Exchange rate
#1276
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?
#1277
BE Enthusiast
Joined: Aug 2005
Location: Was Brentwood, Essex Now Wasaga Beach, Ontario
Posts: 895
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
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
#1279
BE Enthusiast
Joined: Nov 2007
Location: Abbotsford, BC
Posts: 450
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!
#1280
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.
#1281
BE Enthusiast
Joined: Nov 2007
Location: Abbotsford, BC
Posts: 450
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.
#1283
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???
#1287
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!
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!
#1288
BE Enthusiast
Joined: Aug 2005
Location: Was Brentwood, Essex Now Wasaga Beach, Ontario
Posts: 895
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
Chris
#1290
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
Chris
Chris
(Looking forward to a day out in Wasaga Beach!)