British Expats - Exchange rate

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- - Exchange rate (https://britishexpats.com/forum/canada-56/exchange-rate-442788/)

Re: Exchange rate

Quote:

Originally Posted by Ontheboatout (Post 6264970)

Down or up.

Thanks...:lol:

Anyone seen Cnelred???

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 6264840)

OK campers.... any thoughts as to which way it's going to go? It's hovered around 2.0 for ages, with bad news coming from both countries! Are we locked here for a while or does anyone foresee a swing one way or the other?

I will have to change a large amount (for me, anyway) soon for a deposit on a house.... I have a 2 week window. Any help appreciated!

My advise - split the trade in two. Do half at something around 2.00-2.01 (depending on where spot is when you place order), then half at a few points higher. You can always adjust in a few days if the orders doesn't get filled.

Don't do what I did and get greedy though - keep your targets a little below where you feel the market will go. And don't forget to add in the traders spread. We got 1 cent off spot, so if spot was at 2.01, our order at 2.00 would get filled.

www.hifx.co.uk have a good marketwatch section on their website with live currency charts and history.

Re: Exchange rate

Quote:

Originally Posted by Rob_999 (Post 6265401)

Thanks for the advice Rob.

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 6264840)

Hey taught you might like to know of a company i am using. I have a broker who knew a good bit of info about the Pound verses the Euro and when I asked about the Canadian Dollar he put me on to his senior broker who I found to be very helpful and has being quite good at predicting which way the markets are going . I get sent a daily update on the markets and find its better then watching the news all night (haha).

He works for Excel Currencies,

I will send you his contact number in an e-mail ?

If anyone else wants it just post a reply and i will send you his details.

Re: Exchange rate

Quote:

Originally Posted by g.gary32 (Post 6294888)

g.gary32 - what was his rediction for CAD ? I'd be interested in his details

Thanks

Re: Exchange rate

I changed a fairly hefty sum at 2.0025 today, which I thought was a bit lame (2.0142 on the beeb).

I'm stuck really. I have to have a bankers draft for a deposit on a house by Tuesday. The rest is now "on hold" and not earning interest until I say go!

With oil and gold plunging, plus the USD rising, I am convinced the GBP will gain against the CAD before the 7th of May.

If I'm wrong, so what, I just lose money .... sniff....:sad_smile:

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 6265398)

Thanks...:lol:

Anyone seen Cnelred???

Sorry been on vacation, lining Mickey Mouse's pockets. Just got back tonight. I will be back trading on Monday or Tuesday will let you know what is happening once i have a look and speak to a few people.

Chris

Re: Exchange rate

Quote:

Originally Posted by cneldred (Post 6300592)

Thanks Chris.... a bit late for me. I swapped the final "wadge" for my house deposit today at 2.0140. I have to hand it to Custom House.... they frantically tried to get hold of me (even calling home to get my office number as I was busy on my mobile!) as the lady knew there was a spike that I should take advantage of. We did the contract, and sure enough it started to drop off just after!

Hope your break was good and welcome back.

Re: Exchange rate

Look like the rate starting to drop again, not so good:thumbdown:

Re: Exchange rate

its dropping because we complete on our sale next week and were planning to move the money over straight away!!!

In reality it is because oil has spiked higher, Canadian economic data isn't too bad at the moment and the Bank of England are looking to more rate cuts.

Chris

Re: Exchange rate

OK Chris. Have you completed on your sale yet, because I could really do with seeing the rate go up a bit?

Seriously, gaze into your crystal ball for me and tell me if it is going to get worse every day from now on as this does appear to be the current trend.

I am starting to panic as with every passing day my house effectively goes up in price by about Â£1000.

Re: Exchange rate

CAD still near historic highs vs Sterling
- No sign of a commodity slow down yet
- GBP under renewed pressure

Within the last week the Bank of England â€œno changeâ€ verdict, another all time high for oil and a woeful UK RICS survey have all brought the prospect of another Sterling CAD low back into play. Currently the rate is sitting a whisker over 1.95 a level last seen back in early March a few weeks after Northern Rock had managed to exit the FTSE 100 in a rather rapid fashion.

The no change verdict from the UK MPC will have been based in some part on this weekâ€™s inflation report, recent data alone would hardly have justified keeping rates at 5.00%. CPI for the UK out this week surprised to the upside as did the PPI so inflation pressure for businesses and consumers continues to heat up.

Part of the reason inflation remains a hot topic is because of the strength of commodities. Canada as a net exporter of oil and as a mineral and resource rich country has the fortunes of its currency historically entwined with rises and falls in the price of commodities. Oil continues to hit new uncharted territory, it seems that every week we breach a new high and filling up my car becomes more eye wateringly expensive. Energy and food continue to grab headlines as across the pond consumers face the â€œspectreâ€ of $4 per gallon fuel. Whatever, they should try $12.50 per gallon. Maybe if our North American cousins did move to the UK or Europe the idea of a 5.7 litre Chevy blazer in the drive would be slightly less appealing.

On a less sanctimonious note, the price of wheat and rice in the worldâ€™s poorer economies ensure that the price of commodities remains a life changing issue for those on the poverty line. Either way the boom in â€œstuff instead of stocksâ€ will continue to create news flow and drive demand for certain currencies. The CAD remains one such unit and shows little scope for weakening unless we see a very aggressive rate loosening phase from the Canadian central bank or a crash in commodity prices.

Whilst that CAD has a fan base all of its own for the reasons described above. It seems that Sterling continues to fight for its position in the battle for most credit crunch affected currency of the year. The latest RICS figures , which were the worst since records began, show the effects of a tightening credit market on an economy where levels of individual debt remain heady and the era of cheap credit is finding its way into our recent history. All of this points to an anxious UK consumer, reluctant to spend, faced with mounting monthly outgoings. Hardly likely to drive the Pound higher against the strengthening CAD now or any time soon

Re: Exchange rate

Complete on the sale tomorrow!!! In 2 minds about changing money up straight away.

Won't need to tell you when we change our money up, you will probably see an immediate retracement in the rate.

Chris

Re: Exchange rate

Darling has just raised the personal allowance to try and make up for taking away the lower rate band apparently costing 2.7 billion, no doubt another nail in the coffin of the exchage rate, O and labour.

Good luck with the house Chris:thumbup:

Re: Exchange rate

Quote:

Originally Posted by cneldred (Post 6350678)

Hello cneldred

Sorry to be so nosy and anxious, but just very curious to hear what your decision was Re: changing money straight away or not?

We follow your advice here very closely and we are on the brink of exchange as well.

Thanks
Regards
2NS