Exchange rate
Nov 6th 2008, 1:56 am
#1651
BE Forum Addict
Joined: Sep 2004
Location: Flat Oxfordshire
Posts: 1,709
Re: Exchange rate
As the experts have already said, it was probably already factored in because a 1% drop was rumoured. If it had only dropped by 0.5% then the rate would probably have increased.
But, who knows at the moment. Because we're coming back to the UK in the near future I've been watching the minute by minute changes in the exchange rate and the enormous flucations have almost made what little hair that I have left fall out
But what do I know because I'm only an engineer at not a financial whiz kid.
But, who knows at the moment. Because we're coming back to the UK in the near future I've been watching the minute by minute changes in the exchange rate and the enormous flucations have almost made what little hair that I have left fall out
But what do I know because I'm only an engineer at not a financial whiz kid.
Nov 6th 2008, 2:30 am
#1652
BE Forum Addict
Joined: Sep 2004
Location: Flat Oxfordshire
Posts: 1,709
Re: Exchange rate
OK, I give up. Looking at the minute by minute HIFX chart, why has the rate increased by 2c on a steadily increasing profile since the announcement.
I though UK interest rate drops were meant to make it go the other way
I though UK interest rate drops were meant to make it go the other way
Nov 6th 2008, 10:39 am
#1653
Joined: Aug 2005
Posts: 14,227
Re: Exchange rate
It maybe because the BOE is now being seen to be taking strong and decisive action which the city likes. However my feeling is that the market doesn't quite yet know what to make of this - and who knows what will happen in the next few days.
Nov 13th 2008, 2:47 am
#1654
BE Forum Addict
Joined: Jul 2008
Location: My Utopia Nova Scotia!
Posts: 1,368
Re: Exchange rate
$1.81 to the £
Nov 13th 2008, 2:57 am
#1655
Lost in BE Cyberspace
Joined: Jul 2006
Location: Cochrane, Alberta
Posts: 7,864
Re: Exchange rate
OK - so that is officially "bad" 
Nov 13th 2008, 4:41 am
#1658
BE Enthusiast
Joined: Nov 2007
Location: Abbotsford, BC
Posts: 450
Re: Exchange rate
I think i might stay in England now!! At the exchange rate BC is more expensive than Northern England! LOL! If your a commuter like me!
Nov 13th 2008, 5:18 am
#1659
Banned
Joined: Nov 2008
Posts: 20
Re: Exchange rate
Our funds are being wired to my forex broker tomorrow. I spoke to them today and said i will take anything above 1.95. The Canadian inflation numbers came out pretty strong which means they will hold off on further rate cuts for the time being.
Got very worried on Monday when we dipped below 1.93 but it then bounced to 1.95 until after those numbers today. I do not see a recovery to 2.00 plus for the foreseeable future, UK economy in the sewers, no one trusts labour anymore, housing market sat on the edge of a cliff.
Canadian economy so far avoiding the meltdown going on in most western countries, plus price of oil shows no sign of retreat next stop is $150 a barrel, which will see prices at the pump GBP1.50 ish a litre and CAD$1.50 ish. I fully expect the price of oil to touch $200 within the next year. As we all know the price of oil has helped the CAD$ become a stronger currency.
Hope that helps all.
Chris
Got very worried on Monday when we dipped below 1.93 but it then bounced to 1.95 until after those numbers today. I do not see a recovery to 2.00 plus for the foreseeable future, UK economy in the sewers, no one trusts labour anymore, housing market sat on the edge of a cliff.
Canadian economy so far avoiding the meltdown going on in most western countries, plus price of oil shows no sign of retreat next stop is $150 a barrel, which will see prices at the pump GBP1.50 ish a litre and CAD$1.50 ish. I fully expect the price of oil to touch $200 within the next year. As we all know the price of oil has helped the CAD$ become a stronger currency.
Hope that helps all.
