scottymallo

rates down to 2.01 today, i thought the rate would have be heading towards 2.10 to the £ with the canadian bank interest rate cut today! anyone else any thoughts on this it was 2.06 just after 12.00 GMT! nightmare

cneldred

we expected 50bp cut today and be done with it. What they did was 25bp now and warn of more in the future. This gave CAD$ a boost, that decision was made at 2pm. Let me tell you from experience that rate decisions are also often leaked prior to announcement. The emergency cut in US rates August 07 i was warned about 3 hrs before.

chumley

just got 2.05 with hsbc and from today the transfer is instant to canadian account you no longer have to wait 3 days

scottymallo

I got $2.05 too! this morning but only bought $4000 as was thinking the rate might continue to rise throughout the week suppose it's wait an see again! yes i noticed the transfer was instant! great stuff!

geedee

You were both very lucky! It's 2.007 just now.

APC

Its back up to 2.05 now - speculators seem to have shifted to the fx market from oil.

I've been tracking this since last year and its totally random - make's no sense sometimes and the volatility is huge. I am also very bad at theoretically predicting when to buy as i get it wrong nearly every time.

You just got to be lucky when you need to xchange and thats it........ few weeks ago it was at 1.89 so 2.05 looks fab now

good luck all

Posidrive

I'm certainly not a financial expert (in fact the exact opposite if you look at the decisions that I've made over the last 10 years) but the drop in value of the Canadian dollar has sort of tracked the oil price. I'm pretty sure that OPEC are meeting on Friday to agree to cut production to try to force the oil price back up. Chavez wants to keep the price around the $85 -90 level to keep Venezuela solvent.

Aviator

Pound slumps on the US$, where next?

losttraveller

just got a quote from hifx. its $2.025 now.

scottymallo

Well i was thinking this morning that anything above $2 is a bonus! i bought more yesterday at $2.04 it blipped for about 3 mins was lucky i logged on at the right time!

geedee

Down over three cents today.

I moved 2000 pounds over at 2.044..... giving me 4088 dollars.

So, it's 1.944 now.... say I get roughly that from the bank later, and swap it back to the UK, I will get 2,102 back.... a 102 pound profit in just over a week!

Then, if it goes back up next week, to say 2.05, 2102 will become 4,309.... etc. etc.

Should I be a currency trader??

scottymallo

I was looking at doing the same can make £725 quid by transferring back across but the rate might not come back up above $2 so depends on how quick you need the cash!

Paul Wildy

LOL

Thats quite a swing though isnt it? 2.05 down to 1.94 in a few days. I dare say it represents a missed window of opportunity for those that had been holing out for 2.06!

benjy25

Who did you use and how much commission did they charge you? I am using HIFX but I am not certain the rates are great.

Thanks

geedee

I used to use Custom House.... they don't charge commission and give a fantastic rate.

After a tip-off on here, I discovered that you can link HSBC accounts (I have one in UK and one here) on the internet. The rate wasn't quite as good as CH, but it is so convenient! When I did mine it said it could take 2 days (I didn't check) but someone has said they have now made it instant.

That's why it might be worth a bit of a gamble swapping money back and forth!