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Re: Exchange rate
Originally Posted by johnh009
(Post 7040296)
The recession is World-wide. I do not think you can win wherever you go. Trying to beat currency exchange rates is risky and you probably get more interest in the UK.
http://www.xe.com/ |
Re: Exchange rate
Originally Posted by TheBear
(Post 7040500)
Trying to beat the rates is risky but hedging by splitting your savings so you're protected is sensible. The recession is global, but the pound has lost so much of its value against against virtually every currency since our country is no shape to fight the recession. Also oil and other natural resources will always be in demand but not necessarily financial services, so recessions will effect different economies to greater or lesser extents, and if you are planning to move to another country it makes sense to have some of your savings in that currency.
The interesting thing is that the pound is moving towards parity with the Euro. I wonder if this is intentional or did Blair hand Gordon Brown the poisoned chalice? |
Re: Exchange rate
Originally Posted by johnh009
(Post 7041875)
I see what you mean. Even though the Canadian dollar is down approx. 20% from its previous highs against the US dollar, it is still holding up against the pound.
The interesting thing is that the pound is moving towards parity with the Euro. I wonder if this is intentional or did Blair hand Gordon Brown the poisoned chalice? |
Re: Exchange rate
I ve also split my money 50/50 between uk and Canada.
I changed 1/3 at between $1.99- 2.04. Over the last 2 weeks i have exchanged another 17% getting a rate of $1.89. So if looking back i should have exchanged the lot but you never know what's going to happen. So now im sat with 50% left in UK getting crap interest rates! I'm leaving my remainding money in the UK as long as it stays in the range $1.78-$1.92 any deviation from this range and il transfer the remainder over to Canada. |
Re: Exchange rate
Originally Posted by scottymallo
(Post 7042655)
I ve also split my money 50/50 between uk and Canada.
I changed 1/3 at between $1.99- 2.04. Over the last 2 weeks i have exchanged another 17% getting a rate of $1.89. So if looking back i should have exchanged the lot but you never know what's going to happen. So now im sat with 50% left in UK getting crap interest rates! I'm leaving my remainding money in the UK as long as it stays in the range $1.78-$1.92 any deviation from this range and il transfer the remainder over to Canada. |
Re: Exchange rate
Originally Posted by mr.mac
(Post 7042774)
How are you transfering your money to Canada, we've used Paypal for small amounts but the charges would be awful for a larger amount?
Try these people, they will give you a better rate than the banks: http://www.customhouse.com/ They have branches in the UK and Canada. Or use HiFX, there is usually a link at the top of this page. |
Re: Exchange rate
Hi i opened a HSBC premier account uk and Canada getting a better rate than custom house and all the others as there s no charge and it s instant transfer all online! Great service
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Re: Exchange rate
Oil goes up and the CAD goes lower!?:confused:
There really is no sense in FX.:unsure: |
Re: Exchange rate
Originally Posted by scousemartin
(Post 7069782)
Oil goes up and the CAD goes lower!?:confused:
There really is no sense in FX.:unsure: |
Re: Exchange rate
Originally Posted by TheBear
(Post 7069913)
the Gluhwein is not going to be cheap :(
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Re: Exchange rate
Originally Posted by Posidrive
(Post 7069945)
Drink enough of it and you won't care :)
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Re: Exchange rate
MARKET OBSESSED BY PROSPECT OF £1=€1
The Bank of Canada cuts its policy rate by 75 basis points. Investors are still bearish about Sterling. McDonald's is "a safer investment" than gilts. But could a reversal of GBP/EUR spark a rally for Sterling against the Loonie? In a choppy seven days' trading the Pound never progressed beyond last Monday's $1.88 opening. The low point came on Thursday at $1.82 but by the time London opened this morning Sterling was back up to $1.86, just two cents lower on the week. As the week progressed, investors and the media became steadily more transfixed by the spectacle of the Pound heading towards parity with the Euro. The possibility of that outcome affected every other Sterling exchange rate, even where it was not strictly relevant. Having seen the Pound fall by a substantial margin in the last 18 months investors seemed inclined to push for the obvious £1=€1 objective, if for no better reason than that of Mallory for wanting to climb Everest. The UK economic data conspired to keep the bears supplied with ammunition. The RICS agreed with the government that house prices were still moving lower; it recorded the lowest number of November sales since the beginning of its data series 30 years ago. Rightmove told a similar story on Sunday night, conceding that its index of offered prices was some way adrift of what was actually being realised by vendors. UK industrial production fell by 1.7 per cent in October, down by 5.2 per cent from a year earlier. Both components of the producer price index went down between October and November with manufacturers' costs 3.3 per cent lower on the month. There were no cheers to be heard though. The CBI's industrial trends survey, which asks manufacturers how business is