|
Re: Exchange rate
Originally Posted by Juliew
(Post 5323090)
Hi Steve666,
My funds are kept in a HSBC account in the UK. You think it would only take 1 day for them to transfer into a Canadian account. Your advice is appreciated. |
Re: Exchange rate
Hi guys just recieved this from moneycorp don't know if it helps
Sterling buried by Northern Rock - Higher UK interest rates unlikely - Narrower Canadian trade surplus Sterling moved purposefully lower during the week. Starting from $2.1450 it went down every day, opening this Monday at $2.05. Just for a change the US Dollar was not the victim of choice during the week. It did lose about a cent to the Euro but actually managed to head upwards against the Yen and, of course, Sterling. The US economic data were not much help to investors. As the week drew to a close there was a typically confusing set of data when Industrial Production and Retail Sales both came in softer than forecast while Consumer Confidence improved, against all expectations. The main focus of debate was this Tuesday's meeting of the Federal Open Market Committee. Most analysts look for a cut of either a quarter or a half percentage point but it is within the bounds of possibility that Chairman Ben Bernanke will guide the committee away from any cut at all. Reportedly he is not convinced that the an official rate change would have any effect on unclogging the liquidity crisis in the interbank cash market. In a strange mismatch Canadian Housing Starts rose by an impressive 5.1 per cent in August even as Existing Home Sales fell by 5.3 per cent. The Canadian Dollar nevertheless managed to gain ground steadily against the US Dollar during the week and extended its stride to leave the Pound well behind. Analysts believe that a slowdown in the States will inevitably have a dampening effect on the economy north of the border but this is not yet in evidence. On the contrary, high oil prices are helping Canada ahead. On most fronts the British Pound wandered through the week with a post-it note on its back that read "kick me". It drifted lower as economists and investors became steadily more convinced that any chance of higher base rates had gone out of the window as a result of the liquidity crunch. With three month money trading up to a full percentage point higher than Bank Rate the commercial banks have done their own tightening; there is no evidence to suggest that the screw needs to be turned further by the Old Lady. But that was nothing. On Thursday night it emerged that the Bank had stepped in to keep Northern Rock afloat with bucketfuls of liquidity. Investors were almost as alarmed as the depositors who spent the weekend queuing outside branches of Northern Rock in the hope of liberating their money. The weekend press went into bat on the subject with their usual vigour and any market participant who had not been boot-faced about Sterling on Friday was surely in no doubt by Monday morning. So what to do? After last week's performance it is difficult to be optimistic about Sterling in the short term. Buyers of the Canadian Dollar should hedge their exposure, buying at least half of their currency forward. |
Re: Exchange rate
Originally Posted by steve666
(Post 5322994)
My wife says I don't have friends. I do here though, latest is my lawyer over there says we HAVE to close by 1st October or ELSE!
Not sure what "or else" is, but I bet it isn't pretty. |
Re: Exchange rate
Originally Posted by steved61
(Post 5323160)
Hi guys just recieved this from moneycorp don't know if it helps
Sterling buried by Northern Rock - Higher UK interest rates unlikely - Narrower Canadian trade surplus Sterling moved purposefully lower during the week. Starting from $2.1450 it went down every day, opening this Monday at $2.05. Just for a change the US Dollar was not the victim of choice during the week. It did lose about a cent to the Euro but actually managed to head upwards against the Yen and, of course, Sterling. The US economic data were not much help to investors. As the week drew to a close there was a typically confusing set of data when Industrial Production and Retail Sales both came in softer than forecast while Consumer Confidence improved, against all expectations. The main focus of debate was this Tuesday's meeting of the Federal Open Market Committee. Most analysts look for a cut of either a quarter or a half percentage point but it is within the bounds of possibility that Chairman Ben Bernanke will guide the committee away from any cut at all. Reportedly he is not convinced that the an official rate change would have any effect on unclogging the liquidity crisis in the interbank cash market. In a strange mismatch Canadian Housing Starts rose by an impressive 5.1 per cent in August even as Existing Home Sales fell by 5.3 per cent. The Canadian Dollar nevertheless managed to gain ground steadily against the US Dollar during the week and extended its stride to leave the Pound well behind. Analysts believe that a slowdown in the States will inevitably have a dampening effect on the economy north of the border but this is not yet in evidence. On the contrary, high oil prices are helping Canada ahead. On most fronts the British Pound wandered through the week with a post-it note on its back that read "kick me". It drifted lower as economists and investors became steadily more convinced that any chance of higher base rates had gone out of the window as a result of the liquidity crunch. With three month money trading up to a full percentage point higher than Bank Rate the commercial banks have done their own tightening; there is no evidence to suggest that the screw needs to be turned further by the Old Lady. But that was nothing. On Thursday night it emerged that the Bank had stepped in to keep Northern Rock afloat with bucketfuls of liquidity. Investors were almost as alarmed as the depositors who spent the weekend queuing outside branches of Northern Rock in the hope of liberating their money. The weekend press went into bat on the subject with their usual vigour and any market participant who had not been boot-faced about Sterling on Friday was surely in no doubt by Monday morning. So what to do? After last week's performance it is difficult to be optimistic about Sterling in the short term. Buyers of the Canadian Dollar should hedge their exposure, buying at least half of their currency forward. Whatever, what I've just learned from OUR house lawyer in Canada, (wanker shit bum asshole, C etc. who the f does he work for i'm paying the C) that I should Get a bridging loan, "they do it in Canada every day" like I haven't tried! Bollox, I really am losing my pay chence here. |
Re: Exchange rate
Originally Posted by steve666
(Post 5323217)
Boo hiss, bad news bringer.:)
i really do feel for you steve, i hope it all works regards steve |
Re: Exchange rate
Originally Posted by steved61
(Post 5323226)
i am sorry my lord i will go flog myself:rofl:
i really do feel for you steve, i hope it all works regards steve |
Re: Exchange rate
Originally Posted by steve666
(Post 5323250)
All Steve's should stick together, any chance of a £230,000 loan?
