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Re: Exchange rate
Originally Posted by Mike Gas
(Post 8836794)
I am just grateful to have had the money to overpay my mortgage in previous years when interest rates were low, so whatever I get for this place before we emigrate, most of it will be mine! If it is not worth as much as it used to be over there, well then plans will have to adapt. Who knows when things will begin to improve for potential UK immigrants to Canada as far as foreign exchange goes? Economists have been drastically wrong before and in the end there are more important things to consider about emigrating than money. The Canadian immigration process has been getting steadily more difficult for a few years now. If you wait for financial reasons, who is to say you will qualify by the time the exchange rate is favourable? Lots of people who did wait are probably kicking themselves because their job category has been wiped off the Cat 1 list, or they are now in the race to be in the first thousand applicants. If you are always waiting for the 'right time' to do things, sometimes the right time comes along but you don't realise until it is too late. So make your call and look at the plusses you have, not the negatives. |
Re: Exchange rate
Here we go again - down to 1.59.
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Re: Exchange rate
I think the pound at $1.60 is now the norm. It has fluctuated around this level for the last 4 months. It has also been the most stable period at against the CD over the last 2 years.
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Re: Exchange rate
damn...need to move our money in the next 12 months, was hoping for some upward movement (like everyone else I guess)
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Re: Exchange rate
Originally Posted by Alan2005
(Post 8752738)
In the next few months - I'd say up. 1.75 feels right to me so that's where I think it's going to end up.
(I'm not, nor have I ever been a trader of any kind, let alone FX)
Originally Posted by cneldred
(Post 8753946)
when i said despite rate hikes, that is a huge sign of the trend. Rate hikes usually strengthen a currency, all part of the carry trade, since Bank of Canada started hiking the Loonie has weakened against GBP. Not what you expect, therefore as far as i am concerned the run on GBP was a huge over selling based on projections of a downgrade on UK debt linked to worries about Hung Parliament. I would expect us to settle back to mid 1.70, but doubt you will see 1.80 anytime soon, unless of course Bank of England put rates up, which there is not a hope in hell of happening.
I haven't got a clue about how the currencies rise/fall but am interested in what you base your predictions on? |
Re: Exchange rate
Originally Posted by greentea3
(Post 8915518)
Just wondering after reading back to August and some of these posts - what now would you say for stirling? I wonder what made you base those thoughts/ideas about stirling going up at that time?
I haven't got a clue about how the currencies rise/fall but am interested in what you base your predictions on? I still think that $1.75 feels right, and I still think it will get there. I could say that I just got the timing wrong, but as timing is everything that would be bollocks. Saying this, if I'd put my money where my mouth is when I made that prediction, I'd still have made a tidy profit given it was at $1.52 at the time. |
Re: Exchange rate
Originally Posted by Alan2005
(Post 8915746)
I base it on what I read about the UK and Canadian economies, what you can get for your money in each place (so called purchasing parity) and a whole lot of idle speculation and guesswork. However, as I've said before, if I really knew what it was going to do I wouldn't be here making predictions about it.
I still think that $1.75 feels right, and I still think it will get there. I could say that I just got the timing wrong, but as timing is everything that would be bollocks. Saying this, if I'd put my money where my mouth is when I made that prediction, I'd still have made a tidy profit given it was at $1.52 at the time. |
Re: Exchange rate
Originally Posted by nikkif99uk
(Post 8918017)
post office is no longer cheapest as they only selling at $1.49, found that M&S and Sainsburys both at $1.51 or something. Still got a month and 3 days til I fly out on my bunac visa so hoping it will have gone up a bit by then
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Re: Exchange rate
Originally Posted by Luckyone
(Post 8918035)
You should be able to get nearer the $1.57 to $1.60 range at the moment. Check with the many currency exchange sites that are recommended on BE.
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Re: Exchange rate
Originally Posted by nikkif99uk
(Post 8918105)
Oh ok cause everytime i walk past the shops its only 1.49 or 1.51 not seen it any higher or is there a better rate online? will have a look
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Re: Exchange rate
Originally Posted by Luckyone
(Post 8918117)
Just do a quick 'google' (it's not painful :0)....or search this site for recommendations. I just found this one as an example, http://www.xe.com/ there are many. They're all gonna beat the price you see displayed in the High Street but it depends on how much you need to change as to which route you might want to go.
