Re: Exchange rate dropping
 

Where have you seen this rate, magnumpi? I have just looked on XE and this is what I found, updated as of just a few moments ago;

CURRENCY CONVERTER WIDGET

Mid-market rates: 2011-08-08 15:39 UTC

170,000.00 GBP = 274,532.84 CAD
British Pound Canadian Dollar
1 GBP = 1.61490 CAD 1 CAD = 0.619234 GBP

Re: Exchange rate rising
 

Ah, it will be the small size of the print, then, will it?No young whipper-snappers with the eyesight of an eagle on this forum!:blink:

I am gratified that anyone is bothering to make the effort to read the old rubbish that I am posting anyway!
Thanks !:D

Re: Exchange rate rising
 

Not sure if it's any help but I recently gave my bank manager the authority to transfer the profits from the sale of our house into our Canadian bank account should the rate ever return to 2:1 thus no need for me to be constantly checking rates. I asked the obvious question "when, in her opinion is that likely to be?" As expected no time soon as many affecting factors but the factor I should keep looking out for is a rise in interest rates, currently at 0.5% ( I think ) as exchange rates should improve with a rise in interest rates. Depends how much you trust bank managers these days I suppose.

Re: Exchange rate dropping
 

I have a live update app on my phone. It dropped and now its back up to 1.61.?

Wonder if that was a app.f***k up.

Re: Exchange rate dropping
 

That would probably be the mid-point, which is very different to the buy/sell offer.

As for paragraphing, it's much much easier to reach when spaced out nicely. The default font size is fine on my old peepers. It's a HUGE group of text that makes is hard to read.

Maybe i'm just too lazy.

-----

Here's how it would look as you formed the posts.
That would probably be the mid-point, which is very different to the buy/sell offer.
As for paragraphing, it's much much easier to reach when spaced out nicely. The default font size is fine on my old peepers. It's a HUGE group of text that makes is hard to read.
Maybe i'm just too lazy.
:p

Re: Exchange rate dropping
 

or maybe I just go on too much!:o

As for the exchange rate, I always go on the rate from XE as day-to-day comparison because the buy/sell rate varies between who you go with and the amount you wish to transfer.

You can also do deals on rates, as some of the traders will give you a better rate on a small amount if they expect you are going to transfer a large amount later.

XE also has a useful graph of the rate movement across
;one day
;one month
;one year
;two years,
which is brilliant for looking at trends, if that is your bag.
So, for a comparative tool which avoids variations between dealers, I go for XE.



Is that better?:wink_smile:

Re: Exchange rate rising
 

Depends how much you trust bank managers these days I suppose.

It's not a matter of trusting bank managers. Banking today is much different than say 30 years ago+. Back then bank managers were regarded as a font of knowledge for all things financial, were respected within the community and held in awe by many people. Their word as to one's finances were gospel, rightly or wrongly. Today the bank manager is just an upper level clerk with a little more information/savoir faire than the other staff. To ask the bank manager how foreign exchange rates will fare in this economic climate is a complete waste of one's breath. Foreign Exchange gurus have great difficulty knowing the answers.

Re: Exchange rate rising
 

Your bank manager isn't going to know what the rate is going to do anymore than you. But if you don't need the cash for a while there's no harm in placing a well off market order like this. You might be better off doing this with a broker though, you can place a "call order" (not sure of the exact trading term) where they get in touch when the price hits a certain point; you can then decide what you want to do depending on the trend at the time (e.g. wait longer, take the price etc).

Re: Exchange rate rising
 

I can take credit for the rate increase - I transferred 10 large at $1.56 last week :thumbdown:

Re: Exchange rate rising
 

The lack of spacing extenuates my hangover's. Show some consideration.

Re: Exchange rate rising
 

Too true Alan and according to cic I'm not going to need the money anytime soon. Only committed to this scheme as due to daily limitations ( to prevent money laundering ) it would take me approx 24 days to transfer my loot. My bank manager has the authority to do it in a single transaction. Not that I expect the rate to be favourable for only 1 day but it's one less thing to concern me. Got enough on me plate as it is.

Re: Exchange rate rising
 

For you, it's lack of spacing, for me it is incorrect use of apostrophes:eek:;)

Re: Exchange rate rising
 

Its gone past 1.62 now. So burning parts of London has had a positive effect on the pound.

Re: Exchange rate rising
 

What do you mean, "so", less govt expenditure means the economy will be weaker. Germany is a large trading partner of the UK.

MV=PT, there are other ways of controlling the equation other than just the prime lending rate, but yes, you do turn that over to the ECB, the point I'm making is that the Euro would be stronger if the UK was in it therefore the problems the Euro now has would be less. You're looking at this from the standpoint of the UK. I'm looking at this from the standpoint of Europe. And if Europe goes down, so does the UK, prime lending rate or not. A default by Greece would cripple the US economy, let alone the UK economy. We're all in this together.

It won't collapse, but the point I was making is that the Euro would be stronger if the UK was in it.

It most certainly is not irrelevant and Canada has got to be one of the classic examples, because the US dollar is the key reserve currency. Suppliers want to be paid in US dollars so businesses in Canada suffer from a exchange rate conversion that suppliers in the US do not, which is the key reason things cost more here than they do in the US. The Euro is the currency of the EU and because all member states except the UK, Denmark and Sweden have to use it that will definitely hurt UK exporters, if it hasn't already. Not a question of "if", question of "when and how much".

Re: Exchange rate rising
 

Currency investors aren't really relevant, they are short-term speculators by and large, we're talking about large-scale buyers of government debt, who are a more important factor and what the ECB is doing to prop up those governments, which would be easier if the UK govt was more directly involved, i.e. by using the Euro.

And how well is that going, can't see that the weakness of sterling has helped frankly, Germany seems to be in better shape.

You ought to check the exchange rate of the £ against the Euro. The pound is very weak against both the Euro and the Canadian dollar, even though it has ticked up slightly.