Chris
We pressed the button this morning, got a rate of 1.945....absolutely gutted. Never thought the money would come across at such a bad rate. We did all our sums at 2.000 and signed for our house when it was 2.180. However, the price of oil is driving this and it is going to go much higher, basically China and India with populations of 1 billion in each country have just entered the cars for the masses club. Oil will never be sub $60 again, and my money is on $200 a barrel by the end of this summer. If CAD$ breaks 1.920 then it has had it, 1.850 will be targetted instantly.
All the best everyone.
Chris
All the best everyone.
Chris
Bazzz, actually since the 10th April every comment i have made about CAD$ has been pointing out a negative about the exchange rate. Even in that comment i pointed out we were stuck in a range. By piercing below 1.95 we broke that range to the downside, but then i had support at 1.92 we bounced off that earlier this week. All the fundamentals are in place for further strength in CAD$, inflation rising again, Oil price blowing out, UK Economy in the sink, everywhere you go you read about the terrible state of UK Housing Market.
Can you show 14 years of experience in broking or trading the financial markets or are you qualified to give investment advice, such as i am with the UK FSA for one amongst a number of international financial regulators, Germany, France, US and Canada being the others.
http://www.fsa.gov.uk/register/indiv....do?sid=601216
the above link shows i am a qualified investment manager. The day you can come back to me with any of the equivalent then you can make condescending comments, until then.....
Can you show 14 years of experience in broking or trading the financial markets or are you qualified to give investment advice, such as i am with the UK FSA for one amongst a number of international financial regulators, Germany, France, US and Canada being the others.
http://www.fsa.gov.uk/register/indiv....do?sid=601216
the above link shows i am a qualified investment manager. The day you can come back to me with any of the equivalent then you can make condescending comments, until then.....
Nov 13th 2008, 5:48 am
#1660
BE Enthusiast
Joined: Apr 2008
Posts: 401
Re: Exchange rate
anyone know the date of the next bank of canada rate announcement? I hope a rate drop here would show a small correction on fx?
Nov 13th 2008, 5:49 am
#1661
Forum Regular
Joined: Jul 2008
Location: Victoria, B.C.
Posts: 283
Re: Exchange rate
From the 1st post:
"Damn it's down to $2.25 now "....
Ah, those were the days!
"Damn it's down to $2.25 now "....
Ah, those were the days!
Nov 13th 2008, 5:55 am
#1662
BE Enthusiast
Joined: Apr 2008
Posts: 401
Re: Exchange rate
Just found it Dec 9th but we have a gouv announcement on the 19th and BOC review on the 20th of Nov anyone on the floor got any insight to the expected result of these announcements?
Nov 13th 2008, 6:44 am
#1663
Forum Regular
Joined: Sep 2005
Posts: 33
Re: Exchange rate
In an effort to cheer people up that are worried about the exchange rate the link below follows the property markets in the main cities in Canada and it appears that, like here, houses are plunging, my advice is to rent for the next 2 or 3 years.
http://www.canadian-housing-price-charts.235.ca/
http://www.canadian-housing-price-charts.235.ca/
Nov 13th 2008, 7:37 am
#1664
Immigration Consultant
Joined: Jun 2007
Location: Halifax, Nova Scotia
Posts: 2,144
Re: Exchange rate
In an effort to cheer people up that are worried about the exchange rate the link below follows the property markets in the main cities in Canada and it appears that, like here, houses are plunging, my advice is to rent for the next 2 or 3 years.
http://www.canadian-housing-price-charts.235.ca/
http://www.canadian-housing-price-charts.235.ca/
Nov 13th 2008, 8:01 am
#1665
BE Forum Addict
Joined: Sep 2004
Location: Flat Oxfordshire
Posts: 1,709
Re: Exchange rate
Well I'm not going to try and predict the future but at least based on past data (to the end of Sept 08) house prices in Halifax seem to have bucked the trend and increased nearly 11% during the year. (see http://www.crea.ca/public/news_stats/statistics.htm# - price in Sept 07 = $216,863; price in Sept 08 = $239,740)
We just have to hope that the oil price stabilizes.