i am in a similar boat to you mate although i have got until 15th Nov to complete, if the rate doesn't go back up it is going to make a severe dent in our new start :(.We already struggled to get our mortgage with the down payment requirements going up, it has really been hit and miss for us:( |
Re: Exchange rate
Originally Posted by steved61
(Post 5323258)
no prob mate pocket change for a rich guy like me. NOT!!!:D
i am in a similar boat to you mate although i have got until 15th Nov to complete, if the rate doesn't go back up it is going to make a severe dent in our new start :(.We already struggled to get our mortgage with the down payment requirements going up, it has really been hit and miss for us:( |
Re: Exchange rate
I actually sent some money back to the UK today becuae of the recent change in exchange rate! 1c = 48p
When it goes back up to $2.30 in January I can change it back (optimistic I know) |
Re: Exchange rate
Northern Rock's share price has gone up today - I'm hoping that means there is some more confidence in the market?!?!
|
Re: Exchange rate
Originally Posted by Danny B
(Post 5323184)
If you haven't removed the subjects the sale will collapse and you should get your deposit back. That's what happened to me at least.
|
Re: Exchange rate
Originally Posted by howardk
(Post 5326236)
hi danny b...what do you mean...remove the subjects....i thought that if you back out or don't close on the date that you wpould lose the deposit and risk ending up in court....or is there an alternative....cheers
Needless to say the sale did collapse as I couldn't sell my house in the UK in time and I recieved my $5k back and there were no hard feelings on either side. Once the subjects have been removed it's fair game, if you pull out after this time you will lose your deposit and probably get sued. To be honest though most sellers wouldn't go as far as to sue you, they'd be happy with your deposit. |
Re: Exchange rate
Originally Posted by Danny B
(Post 5326742)
Back in Feb I fell in love with a house in Kamloops and put an offer in with a $5k deposit. The offer was *subject* to a number of things and if these *subjects* were not removed by April 1st 2007 then the sale would collapse and I would get my deposit back.
Needless to say the sale did collapse as I couldn't sell my house in the UK in time and I recieved my $5k back and there were no hard feelings on either side. Once the subjects have been removed it's fair game, if you pull out after this time you will lose your deposit and probably get sued. To be honest though most sellers wouldn't go as far as to sue you, they'd be happy with your deposit. |
Re: Exchange rate
Well the fed cut the rate by .50 bp (hope thats the correct terminology) do any aspiring Gordon Geckos(sp?) have any idea how that may affect the exchange rate if at all? Its still going down I thought it might have gone up just a little bit or should I just shut up and stay out of it !!! :o
|
Re: Exchange rate
Originally Posted by Danny B
(Post 5326742)
Back in Feb I fell in love with a house in Kamloops and put an offer in with a $5k deposit. The offer was *subject* to a number of things and if these *subjects* were not removed by April 1st 2007 then the sale would collapse and I would get my deposit back.
Needless to say the sale did collapse as I couldn't sell my house in the UK in time and I recieved my $5k back and there were no hard feelings on either side. Once the subjects have been removed it's fair game, if you pull out after this time you will lose your deposit and probably get sued. To be honest though most sellers wouldn't go as far as to sue you, they'd be happy with your deposit. |
| All times are GMT -12. The time now is 10:05 am. |
Powered by vBulletin: ©2000 - 2026, Jelsoft Enterprises Ltd.
Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.