Exchange rate
#948
Banned
Joined: Jul 2006
Location: Brighton
Posts: 341
Re: Exchange rate
Essentially yes but the reason this is happening is because people are too streched financially already and therefore the cut in interest rates is just so that people don't go bankrupt rather than to get more people to buy.
#949
Re: Exchange rate
According to my mortgage broker it won't have major impact on mortgage rates yet - "we're currently paying a premium because of the sub-prime problems in the USA. There is still about $150 billion dollars that has to be written off which will happen this spring. Once the losses are taken the spreads should narrow which would mean lower fixed rates".
#950
Re: Exchange rate
Well, after a Canadian drop in rates, a hold in the UK and not great news about the Canadian economy (new build permits down nearly 3%), the pound is still only at 1.977.
It seems the hope of breaking back through 2 is a distant one.
If it can't do better than that when all has been in the Pound's favour the last couple of days, further drops don't look unlikely.
It seems the hope of breaking back through 2 is a distant one.
If it can't do better than that when all has been in the Pound's favour the last couple of days, further drops don't look unlikely.
#951
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Joined: Aug 2005
Location: Was Brentwood, Essex Now Wasaga Beach, Ontario
Posts: 895
Re: Exchange rate
Oil at $105 a barrel!! That doesn't help.
Chris
Chris
#953
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Joined: Aug 2005
Location: Was Brentwood, Essex Now Wasaga Beach, Ontario
Posts: 895
Re: Exchange rate
indeed it is. The situation between Venezuela and Columbia is being blamed for the latest move up. We finally sell our house in about 4 to 6 weeks, praying for a pop above 2 about then.
Chris
Chris
#954
Re: Exchange rate
Selling in the UK or here (Canada)?
I'm still renting and would love to buy, but not at this exchange rate. Point blank refuse (probably cutting off my nose to spite my face, but there you go!!)
I'm still renting and would love to buy, but not at this exchange rate. Point blank refuse (probably cutting off my nose to spite my face, but there you go!!)
#955
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Joined: Aug 2005
Location: Was Brentwood, Essex Now Wasaga Beach, Ontario
Posts: 895
Re: Exchange rate
selling in the UK. We close on our house here early July, just praying for a recovery.
Chris
Chris
Last edited by cneldred; Mar 6th 2008 at 5:33 pm.
#957
Re: Exchange rate
Seeing as the £ to US $ is pretty good - would there be any merit in changing an amount of sterling into US $ and wait for it to recover against the loonie?
#958
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Joined: Aug 2005
Location: Was Brentwood, Essex Now Wasaga Beach, Ontario
Posts: 895
Re: Exchange rate
personally i think the US economy is screwed for at least the next 10 years. The last currency in the world i would want my life savings in is US$. I am fed up of second guessing things and getting it wrong, turned down 3 offers on our house last year, as i thought we would get better. We have just accepted 15 grand under the lowest of those. As soon as the money is in the bank we will change it into CAD$ and start sleeping properly again.
Chris
Chris
#959
Re: Exchange rate
I don't have that much that makes it worth getting too upset about, but 2.3:1 would have been nicer than 1.98:1
#960
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Joined: Aug 2005
Location: Was Brentwood, Essex Now Wasaga Beach, Ontario
Posts: 895
Re: Exchange rate
i would donate my left b*****k for anything above 2.20
Chris
Chris