Exchange rate
#1741
BE Enthusiast
Joined: Nov 2007
Location: Abbotsford, BC
Posts: 450
Re: Exchange rate
i ve got 1.90 today much have dipped for a while
#1742
Re: Exchange rate
http://www.opec.org/library/faqs/aboutopec/q3.htm
#1743
Re: Exchange rate
OMG.... Cneldred, any idea why the pound is down nearly 6 cents this morning? That's the biggest fall I think I've ever seen? Is it anything to do with the rumour of joining the Euro?? Why does everyone hate the pound all of a sudden???? I wish I'd paid that tax bill
#1744
BE Enthusiast
Joined: Apr 2008
Location: Barrie
Posts: 349
Re: Exchange rate
Manufacturing output and mortgage lending down dramatically...increases likelihood of lower IRs. Oil up, helps CAN$. Brown and Darling borrowing way to much and so flooding the markets with UK bonds at a time when there are few investors. All of this makes the pound very weak. I would expect to see the CAN$ around 1.50 by spring
#1746
BE Enthusiast
Joined: Feb 2007
Posts: 316
Re: Exchange rate
I only hope the exchange rate goes through the roof this afternoon .. i'm exchanging cash at M&S tomorrow .. now i shouldnt complain, the money i got was from selling items in the house, a gift from my grandfather and the kids pocket money (which i give to them at £1 - $2) it only totals about £2k so anything is better than £1 - $1 ..
#1747
Joined: Aug 2005
Posts: 14,227
Re: Exchange rate
Anything to do with this?
http://news.bbc.co.uk/1/hi/business/7764741.stm
http://news.bbc.co.uk/1/hi/business/7764741.stm
#1748
Re: Exchange rate
And just when I start to think that I'm beginning to understand the markets, the UK drops interest rates and the Canadian dollar immediately starts lossing value against it.
I give up
I give up
#1749
BE Enthusiast
Joined: Apr 2008
Location: Barrie
Posts: 349
Re: Exchange rate
Read the comments above for the explanation. The rate cut was priced in, and then Oil has dropped big time today, and Canada is an Oil/commodity currency. It may well be the pound creeps back up towards $2 again if we don't see any more terrible news and rates look like thy're going to hold.
#1750
BE Enthusiast
Joined: May 2006
Location: Fall River, NS
Posts: 478
Re: Exchange rate
Read the comments above for the explanation. The rate cut was priced in, and then Oil has dropped big time today, and Canada is an Oil/commodity currency. It may well be the pound creeps back up towards $2 again if we don't see any more terrible news and rates look like thy're going to hold.
#1751
BE Enthusiast
Joined: Apr 2008
Location: Barrie
Posts: 349
Re: Exchange rate
Yep...I talk out of my @rse all the time. Exchange rates are going to be all over the place in the short term and I shouldn't pretend I know what is going to happen. If Oil continues to fall along with commodities then the £ might fair better than the CAN$, but if Oil starts to go up again, and our economy worsens then it will be the other way. I'm currently opening an HSBC account in canada and going to move half my money over there...that way I won't win or lose, but at least I'll sleep.
In the long term I think Canada is a much better place to be as Oil will go up again, even if it's a few years away, and because they have stuff (commodities) to sell that the rest of the world wants, Canada will recover early...the UK has lost so much manufacturing etc that it will take much longer to recover.
In the long term I think Canada is a much better place to be as Oil will go up again, even if it's a few years away, and because they have stuff (commodities) to sell that the rest of the world wants, Canada will recover early...the UK has lost so much manufacturing etc that it will take much longer to recover.
#1752
Re: Exchange rate
Yep...I talk out of my @rse all the time. Exchange rates are going to be all over the place in the short term and I shouldn't pretend I know what is going to happen. If Oil continues to fall along with commodities then the £ might fair better than the CAN$, but if Oil starts to go up again, and our economy worsens then it will be the other way. I'm currently opening an HSBC account in canada and going to move half my money over there...that way I won't win or lose, but at least I'll sleep.
In the long term I think Canada is a much better place to be as Oil will go up again, even if it's a few years away, and because they have stuff (commodities) to sell that the rest of the world wants, Canada will recover early...the UK has lost so much manufacturing etc that it will take much longer to recover.
In the long term I think Canada is a much better place to be as Oil will go up again, even if it's a few years away, and because they have stuff (commodities) to sell that the rest of the world wants, Canada will recover early...the UK has lost so much manufacturing etc that it will take much longer to recover.
funily enough my wife and I were talking about this today. We are planning to save a certain amount of money by this time next year ready for our move to canada. She still has her canadian bank account and we were debating if we should transfer our current money into that now before the rate gets worse (which we think it will) or to put it an ISA?
#1753
BE Enthusiast
Joined: Apr 2008
Location: Barrie
Posts: 349
Re: Exchange rate
Do you think thats a good idea?
funily enough my wife and I were talking about this today. We are planning to save a certain amount of money by this time next year ready for our move to canada. She still has her canadian bank account and we were debating if we should transfer our current money into that now before the rate gets worse (which we think it will) or to put it an ISA?
funily enough my wife and I were talking about this today. We are planning to save a certain amount of money by this time next year ready for our move to canada. She still has her canadian bank account and we were debating if we should transfer our current money into that now before the rate gets worse (which we think it will) or to put it an ISA?
#1754
Joined: Aug 2005
Posts: 14,227
Re: Exchange rate
I'm not qualified to give advice, but here's where I stand, at the mo the rate is OK, if Oil goes down into the 30s and global growth is forecast to fall further, reducing demand for commodities, which it could well do, then the CAN$ will go down, how much it will go down against the £ is the big question. Our economy is truly screwed (house prices now 18.1% off peak and that's before redundancies! In auction properties are going for 30-40% off peak), but again how much of this is priced into the current exchange rate is hard to say (Eur 1.15!). If you split your savings between the two currencies you will not lose, but you won't gain either. My gut feeling is that Oil will bottom out soon, so the CAN$ fall may slow, but if the global markets haven't quite yet grasped the extent of how much the UK economy has been built on debt and not growth, then the pound could drop another 20-40%, so I'd be inclined to save a greater proportion of my money in CAN$, especially as that is going to be our home of the future.
Rate heading up to 1.90 today - think the market had priced in a bigger rate cut.
#1755
BE Forum Addict
Joined: Aug 2007
Posts: 1,782
Re: Exchange rate
Do you think thats a good idea?
funily enough my wife and I were talking about this today. We are planning to save a certain amount of money by this time next year ready for our move to canada. She still has her canadian bank account and we were debating if we should transfer our current money into that now before the rate gets worse (which we think it will) or to put it an ISA?
funily enough my wife and I were talking about this today. We are planning to save a certain amount of money by this time next year ready for our move to canada. She still has her canadian bank account and we were debating if we should transfer our current money into that now before the rate gets worse (which we think it will) or to put it an ISA?
http://www.xe.com/