Re: Exchange rate
 

Chris - the MIL is giving us some money to help us on our way to Canada, she's in Ireland, so will be going from EUR to CAD, the EUR looks strong against the CAD at the moment, would you suggest changing now or hanging on a bit longer?

Re: Exchange rate
 

I think i may have explained before that rising interest rates means stronger currency..ECB (the Euro) sprung on the world just yesterday that rates are almost definately going up next month. The Euro is very very strong and has been for about 18 months, just keeps getting stronger. That isn't going to change until the US$ becomes a sound investment, therefore it is going to be a long time until the Euro collapses. I earn the bulk of my money in Euro and couldn't be happier. One day it will change but not even a glimmer on the horizon at the moment.

The key for you will be the press conference after the next ECB meeting. They have laid the groundwork for a rise next month, but it will be a case of what the say after that rise. My money this rise will be a one off and therefore changing up prior to next months meeting should give the best results. FYI, that meeting is usually the first Thursday of the month. I won't be about for that one as it is the day after we move into our new house. But you can catch the speech on Bloomberg or CNBC in Europe at 1.30pm (London Time) on that day, it will be made by Jean Claude Trichet and he will go on for about 90 mins.

Hope that helps

Chris

Re: Exchange rate
 

Thanks Chris - useful as always :thumbsup:

Re: Exchange rate
 

Solarfish i guess eventually it may pay off for you keeping the house in the UK! but i don't envy you at the moment! I was considering doing the same! I had a tenant lined up! I bottled it in the end and sold it! I think in 20 years i will cursing myself!

Re: Exchange rate
 

We went the first three months without a tenant and that was scary, but right now things are OK and all I'm having to do is send about $800 a month to make up the difference between the mortgage and rent. The other reason we wanted to keep it is that it gives us a good fallback if things don't work out here. So far things are great, but you never know what might happen in the future.

Re: Exchange rate
 

Glad things have worked well so far! I was needing to send over about $500 a month too! that was a bit of a stumbling block also! when i wasnt sure of cost of living ect over here! Think we will stay here now too! just starting to look at buying first house after renting for 6 months. good to see you ve settled too!

Re: Exchange rate
 

HSBC are currently offering 2.0018000

Re: Exchange rate
 

I'd take it! It's just dropped over 2 cents.... Cnelred, how can that happen? So much in such a short time???

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Probably the UK inflation rate numbers....means interest rates won't be cut affecting the exchange rate, I guess?

Re: Exchange rate
 

Interest rates not being cut, or even increased, should strengthen sterling in theory..... but then I'm not an expert..... paging Chris.....

Re: Exchange rate
 

£1 = £2.03 now - keep going :thumbsup:

Re: Exchange rate
 

And that on the back of dismal UK financial news (mainly house prices!) and upbeat Canadian News (good GDP, high commodities).

Let's all hope this is on the way back to 2.35! I've still got a bit to change..... and I haven't paid the "welcome" tax yet!

Re: Exchange rate
 

sorry i gave up work a couple of weeks ago, therefore i am out of the loop until September. We move into our new house on Wednesday and i always take end of July and August off, a history of losing too much money in those quiet summer markets ensures that i enjoy a relaxing summer these days.

Chris

Re: Exchange rate
 

Enjoy your break.

Re: Exchange rate
 

Good luck with the move Chris. Four weeks today ours should be ready so we'll be after some tips on the 'moving in' process.

Chris
(Looking forward to a day out in Wasaga Beach!)