Also you useless chump, have a look at post 1321, i posted just last week that i was very concerned about sterling...read exactly what i posted try to understand it and you will realise that pretty much sums up the mess Mervyn King explained today.

PS stick to selling used cars you clown

Chris

A bit testy aren't you? How much have you lost on the oil futures market then?

Oh. I guess quite a lot.

I want a good exchange rate for my pound into canadian dollar before 1st October 2008 (which is when i leave the UK ) i very nearly changed it last week when it hit $2.05, wish i had now Does any one think it may reach this again in the next six weeks, or is it likely to slump even lower

The pound, currently found in the bottom of the toilet, is about to go right round the S bend and out of sight for a long time. Luckily for me, the Australian dollar is performing even worse, so even sterling currently gaining strength against it.

Don't know what the CDN is doing though.

I

I need to change some £ to CAD$ in the next 10-14 days: should I do it now before the £ slumps further or wait and hope for a small recovery?

Cheers

Well I am no financial adviser, so I can't tell you what to do - and this is compunded further by the fact that I don't follow the Canadian markets/economy very closely at all. However, the question you must ask yourself is - how much can the pound gain in a few days, notwithstanding a major event in the markets?

What sort of rate should I be expecting? I have no experience in this but HSBC have just offered me 1.8788 which seems awful?

Thanks, Ben

Ok I think other peoples comments on here are a bit rough. I'm not talking about you Benjy.

Nothing has been announced today in the UK so the rate *should* remain as bad 1.986 mid market at at time of writing to a little better $2.00.

My educated guess and that is all that anyone can give in that all you have is the information in front of you is that we will certainly see $2.00 again by the end of the week. I predict this off the back of stories like this one below the Canadian economy needs US $ and home foreclosures do not scream "we in the us have money to burn"

http://www.bloomberg.com/apps/news?p...GEY&refer=home

£ took a hit yesterday due to bad news it could recover this month if the house sales figures in the UK pick up (which it looks like they might) and the CAD economy takes a hit.


See what happens at open today and make youre decision then.

This is an absolutely ridiculous thing to think. House sales in the UK will not pick up for years. Just yesterday the BOE finally admitted we're about to go into recession, unemployment is up and only going ot get higher, inflation is out of control and rates must rise to meet it, banks are no longer lending anywhere near 100% mortgages, and houses STILL cost more than twice there long-term average.

That's a mickey take surely? I've used them to transfer a few amounts over the last few weeks and it's normally been about 0.03 off the proper rate...

Having said that, thinking of signing up with an FX house so I can get a proper rate...

What?? I did not say fully recover i said pick up we are at a record low as of the 12th picking up isnt that big a dream. Banks have started reoffering 95% mortgages Darling is talking about killing stamp duty and with house sales at a record low the bad news is already in the air! A head line reading "Record low" like the 12th can only be in the news once "New record low" just doesnt have the same effect. Also with Darlings "Dither" over stamp duty this month people held off selling there house to try and make a saving so if and when he does finally announce the cut you can expect those extra houses to be included in the normal months sales thus giving a halo effect for that month and most probably some news paper jumping on a hardly used bandwagon to say "House prices recovering".

Also while we have been talking Mid market is now 1.99 with people trading up to and above $2.

After all of that I guess the real point should be no one knows what is going to happen we could have an earthquake tomorrow and tumble further down the rabbit hole we just need to take out own interpritation on the subject and do as we see fit.

Who gives the best exchanges at the mo i have been using interchangefx, if there are any better suggestion it would be most appreciated, last quote i had on £20k from them was $2.01 when the real excahnge rate was $2.0260. Is this good or about right

Also with Darlings "Dither" over stamp duty this month people held off selling there house

Selling their house or advertising it! There's a million miles between the two.