Re: Exchange rate
 

easy way to look at it. What do you for a living??? I am a trader in the markets with a good portion of my funds at risk, the number of sleepless nights i have had when a position has been going hard against me. Put it this way if it will be tight financially for you to adopt this approach or if we saw 1.95 region and it meant a change in the lifestyle you hope to have in Canada, then i wouldn't do this. You will be kicking yourself for years with what if scenerios, i do this for a living and will bite the bullet and go to market as soon as the funds are released from the sale of house (the wife will make my life unbearable if i call that trade wrong).

Good luck whatever your decision.

Chris

Re: Exchange rate
 

What about investing the money in a high interest account in the UK, depending on the amount invested it may offer a better return than the exchange rate going back up to $2.30

Re: Exchange rate
 

we have seen a house in Barrie that we like, and providing the rate stays above 2.10 we should be mortgage free...something i have been aiming at doing for a number of years. I am 34 this year, very few people are still doing well in my line of work when they hit their 40's. So i have to put it away now, nevermind the rate it is the lifestyle we want, my last couple of years of trading will be a damn site easier if i know i don't have a mortgage to worry about.

If you do park the funds in a high interest account in the UK, where do you stand tax wise when you bring the money into Canada at a later date?? That you need to consider, even if it fine at the moment remember legislation can change later. Look at what Canada did recently with the tax refund for tourists...suspended currently (or it was in April when we came over).

Good luck


Chris

Re: Exchange rate
 

As Promised

MPC Surprises

After the surprise announcement that the MPC had voted 9-0 for a rate rise in early May and signals that another rise is not far away sterling was propelled from around 2.14 to finish the week just above 2.15.

The US Dollar rallied toward the end of the week when new home sales for April showed growth of 16%. This was slightly negated by poor statistics for existing home sales and a feeling that these figures may have been boosted by heavy discounting. On the other hand relatively buoyant economic data suggested that a rate cut is still some way off.

Unlike the situation to the South there is still no immediate prospect of Canadian interest rates moving lower. The prices of energy and raw materials continue to rise. Manufacturing expanded slightly in February, the economy is growing at a healthy pace. There is the odd fly in the economic ointment. Only one in three industrial sectors reported increase production. Retail sales were relatively flat. Nevertheless, those commodity prices are still helping the Canadian Dollar to hold its head higher than the Greenback - assisted, it must be said, by a rash of M&A activity among foreign investors. The Canadian economy is not being dragged down by the slowdown in the States and neither is the Loonie.

The pound has had a sustained fall against the Loonie since the halcyon days of 2.30. Momentum is strong but at 2.1475 the movement looks overdone in the short term. A retracing to 2.18 before plunging to last years levels near 2.00 is expected.

So what to do?

Take advantage of any upward blip, the momentum is strong and a rout is possible.

Re: Exchange rate
 

makes sense, agree entirely the trend is down but if you see a decent rally jump on the opportunity.

Re: Exchange rate
 

Offshore Bank Account ;)
If I could be bothered I'd probably investigate further but I'm like you, I just want to buy my house out right and start living life in Canada.

$30k is the difference between if I had of changed my money back in in Feb @ 2.35 or this afternoon @ 2.15

Can't really be too upset though as back in Feb the money was virtual, next month it will be reality.

Re: Exchange rate
 

that's the way to look at it. Back in Feb the rate might have been better, but you might not have got the price you wanted for your house....in one hand out the other so to speak.

Here's to hoping you got north of 2.15 next month:thumbsup:

Chris

Re: Exchange rate
 

You should settle in Kingston. It'll be easier for your family to come visit you.

Re: Exchange rate
 

Which Kingston would that be? :confused:

Re: Exchange rate
 

jamaica i think he means!

Re: Exchange rate
 

I think he mean this one http://en.wikipedia.org/wiki/Kingston_Penitentiary :eek:

Re: Exchange rate
 

lol:eek:

Re: Exchange rate
 

Re: Exchange rate
 

Have put everything on hold now until next April due to personal problems.

Typically I didnt have all my asetts together when it was $2.33, now I do its $2.12.

Do I sit tight for 10 months with the cash in a high interest/ premium bonds, or do I buy now and put in my Canadian account.

Down in theory $23,000!!!!! DOH

Anybody got the answer?

Re: Exchange rate
 

Down to $2.11 know. The thing is it is a game (I played it for 2 years) and when we came over we got $2:14 when it had been $2.40 6 months earlier. We have invested the money here and have made 18% each year (medium risk). IMHO I would find an exchange that would be your minimum and hang on till that hits. We also left a large chunk of money in the UK (in a lloyds high interest account) and just sent amounts over when the rate got better. Finally, if you plan to send you money to your chequing account overhere you will get bugger all interest. Good luck, I understand the stress.