Absolutely, no point going to GBP first....

Ditto - no point in getting get stung for the traders margin twice regardless of what happens to the exchange rates.

Maybe... I've seen figures that suggest it costs 60 bucks per barrel to get to market. I also know that they are thinking of building a nuclear power station to extract the oil from the sludge as present methods are too costly.

The bottom line is, I don't see Canada escaping the global realities, despite their natural resources. They're only worth what people will pay....

http://news.bbc.co.uk/2/hi/business/7727399.stm



panic panic mr mainwaring

it could get worse im trying to move as much as poss to canadian accounts as fast as poss
still waiting for iceland cash though:curse:

I'm no expert (just someone keen for the rate to improve) but if you look at the history of sterling-CAD exchange rates, we are currently at an historically very low rate. It was last down to $1.80 in 1993, and to get below £1.80 you have to go all the way back to 1985, when it was below that level from Dec 84 - Sep 85, bottoming out at $1.47. I used the graph facility at http://www.discount-currency-exchange.com to get these figures. No-one can predict the future, but maybe looking at past performance is the next best thing.

So, while I need to buy CAD sometime over the next few months, I'm not going to rush in now.

Why not quote the dates on those and then you can look at the major market moving factors that have happened since then....like pretty much half of the banks in the western world being bailed out or taken over by the respective governments.

So when oil broke $90 and shot up to $150 i wasn't right for months!!!! As a trader i know how to trade it, do yourself a favour find out what a trailing stop is.

You are right, but not for a year or two IMO. Oil is going to stay down, and the dollar up for six months at least, it may even go down to $40, which may cause Canada's economy to start going down seriously. When Oil rises again, I expect it will be reasonably quick, and yes, the Loonie will be the currency to hold.

Anyone holding out for Sterling to break $2 again may be in for a lifetime wait! Brown is determined to bankrupt us, and everyone else can se that.

FX is a strange market though, and who knows, it could all completely change if everyone cuts taxes and IRs at the same time.

Brown won't last forever, thank God. Once the UK has a government that puts the UK's interests first and foremost, and stops all this "New World Order' crap that brown waffles about every chance he gets, the better.

Nulabia are not pro-UK, and everyone can see that. They'll be gone soon, fingers crossed.

Then we get Cameron and Osborne and the other Eton old boys.

Different band, same tune.

Here's my 2 cents - which used to be worth a dollar

I reckon the price of oil may well remain low for many many months yet. You should remember that OPEC members only produce around 40% of the worlds oil supply, and all non OPEC countries such as Iran and Russia etc are heavily dependent on income from there own oil reserves. As the price per barrel drops they will simply pump more and more barrels to achieve the revenues each of there countries requires to function & survive - it's a vicious circle that may bring oil prices down further still.

As for the US dollar rise, I reckon that the USA haven't been as transparent as the UK. Brown has painted a more accurate, but bleak picture of the UK economy, and the short term effect of his stance is a weakening of sterling... but, if you examine the amount of cash Brown has set aside for UK banks etc, the UK amount proportionately dwarfs that of America and the vast majority of other countries. The UK has a more realistic 'war chest' in cash reserves to pump into its system. IMO the USA government have massively underestimated the cash they will need to help there banks, and as a consequence they will need to pump literally billions more dollars into there system, which in turn will weaken the dollar.

Don't forget, the G20 world finance meeting has called for no protectionism of large corporations; IE the USA shouldn't bail out GM and/or Ford etc. The knock on effect of major USA companies failing will have a hugely detrimental effect on the USA economy and its greenback.

True, the UK is going to borrow more money than usual, but if you compare UK predicted total borrowing to other industrialised western countries in relation to GDP, the level of UK borrowing is still lower than Germany and the USA for example.

There is also a myth that the UK doesn't make anything anymore - in fact the UK is the worlds 6th largest exporter, and the current exchange rate is a good thing for UK manufacturing.

The BOE base rate cut of 1.5% with more cuts likely to be on the way can only be a good thing too, commercial interest rates, when finally passed onto to consumers and small business's, will see the UK benefit with its lowest rates for 50 years or so.

In short, IMO the sterling exchange rate fall is a short term thing, and as the true extent of the USA's and the EU economies becomes clear, the dollar and euro will weaken and the pound will bounce back.

M.

Unfortunately I think you'll find a big chunk of our exports are financial services...think you can safely say that won't be doing so well. I agree that the US dollar is over valued at the moment, and there will be a nasty correction.

I agree with you there.... unless shifty brown (read that carefully!) is hiding something.... which wouldn't be a surprise. Any way, fingers crossed that this dismal exchange rate is a temporary blip. My first attempts at FX trading have fallen flat on their face....

I was just wondering. The GBP is getting closer to euro with the pound struggling. Is Brown trying to level the pound to euro so Britain can easily change to EURO ?... Maybe in near future we'll join euro?!... What do you think?

so - given the banks are crumbling etc. . .IF my house sale goes thru next week would I be better just having the cash and putting under my mattress?? would be gutted to put it into an account for it to "disappear"!

I don't really think they are even bothered about the Pound v Euro at the moment, keeping their head above water is enough.