pound getting weaker?...
 

Moneycorp just phoned to tell me that £ has dropped 2 cents on CAD from CAD$2.32 to CAD$2.30... the chap thinks it will continue to drop :( not drastically or anything... but still..

anyone have any views:confused:

we have the money through from our house sale and have had PPR - but I am reluctant to do anything until I see those bloody visas for real:mad:
at least it is sitting pretty earning interest..

what to do... this emigration business is such a lottery from start to... finish?

what are others thinking/doing?

cheers
fan :)

Re: pound getting weaker?...
 

I would change now - you have had PPR what else can really go wrong ??

Re: pound getting weaker?...
 

Nothing really happening to effect the pound, is there?
I looked at the Hifx inter-bank prices and it's only gone down about 1 cent.
I might be wrong (probably! :p ), but I reckon it will remain steady-ish over the next few days!
Kenny

Re: pound getting weaker?...
 

I don't think it's going to get weaker, its been hovering just above and below 2.3 for a few weeks now. If i where i betting man, and I had time on my side, I'd say the pound is only going to get stronger. (an interest rate rise in the UK and interest rates to remain the same in Canada seem likely scenarios). Couple that with a cooling oiling prices I wouldnt worry too much about a weakening pound.

Re: pound getting weaker?...
 

Basically it dropped because the Bank of England held interest rates this month when some traders had been betting on a rise. So there's no reason to expect it to collapse unless it appears they're not going to raise rates any more this year.

But at $2.30 to the pound, that's a pretty good rate anyway compared to where we were not long ago!

Re: pound getting weaker?...
 

I'd hold on.

Interest rates in UK will PROBABLY increase in next couple of months, Canadian interest rates will stay same or fall.

As others have said there is no sign that it will fall much more.

Re: pound getting weaker?...
 

Triffic! I want $2.53 but only for silly reasons.

Re: pound getting weaker?...
 

Somehow I think $2.53 may be asking a little too much, I'd say an absolute max of $2.45.

I would actually like to see it fall to parity.

Re: pound getting weaker?...
 

You hate me, don't you? Admit it.

<I'm paid in pounds>

Re: pound getting weaker?...
 

Ah ok how often are you paid?

I only need it at parity for a couple of days. :rofl:


and no Souv i lurve you truly madly deeply but only in a mates kinda way ;)

Re: pound getting weaker?...
 

Does this mean we're through?:confused: :unsure::ohmy::huh::blink:

Re: pound getting weaker?...
 

Monthly. On that one day each month I'd like the loonie to go down the crapper. The rest of the time I don't much care.

Re: pound getting weaker?...
 

Now then 'Bill', you should have realised by now I'm a Tart. (learnt it off that friend of ours who lives in the beltline :sneaky: )

Re: pound getting weaker?...
 

Its right the £ falls when interest rates go down or as they did this time are held when everyone thought they were going up. I think as the trend is that we are spending more the interest rate will soon go up and the £ will get stronger. I would hold back for a while as its going to get better soon.

Buzz

Re: pound getting weaker?...
 

I still have the proceeds of my house sale to transfer and I am holding.

Toady's "drop" is because the BoE have held interest rates steady (as expected) but the possibility of a rise had been factored in to recent prices.

A rate increase in May is widely expected so between now and then I expect/hope the pound will strengthen.

Of course there are other factors such as commodity prices and Canadian interest rates that will affect the CAD so it is a big guessing game. All I would say is on balance of probability I think the pound will strengthen over the coming months.

Ian.

Re: pound getting weaker?...
 

Like others have said rates in the UK are liable to go up another quarter point before the Summer (well, so the financial brains seem to think), and assuming the Loonie isn't going to do anything dramatic in that time that's liable to keep the rate high, and possibly push it a bit higher if Sterling gets to 5.5%.

So (probably) no need to panic :)

Re: pound getting weaker?...
 

I have heard that some exchange companies are willing for a deposit to lock the exchange rate obviously if the rate drops you win, but if the rate goes up then you lose the benefit of the higher rate. But it does seem a safer way of doing things.

hope this helps


regards

steve

Re: pound getting weaker?...
 

thanks for all your thoughts/comments... I am gonna hang on, in no hurry to change into CAD$ so hopefully the rate might get even better nearer the time we want to move.

cheers
fan

Re: pound getting weaker?...
 

Notice that the spot rate for dollar has gone down to 2.26 :( hope it goes back up again

steve

Re: pound getting weaker?...
 

Suspect that's coz UK, inflation figures for last month were down compared to the month before, which lessens the likelyhood of future £ interest rate rises.

Not a lot we can do really, can't really bring forward our flat sale much so we'll just have to take whatever rate exists in the summer and be happy :)

Re: pound getting weaker?...
 

I know that feeling, i am just trying to get our house ready to go on the market, but as you say no way to control the rate just grin and bare it

when and where are you moving to Iain

Steve

Re: pound getting weaker?...
 

Brown's fiddled the inflation figures again to reduce the odds of more interest rate rises. So the pound is falling as a result.

Also I believe the price of oil has risen recently, so the Loonie is probably going up a bit on that basis.

Re: pound getting weaker?...
 

Steve, heading out to Vancouver in August, probably staying there 9 months to a year whilst doing a course at BCIT and then heading across to the Okanagan in '08.

Yourself? Staying in YYZ?

Coming round quickly now after such a long wait!

Re: pound getting weaker?...
 

