't even started yet.
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Old Mar 1st 2010, 9:58 pm
  #1392  
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Default Re: 1.93's A$ to the Pound!!!

Threads merged.
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Old Mar 1st 2010, 9:59 pm
  #1393  
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by DownUnderPaddy
Believe it or not, Sterling even fell against the Zimbabwe dollar yesterday
http://business.timesonline.co.uk/to...cle7046086.ece
Classic!!!
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Old Mar 1st 2010, 10:45 pm
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Default Re: 1.93's A$ to the Pound!!!

Plan B is keep the flat here until the mortgage is paid of in 20 odd years. Like I said before look at the rate over the past 25 yrs. There are always peaks and troughs. No need for any drama

Funny about the Zimbabwe dollar though ;-)
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Old Mar 1st 2010, 10:48 pm
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by itxrd
Plan B is keep the flat here until the mortgage is paid of in 20 odd years. Like I said before look at the rate over the past 25 yrs. There are always peaks and troughs. No need for any drama

Funny about the Zimbabwe dollar though ;-)
it's not funny i could crybut don't think i will help
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