going, matched October's 28 year low. For Sterling the deepest cut of all was the media's discovery that McDonald's is a safer bet than the UK government. Credit default swap market prices revealed a cost of 1.2 per cent to insure five year gilts. Cover for five year bonds issued by the burger joint cost just 0.77 per cent. In common with the rest of the world, the Bank of Canada reckons lower interest rates are the weapon of first resort to fight economic slowdown. Also in common with other central banks, the BoC saw no reason to risk the accusation of too little, too late. Its 75 basis point cut last week was 25bp more than investors had bargained for. Yet only briefly dip the Loonie dip. By the end of the day it was back in line with its pre-cut level against the US Dollar and it moved - erratically - higher against the Greenback for the rest of the week. A softer housing starts figure and a slightly narrower trade surplus did it no harm. For some time we have advocated hedging at least half of any requirement to buy Loonie. There are now grounds to reconsider that strategy. The Pound has been under the cosh for two years because it has been the softest target. Investors are increasingly beginning to wonder if it has gone too far. Buyers of the Canadian Dollar who need certainty should, as ever, cover their whole amount immaterial of the current exchange rate. Those with a greater risk appetite should look for a Sterling/Euro and Sterling/Yen base that will spark a turnaround, leading to a rally in GBP/CAD. Place a stop order, in case it all goes haywire, but look for better levels early in the new year. That is this week's hostage to fortune. |
Re: Exchange rate
Originally Posted by Danny B
(Post 7071063)
MARKET OBSESSED BY PROSPECT OF £1=€1
The Bank of Canada cuts its policy rate by 75 basis points. Investors are still bearish about Sterling. McDonald's is "a safer investment" than gilts. But could a reversal of GBP/EUR spark a rally for Sterling against the Loonie? In a choppy seven days' trading the Pound never progressed beyond last Monday's $1.88 opening. The low point came on Thursday at $1.82 but by the time London opened this morning Sterling was back up to $1.86, just two cents lower on the week. As the week progressed, investors and the media became steadily more transfixed by the spectacle of the Pound heading towards parity with the Euro. The possibility of that outcome affected every other Sterling exchange rate, even where it was not strictly relevant. Having seen the Pound fall by a substantial margin in the last 18 months investors seemed inclined to push for the obvious £1=€1 objective, if for no better reason than that of Mallory for wanting to climb Everest. The UK economic data conspired to keep the bears supplied with ammunition. The RICS agreed with the government that house prices were still moving lower; it recorded the lowest number of November sales since the beginning of its data series 30 years ago. Rightmove told a similar story on Sunday night, conceding that its index of offered prices was some way adrift of what was actually being realised by vendors. UK industrial production fell by 1.7 per cent in October, down by 5.2 per cent from a year earlier. Both components of the producer price index went down between October and November with manufacturers' costs 3.3 per cent lower on the month. There were no cheers to be heard though. The CBI's industrial trends survey, which asks manufacturers how business is going, matched October's 28 year low. For Sterling the deepest cut of all was the media's discovery that McDonald's is a safer bet than the UK government. Credit default swap market prices revealed a cost of 1.2 per cent to insure five year gilts. Cover for five year bonds issued by the burger joint cost just 0.77 per cent. In common with the rest of the world, the Bank of Canada reckons lower interest rates are the weapon of first resort to fight economic slowdown. Also in common with other central banks, the BoC saw no reason to risk the accusation of too little, too late. Its 75 basis point cut last week was 25bp more than investors had bargained for. Yet only briefly dip the Loonie dip. By the end of the day it was back in line with its pre-cut level against the US Dollar and it moved - erratically - higher against the Greenback for the rest of the week. A softer housing starts figure and a slightly narrower trade surplus did it no harm. For some time we have advocated hedging at least half of any requirement to buy Loonie. There are now grounds to reconsider that strategy. The Pound has been under the cosh for two years because it has been the softest target. Investors are increasingly beginning to wonder if it has gone too far. Buyers of the Canadian Dollar who need certainty should, as ever, cover their whole amount immaterial of the current exchange rate. Those with a greater risk appetite should look for a Sterling/Euro and Sterling/Yen base that will spark a turnaround, leading to a rally in GBP/CAD. Place a stop order, in case it all goes haywire, but look for better levels early in the new year. That is this week's hostage to fortune. |
Re: Exchange rate
Originally Posted by Southcote
(Post 7071075)
Where was this from ?
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Re: Exchange rate
Originally Posted by Danny B
(Post 7071104)
that I haven't been able to unsubscribe from since July 07.
They just know you'll post it here for them - free advertising ;) |
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