Edo

Hello guys, came to Canada in May 2013 and exchanged some GBP into CAD @ 1.53. And I just checked it on XE.com and its gone up to nearly 1.65. I still havent brought my savings from the UK as I was hoping the rate might get better some time in the future. Obviously not expecting it to jump to pre 2008 rates again considering the state of the British economy but it wont hurt too much at 1.80 or above . Any ideas whats going on and if this trend is likely to continue?

not2old

don't know which way its headed or the real reason the FX is has gone up in the last 6-12 months. In April 2010 it was down to 1.45:1

Way back in early 1967 when I came to Canada it was 3:1, then by September that year it was 2.50 .... how would you like those numbers?

Maybe one of the financial wizards on here would know why the pound is on the up & a predication of were its headed

Novocastrian

We used to have a currency spot trader on here, cneldred I think he was called. He stopped posting in 2008. I wonder why?

cbrown89

It was hovering around 1.5 from July onwards until recently reaching 1.65 then the syria conflict pushed Canadian oil prices up and the ratio down. UK has been having "positive" outlooks on unemployment and growth (always happens before winter construction fuels the summer growth)

orly

Did himself in?

orly

Got up to about 1.65 a few times in the past couple of years but it always seems to dip back down again. If it can get above this level for a sustained period further questions would be required.

Edo

Is it because you think the state of UK's economy will continue to be in a bad shape and the GBP deserves to be weak?

CanadaJimmy

Wow, quite the loaded question you've got there, sir

Shard

It's a tough call because Mark Carney seems to want to ape Canada's export led recovery by keeping interest rates low, but the mini-house price boom is already suggesting that rates will have to be raised sooner rather than later. And then Sterling will rise a bit. 1.60-1.80 is my 9 month prediction. P.S. The UK economy is now on a recovery track.

Novocastrian

That's interesting, because it seems to me to be on a fast track back to 2008.

Nobody in the UK (BoE, Government, the City) seems to have learnt a damn thing about why the crash happened in the first place.

orly

It's often a game of comparisons really. Whether the UK economy is better or worse than the Canadian one is a big debate in itself.

I think the UK is unduly hamstrung by the EU interference. There is also the question of how the landscape will be this time next year when the Scottish have their vote and the myriad implications of that result.

geo4

Hope it crashes into the sea for my Christmas trip.

Edo

What will that achieve? Plus the sea will be much colder around that time!

Oink

I hope it doesn't affect the price of English mustard as I'm going through quite a lot lately.

geo4

I'll be able to afford more pints at the local pub and pick up some bargains on shopping like, innit.