Re: Exchange rate
 

Thanks (and thanks for the bank reply too :thumbup:)

One thing I have noticed as I've babysat the rate over the last few weeks is that in the morning (Canada time) the £ is generally stronger than in the afternoon. I'm sure that has something to do with when the markets are open and is not based on anything than random observation, but a handy thing to watch for if you're trying to get the best rate.

I of course didn't listen to my own advice on this as when the rate wasn't breaking the $1.805 value on Monday morning I should have known it wasn't going to do it in the afternoon.

Re: Exchange rate
 

nose dive today to 1.76 ffs

Re: Exchange rate
 

I do feel for you, I remember when we were babysitting the exchange rate ourselves. It can be a very frustrating time and you always end up kicking yourself.

It looks like 1.80 is the benchmark at the moment, so many people say to me IF ONLY or I WISH I HAD A CRYSTAL BALL.

I don't have a great memory for dates but I think the last time we saw $2.00 was October last year.

Re: Exchange rate
 

I think the easiest way to look at this is to find a rate you're comfortable with (you'll never find the perfect rate) and just do it. Once done, don't look at the rate again until you absolutely must. That removes all of the stress of rate tracking and "what could have beens".

Re: Exchange rate
 

Good advice. Wasn't the drop to do with what merv said the other day?

Re: Exchange rate
 

Certainly looked that way.

Here's a quick view from yesterday - http://www.forexyard.com/en/market-a...ise-2009-09-15

Re: Exchange rate
 

Yeah - good advice, but like my morning trading thing, I wasn't very good at following it. It's definitely been painful watching it over the last few weeks as I've been bringing my money over in chunks. Hindsight trading is soo easy!! ;)

Re: Exchange rate
 

Maybe pick a rate point (say 1.8) and stick with it. When that point is reached, convert. Maybe also set some form of stop loss of a certain % below your chosen rate in case there is a tumble of some sort.

Easier said than done when it's not my money but for your own sanity, this is my advice ;)

And don't forget, one you hit the exchange button, do not follow the rate unless absolutely necessary ;)

Re: Exchange rate
 

Personally I'm guessing things will improve during the 'honeymoon period' after the Tories win the election next year, then sink again once people realise that a new government won't be enough to turn the economy around fast.

Re: Exchange rate
 

The exchange rate is quite awesome now, for someone wanting to import from Canada.

Re: Exchange rate
 

I certainly hope so. I have some money that I need to bring over at some stage - I'm still holding out for $2 (well someone has to !)

Re: Exchange rate
 

Every time Mervyn King opens his mouth the pound drops - I wish he'd just shut the ***** up!

Re: Exchange rate
 

and in other news... the Aussie dollar is on FIRE


yeeehaaaa :D

Re: Exchange rate
 

You think that's guaranteed? I'm beginning to think that Gordon may well be able to paper over enough cracks so that they can spin an 'improving' economy and then scrape through.

Either way, we all know the UK is going to have to go through some drastic cuts in public spending. And as the next government doesn't have the same luxury of north sea oil that thatcher did in the 80's the potential is there for the next decade to be very nasty.

Re: Exchange rate
 

:lol: You may have a long wait. I wouldn't be surprised if we see $1.50 in the next few months. The slide is beginning ($1.74 today), and the BOE and the government have no intention of doing anything about it.