Exchange rate
Sep 17th 2007, 9:46 am
#526
BE Forum Addict
Joined: Apr 2005
Posts: 4,842
Re: Exchange rate
I can only tell you what I've done. I have an account with Lloydstsb here, I do the transaction with HiFX and send the money to them via CHAPS though Lloyds, it costs about £35 (dependng on the amount) but it's done within hours. HiFX sends the money to my HSBC account in Canada the next day.
Sep 17th 2007, 9:54 am
#527
spring is coming yeha
Joined: Oct 2005
Location: wasaga beach ont
Posts: 494
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.
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.
Sep 17th 2007, 10:02 am
#528
Tea Drinker
Thread Starter
Joined: Nov 2006
Location: Kamloops, BC
Posts: 5,387
Re: Exchange rate
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.
Sep 17th 2007, 10:14 am
#529
BE Forum Addict
Joined: Apr 2005
Posts: 4,842
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.
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.
Sep 17th 2007, 10:18 am
#530
spring is coming yeha
Joined: Oct 2005
Location: wasaga beach ont
Posts: 494
Sep 17th 2007, 10:32 am
#532
spring is coming yeha
Joined: Oct 2005
Location: wasaga beach ont
Posts: 494
Re: Exchange rate
no prob mate pocket change for a rich guy like me. NOT!!!
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
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
Sep 17th 2007, 11:08 am
#533
BE Forum Addict
Joined: Apr 2005
Posts: 4,842
Re: Exchange rate
no prob mate pocket change for a rich guy like me. NOT!!!
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
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
Sep 18th 2007, 2:33 am
#534
Tea Drinker
Thread Starter
Joined: Nov 2006
Location: Kamloops, BC
Posts: 5,387
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)
When it goes back up to $2.30 in January I can change it back (optimistic I know)
Sep 18th 2007, 2:40 am
#535
BE Enthusiast
Joined: Aug 2006
Location: The Vancouver Suburbs... for the next few years anyway!
Posts: 558
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?!?!
Sep 18th 2007, 4:06 am
#536
Banned
Joined: Jul 2006
Posts: 237
Re: Exchange rate
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
Sep 18th 2007, 6:11 am
#537
Tea Drinker
Thread Starter
Joined: Nov 2006
Location: Kamloops, BC
Posts: 5,387
Re: Exchange rate
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.
Sep 18th 2007, 6:28 am
#538
Banned
Joined: Jul 2006
Posts: 237
Re: Exchange rate
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.
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.
Sep 18th 2007, 7:39 am
#539
Sawdust making harpy
Joined: Sep 2007
Location: Alberta
Posts: 11,291
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 !!! 
Sep 18th 2007, 7:40 am
#540
Immigration Consultant
Joined: Jun 2007
Location: Halifax, Nova Scotia
Posts: 2,144
Re: Exchange rate
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.
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.