Am planning to change up around £1500 |
Re: Exchange rate
I remember just before we moved to Canada 2001..The company who was on Teletex went bust ....Leaving lots of un happy people broke! Get your GBP and out quick who knows with these companies..Luckily for us they went before we sent the cash...
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Re: Exchange rate
Originally Posted by nikkif99uk
(Post 8918423)
done a few google searches, would prefer to collect it than have it delivered though. the only thing i not like about the delivery ones is that you cannot choose your denominations. I don't like anything larger than a $20 bill. Will just hope closer to the time that the rate gets better
Am planning to change up around £1500 Tim |
Re: Exchange rate
STERLING BOTTOM OF THE PILE
Twin fears of double-dip recession and QE revitalised by UK events. BoC statement reins in the Loonie. After a promising start that took it a cent higher over the next 36 hours sterling fell back steadily to open in London this morning a cent lower on the week. Events conspired against sterling, as did the market. On Tuesday the Bank of England's Mervyn King said the next decade would be a SOBER one (Savings, Orderly Budgets and Equitable Rebalancing) in contrast to the previous NICE one (Non-Inflationary Consistent Expansion). In calling for more savings he was at odds with his deputy, Charlie Bean, who said a couple of weeks ago that monetary policy was aimed at encouraging consumers to spend, not save. The governor set the tone for the chancellor's spending review the following day. There was nothing wholly surprising in the statement; most of the important aspects had been leaked to the media in the ongoing effort to manage expectations. But that did not prevent investors becoming downbeat when the chancellor confirmed the loss of half a million public sector jobs and the purchase of two anti-aircraft carriers. There had also been bad news earlier in the day when the minutes of the Monetary Policy Committee (MPC) meeting showed that one member had voted for another £50 billion of quantitative easing (QE). UK statistical releases were both sparse and unhelpful. The Confederation of British Industry said orders were down again in October. So were September's mortgage approvals and retail sales. Overshadowing the week was the upcoming G20 finance ministers' meeting. There was abundant warning that G20 would have something to say about misaligned exchange rates but what? Not a lot, in the end. There was no chance of a decision to alter currency values; almost everyone at the table wanted their own currency to be at the weaker and more competitive end of the spectrum. You don't win export orders with an unduly strong currency that prices you out of the market. All that G20 could "agree" on was to democratise the Old-World aristocracy at the top of the International Monetary Fund, by promoting representatives of the influential emerging economies, and to head off a trade war by discouraging a currency race to the bottom. As such, it was neither a surprise nor a disappointment. As far as the Canadian dollar was concerned, investors saw the result as more of the same; a continuation of the status quo. There would be no attempt to prop up the US dollar, just as there would be no effort to depress the yen or the commodity currencies. With no special mention of sterling the assumption was that it would continue to hang out to dry for the same old reasons; the twin prospects of QE and double-dip recession. Canada's economic data did not bring much to the table. An upward shift in inward investment and a downward one for investments abroad carried no serious implications. Wholesale sales were up by 1.2% in August while the leading indicator for September edged -0.1% lower. Inflation at 1.9% was exactly on target and retail sales were above target with a 0.5% monthly increase. The sour note for the Loonie lay in the Bank of Canada's monetary policy report. A downgrade of the Bank's growth projections for the Canadian economy put it under downward pressure. There is every sign that sterling is heading down the same road to destruction as the US dollar. The one thing in its favour might be that every pundit from Sydney to San Francisco seems to agree it is doomed. When your granny's hairdresser tells her it's time to sell sterling it is probably the end of the downward road. However, "probably" is not the same as "certainly". Having previously suggested they hedge at least half their requirement, buyers of the Canadian dollar should stick with that strategy, covering a higher percentage if a capital investment is imminent. |
Re: Exchange rate
Just changed some sterling at First choice for our trip next week and took in a print out of the best rates from moneysavingexpert and they matched the best I could get elsewhere so cant fault that
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