Lunnons

I have looked at the dollar this morning on the bbc web site and it is 2.31 - what is happening to it???
Are there any predictions that it is going to get better or worse.
I seem to remember last year when we went on holiday it started to creep up just before Christmas.
It is not looking good at the moment for those of us that will be changing our money up.

Melchels

It looks like it is a combination of the pound being week and the Dollar gaining strength. Hopefully for us converting from Pounds to Dollars, things will improve. If not, we are just going to convert as little as possible while the rate is so low and then transfer the remaining when it returns to its more normal 2.50ish

fraser

It's a nightmare my moneys dropped $28000 since I put my house on the market and we're due to complete in 3 weeks

cantwait

It's not good is it.......

We've reduced the house over £20,000 now and when we do sell it and change our money over, a big lose all in all.

Lets hope it picks up eh....

Swerv-o

I've just posted this message on another thread, so sorry if you have already read it, but you may find it useful...

Well I'm glad I'm not the only one loosing sleep (and money) over this then! For me the rate has got so bad that I'm not sure if I will be able to go with my original timetable, as money was pretty tight in the first place, not to mention loosing thousands of $ with an adverse exchange rate.

In terms of knowing what's going on, if you have a look at www.moneycorp.com, you can sign up, completely free of charge, to their weekly Email service, where they give an explanation of the market forces acting that week behind the exchange rate, and they make short range speculations based upon what could happen with the US$, AU$ and GB£ for the next week. They were certainly spot on last week anyway.

It may not be much, but it helps to keep you in the picture and may even help you to get some sleep at night.

S

Ozzy4life

Most of us are in the same boat, our money is still sitting in our British account waiting for anything above 2.5ish, we will just change what we have to for the time being and wait for things to get back to normal.

The difference is quite worrying when you work out you could buy 2 nice cars for the money! :scared: Although the money will be plowed into the mortgage (when we get one) the car thing is more tangible.

worzel

I don't mean to be a worry-wort but the rate is as likely to head toward $2 as it is back towards $2.50. Just because it was a rate in the past it doesn't mean it will go that way again. I am not being troll-ish, just giving you my experience as an accountant

I also cut my house price by £25K to sell it. At todays rates I will also be another £20K worse off due to FX.

steveyp

A lot will depend on depend on the BOE rates decision next month, I reckon the market has factored in a rate drop, which if it does not happen will send the pound back up, but not a lot as there is limited good news on the horizon from the UK.. if you see 2.40 anytime soon, grab it with both hands.

I was in the same boat last year, seeing 2.60 + and then getting 2.47 at christmas... it can indeed make a vehicles worth of difference, do I feel lucky to have got 2.47 ? nope I am still sore that I did not get 2.60.

I am even considering sending some back now and making on it...

Pej

Add me to the list.

We are flying out to Oz permanently at the end of the month. We have no Australian dollars at the moment, so have no choice but to exchange at least enough to get us set up with accommodation, cars, white goods and furniture etc. We've been holding off thinking the rate will improve, but it's just got worse and worse .

We are on a very tight budget as it is, and we are going to financially struggle. Worzel is right, that the rate is just as likely to get worse as it is better. That is a real problem for us.

cantwait

Cheer's thanks for that. just pray it gets better, so we can all make up for what we keep loosing on the house reductions we all have to keep making.

Paula.

Siren & Brian

I dont see how it is a loss at all.... you have reduced the house price because there are no buyers at the price which means at the current time your house is over priced. Now you havent converted any money so how can you lose on that. I'm sure when you do convert at what ever price you get you will be able to buy alot more house than you currently have in the UK.

Swerv-o

Quoting Moneycorp today:

"There are two potential tripwires for sterling later this week; June retail sales and second quarter GDP growth. Recent consumption indicators have looked bleak for the UK retail sector and expectations are of a further slowing to economic growth. If those two numbers bring further disappointment the pound will struggle against the aussie dollar."

Hmm. This doesn't sound good does it? Infact, does the term 'Recession' mean anything to anyone?

S