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Re: Exchange rate
Our financial advisor seems to think we will have a perk after the election, providing it is a one party government (increased confidence), and then a dip again before it becomes more stable (uncertain reactions to new policies then a quarter or two of continued growth). :fingerscrossed:
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Re: Exchange rate
Originally Posted by Alan2005
(Post 8410547)
My view: The Canadian economy isn't as good as reported and the UK economy isn't as bad as reported. 1.50 is intuitively too low; but that doesn't mean it won't go lower; at least in the short term.
Originally Posted by James Martindale
(Post 8410555)
However things do change and historically (the last 30 years) the pound and CDN dollar have hovered around 2 for 1. Whilst using a chart is very basic forecasting I still see the current exchange rate eventually improving in the pounds favour and the 2 for 1 eventually restoring.
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Re: Exchange rate
Originally Posted by Deva
(Post 8410791)
Eventually is the key word. The exchange rate stayed above 2 from 1994-2007. Maybe we are due for 14 years below 2. Not that I believe in the magic of 2 anyway.
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Re: Exchange rate
It has just been announced here today that the Canadian $ will reach parity with the US $ by the summer...what that means for the pound is worth investigating for those waiting to change money over.
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Re: Exchange rate
Originally Posted by Pebblebeach
(Post 8410372)
I wish it wasn't true. Have to transfer my house money before the end of the month. I feel sick:(
We found a house that is great for us and in early March knew exactly how much we needed so therefore the exchange tanked again and cleaned another £15K out! Our house here completes on 30th April and I just do not know whether to take the money now and run or chance it AGAIN. My head is spinning.:confused::blink: But, I love it here and so do the kids, and even hubby does too (and he has a lot more work here than in the UK) so its not all bad.... I cannot see what will lift the rate up again before 30th April unless Conservatives get a huge uplift in the polls but would the markets believe it now and take the risk anyway???? |
Re: Exchange rate
Originally Posted by Bonsai
(Post 8411110)
It has just been announced here today that the Canadian $ will reach parity with the US $ by the summer...what that means for the pound is worth investigating for those waiting to change money over.
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Re: Exchange rate
Originally Posted by Alan2005
(Post 8411471)
'it has just been announced'? who announced that?
Here is a good article that highlights the point you made on Canada understating their finances. http://money.ca.msn.com/investing/ji...3605492&page=2 |
Re: Exchange rate
Originally Posted by James Martindale
(Post 8411499)
I saw something about it in the Globe and Mail.
Here is a good article that highlights the point you made on Canada understating their finances. http://money.ca.msn.com/investing/ji...3605492&page=2 |
Re: Exchange rate
Originally Posted by emmae
(Post 8411465)
We are in your boat too Pebblebeach. We arrived in December and had the dizzy heights of 1.72!! But stupidly we did not change any of our house funds because we didn't know how long it would take us to find a house yadda yadda yadda......
We found a house that is great for us and in early March knew exactly how much we needed so therefore the exchange tanked again and cleaned another £15K out! Our house here completes on 30th April and I just do not know whether to take the money now and run or chance it AGAIN. My head is spinning.:confused::blink: But, I love it here and so do the kids, and even hubby does too (and he has a lot more work here than in the UK) so its not all bad.... I cannot see what will lift the rate up again before 30th April unless Conservatives get a huge uplift in the polls but would the markets believe it now and take the risk anyway???? |
Re: Exchange rate
I never thought it would go below $1.60 but it has, and last week I read that it may go down to $1.35 against the £
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Re: Exchange rate
Originally Posted by greentea3
(Post 8410499)
Pebblebeach,
I totally sympathise with you and others in that situation. I don't know whether to transfer my money now and take a hit or just hold on but then I expect it to drop even further. I personally can't see how Stirling can rally itself up again. I'm no financial expert but lets face it there is no confidence in the British Government and that to me suggests political instability which I assume is having the dramatic effect on the currency. With Darling having the budget on March 23rd, I'm guessing it may sink even lower then? The timing is the real difficulty isn't it. The exchange rate has been falling for so long now your instinct tells you it must get better, so you wait, but over the last year waiting has just made the situation worse and worse. When the rate is so much worse than you ever imagined, how do you choose when to take the hit? For us, it has been a matter of running out of time. Not a strategy I'd recommend. |
Re: Exchange rate
We have done the same thing but more to make sure we were not exchanging before we fully decided the move and Canada was definitely right for us. We played safe! Our way has been very costly as it turns out but we wanted that peace of mind. Only if we had one of those crystal ball things....
We have managed to secure a mortgage for half of our house so we can leave some in England in a savings/investment for a similar term to the initial mortgage period. Hopefully we may get a bit back that way - maybe in about 10 years the way things are going! Good luck to anyone doing this at this time. :fingerscrossed: |
Re: Exchange rate
Originally Posted by Pebblebeach
(Post 8412927)
When the rate is so much worse than you ever imagined, how do you choose when to take the hit?
I have £ and $ accounts with Oanda and convert a fixed amount online each day. If you transfer £1 or £100,000 the rate is the same. This approach has removed the stress of trying to time the market. |
Re: Exchange rate
Originally Posted by Deva
(Post 8413039)
If you are sitting on cash in the UK why not just transfer it bit by bit? It's the same approach as pound/dollar cost averaging with investments.
I have £ and $ accounts with Oanda and convert a fixed amount online each day. If you transfer £1 or £100,000 the rate is the same. This approach has removed the stress of trying to time the market. Do you set your rate every day? Any tips would be appreciated. Thanks |
Re: Exchange rate
Originally Posted by emmae
(Post 8413120)
Thanks for that Deva. Have just opened an account to look into it a bit more. Initially it looks like it sits somewhere between forex trading and currency exchange companies. I didn't know any such thing existed.
Do you set your rate every day? Any tips would be appreciated. Thanks The money transfer service is comparatively recent and uses the same underlying system as FXTrade. I'm willing to bet that some of the currency exchange companies use FXTrade to make their transactions. The routine is very simple: 1 - Earn income in GBP 2 - Each week move GBP from my UK bank account to my Oanda GBP account 3 - Each day around the same time log in and transfer £xxxx from my Oanda GBP account to my Oanda CAD account 4 - Weep 5 - Initiate a transfer to my Canadian bank when I have enough in my CAD account to justify the transfer fee (US$25) The rate I get is, of course, whatever it happens to be at the time. I try not to think about it. |
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