We are moving to wasaga beach/collingwood area. This does seem a long time in coming, lots of family ties to cut although i am landing in a couple of weeks won't actually move till december. I am getting in on a family visa so i feel sorry for all the poor souls on skilled workers class, 4 year wait just for the visa seems such a long time, would have killed me;)

good luck for the move to BC keep in touch let us know how it goes

Steve

Re: pound getting weaker?...
 

2 things happened today, the Uk inflation numbers shocked to the downside (I still say Uk rates rise at least once more, pre June). But also one of the major US Fed watchers made comments that next US rate move was still a hike rather than the prospect of a cut (unlike BoE the Fed leak their intentions to a number of 'watchers').

Like it or not the CAD$ is linked to the US$, much like the £ is linked to Euro. Mainly because they are huge trading partners and economies as such mirror each other, then rates follow each other. Also, North Korea backed down in the nuclear row, so US$ looking a safer investment. This may all change tomorrow afternoon when Ben Bernanke (Fed President) speaks about the Us Economy.

Bottom line, i am hoping to change everything up between June and August, i would be happy with anything between 2.25 and 2.35. And with the current economic picture that doesn't appear to be asking too much.

Re: pound getting weaker?...
 

should see plenty of activity in exchange rate tomorrow, US Fed just announced they are looking towards cutting interest rates. This should be good for the £, looking for a possible break of 2.40 against CAD$....

Re: pound getting weaker?...
 

Really interesting thread, thanks to all who contributed.

Not an area i have any knowledge in, so v.good read. Although I have of course been watching the exchange avidly for months...

Re: pound getting weaker?...
 

I must admit a 2.40 exchange rate would be lovely specially if it could hold at that for a few months at least until we have sold our house.

It doesn't sound much but on the cost of a house it is amazing how much an extra 12cents on the pound can make

steve

Re: pound getting weaker?...
 

SNAP. I totally agree, come on PPR..., i want to get my house on the market...

Re: pound getting weaker?...
 

From what I've read. If anything, the pound is likely to get stronger. The Canadian economy did'nt grow to expectations last year, where'as the UK economy was essentially as predicted.

The thing about exchange rates, is that they move rather like share prices. ie it's all about performance against expectations rather than just performance.

Re: pound getting weaker?...
 

exactly by the pound getting stronger we get more CAD$ for the £. I attached my comment to this thread as it was the last exchange rate thread i could find.

Re: pound getting weaker?...
 

Watching how this kind of thread comes up every now and then I don't know how any of you guys ever end up bringing your money over. When we moved we needed our cash over here pretty quickly to buy our house and in the end we got quite a poor rate because it dropped a lot during the summer of 2004.

If we'd been in the position of choosing when to bring it over I think I'd have had to set a reasonable minimum figure and go when it reached that. Some of you must really tie yourself up in knots wondering if it will creep up a little bit more..or a bit more..oh, it's dropped again! I understand the problem I'm just glad that our hand was forced and then all I had to do was try not to think how much more we might have made or lost!

Re: pound getting weaker?...
 

i think for most of us stepnek me included, we are still waiting to be in a position to be able to send our money either waiting for houses to sell or waiting for visa's. Like you when we are in a position to send the money i won't be particuarly bothered what the rate isn:D

Re: pound getting weaker?...
 

Yep - that's us !!!
Sold our house in January - and the balance has been sitting either in a high interest account or been placed on the money markets on fixed-term deposits. Then we had to wait for the job offer - which has now come through - but then I tied the money up for a further month.
A rise in the exchange rate of one or two cents negates the interest we are making here :ohmy:
I can barely look at the rate at the moment - the pennies are locked away till 10th April now - and after that it can all go to Canada. Of course, there is absolutely no way of predicting how much it will be worth and I just do my little 'exchange rate' dance and hope for the best (for me, selfish cow! :p ) .

Re: pound getting weaker?...
 

Signs of the dollar getting stronger will only weaken the pound.

http://www.cbc.ca/money/story/2007/0...ation-feb.html

Inflation was higher than expected so expect no interst rate cuts in Canada. There has even been speculation of a rise in interest rates, but that looks unlikely in the immediate future.

Coupled with this is the price of oil rising, which is always going to have a more positive effect on the strength of the dollar versus the pound.

I doubt its going to vary much in the near future, expect a rate of 2.2-2.35 for at least the next few months.

Re: pound getting weaker?...
 

What are reasons this week behind a drop from 2.28 to 2.25?

Just within the history of this thread, the rate has dropped from 2.32 to 2.25 and I know it can be a bit hit or miss sometimes ... but the difference for me is a car !!

Re: pound getting weaker?...
 

minutes came out from the Federal Reserve wednesday night, indicating the market initially reacted wrongly to the last Fed meeting. They say they are still bias towards raising rates and not even considering a cut yet. This is positive for US$ and inturn CAD$. Also, ECB yesterday said pretty much same strong for Euro. Whereas with BOE we have priced in 1 further rise probably June after that on hold for a long time. This takes a temporary bid away from sterling, however as soon as FED cut and i believe they will later this year, that is when £ will rise again against CAD$.

Re: pound getting weaker?...
 

Sterling is on the way up again today after the release of more bad UK inflation figures this morning.

Unfortunately the CAD doesn't seem to be tracking the USD quite so closely these days as we've seen the $2 (US) pound this morning!

Still, the Canadian rate is up in the high 2.26's now from the low 2.25's earlier.

Cheers, Iain

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