Currency

Old Jun 17th 2015, 7:56 pm
  #46  
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Default Re: Currency

You are correct with EU ref, we have until end of 2017 but Gov want it sooner due to the economic uncertainty it will cause, I am of the opinion it will happen 2016.
Personally I am currently working in UK and will be returning to live and work in NZ in next couple of years. So have currently planned on a sterling move 2018, reason EU ref over, UK interest rates rising, UK property prices still on upward slope of current price cycle. I am currently pricing in GBP v NZD 2.35, at this point I would sell if buying property in NZ.
Now icing on cake is NZ property cycle which is currently ahead of UK cycle, so perfection is you move into a buyers NZ market, so that you can benefit to the max.
Sounds a lot of thought but as I said this is your hard earned money, and is something you may not do that often. FX dealers are only concerned with their commission not your long term stability and wealth. Study markets yourself, it is with out doubt one of the most important decisions of any move abroad. Especially if you want to return to UK at some point.

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Old Jun 17th 2015, 8:34 pm
  #47  
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Default Re: Currency

Originally Posted by Stgeorge6 View Post
You are correct with EU ref, we have until end of 2017 but Gov want it sooner due to the economic uncertainty it will cause, I am of the opinion it will happen 2016.
Personally I am currently working in UK and will be returning to live and work in NZ in next couple of years. So have currently planned on a sterling move 2018, reason EU ref over, UK interest rates rising, UK property prices still on upward slope of current price cycle. I am currently pricing in GBP v NZD 2.35, at this point I would sell if buying property in NZ.
Now icing on cake is NZ property cycle which is currently ahead of UK cycle, so perfection is you move into a buyers NZ market, so that you can benefit to the max.
Sounds a lot of thought but as I said this is your hard earned money, and is something you may not do that often. FX dealers are only concerned with their commission not your long term stability and wealth. Study markets yourself, it is with out doubt one of the most important decisions of any move abroad. Especially if you want to return to UK at some point.

I agree with that. My experience with brokers is that they pressure you trade now, not later at a better rate. I was dealing with Moneycorp and saved $NZ30,000 by ignoring their advice and waiting for the right time. I think Moneycorp are good, but remember that they don't care what rate you get.

I also delayed selling my house by 3 years because I could see that the market was sluggish. I estimate that I gained GBP50,000 by delaying the sales. However, I may have lost a a few thousand by delaying getting into the Auckland housing market. The rent was enough to cover double the mortgage payment and of course it was there had I changed my mind.
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Old Jun 17th 2015, 11:27 pm
  #48  
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Default Re: Currency

Good God! It has jumped to over $2.29! Some good figures out of the UK may have bouyed the pound. And NZ's GDP is worse than expected. Was expected to grow by 0.6% only grew 0.2%. The latter, apparently will seal the fate for definite cuts on NZ's OCR come July 23rd 2015.

Last edited by Genesis; Jun 17th 2015 at 11:31 pm.
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Old Jun 18th 2015, 12:04 am
  #49  
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Default Re: Currency

Originally Posted by jmh View Post
I estimate that I gained GBP50,000 by delaying the sales. ..... The rent was enough to cover double the mortgage payment and of course it was there had I changed my mind.
Well done JMH! Don't forget to declare your currency gains for tax here in NZ, and the rental income too.

Tax is a complicated subject and advice should be taken form a suitably qualified accountant.
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Old Jun 18th 2015, 12:44 am
  #50  
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Originally Posted by chc4me View Post
Well done JMH! Don't forget to declare your currency gains for tax here in NZ, and the rental income too.

Tax is a complicated subject and advice should be taken form a suitably qualified accountant.
Thanks for the warning - it all comes within the 4 year migrant period. Phew!
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Old Jun 18th 2015, 12:45 am
  #51  
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Originally Posted by jmh View Post
Thanks for the warning - it all comes within the 4 year migrant period. Phew!
Happy days!!
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Old Jun 18th 2015, 1:59 am
  #52  
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Default Re: Currency

Originally Posted by Genesis View Post
....... apparently will seal the fate for definite cuts on NZ's OCR come July 23rd 2015.
Good news for those paying a mortgage in NZ in the here and now.
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Old Jun 18th 2015, 4:16 am
  #53  
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I've forgotten how to get at my money in the UK! Ha ha ha ha!
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Old Jun 18th 2015, 5:49 am
  #54  
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Default Re: Currency

That hits nail on the head be happy where you currently are , exchange rates only really matter in perhaps 4 ways , holiday, you are moving to live in another country and transfering your assets from one to another or you have a sterling based private pension, or you are doing business in NZ and buying products like raw coffee which is for example always traded in US dollars so that will in turn dramatically effect wholesale value.

NZ is a great place to live, bring up children and do business
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Old Jun 18th 2015, 6:51 am
  #55  
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ANZ, Westpac, ASB economists take red pens to their OCR forecasts after 'shocker' March quarter GDP figures | interest.co.nz


One bank is are predicting 2 more OCR cuts in NZ, another 3. Apparently the GDP figures out today for NZ were a 'shocker'.
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Old Jun 21st 2015, 11:18 pm
  #56  
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Originally Posted by Genesis View Post
ANZ, Westpac, ASB economists take red pens to their OCR forecasts after 'shocker' March quarter GDP figures | interest.co.nz


One bank is are predicting 2 more OCR cuts in NZ, another 3. Apparently the GDP figures out today for NZ were a 'shocker'.
For those interested it has just broken through the 2.30 mark.
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Old Jun 22nd 2015, 4:09 am
  #57  
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Originally Posted by Genesis View Post
For those interested it has just broken through the 2.30 mark.
I am both listening and keeping an eye out ...
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Old Jun 23rd 2015, 12:32 pm
  #58  
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Originally Posted by TommyLuck View Post
I am both listening and keeping an eye out ...

Me too, I have a small amount of savings that I'm debating exchanging now. If all goes well I'll be back in NZ later this year for a flying visit so could use them then or later. We're setting up yet another domino in the stack before pushing them all over
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Old Jun 24th 2015, 12:22 am
  #59  
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Originally Posted by Hazelnut View Post
Me too, I have a small amount of savings that I'm debating exchanging now. If all goes well I'll be back in NZ later this year for a flying visit so could use them then or later. We're setting up yet another domino in the stack before pushing them all over
Can't help thinking this bout of the NZ dollar dropping is over for now. The experts think the NZ may bounce back for a bit.
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Old Jun 24th 2015, 1:24 am
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Originally Posted by Genesis View Post
Can't help thinking this bout of the NZ dollar dropping is over for now. The experts think the NZ may bounce back for a bit.
Yeah, that's what I thought too.

I've got forty quid to buy dollars with. Twenty quid from my Dad for Easter and another twenty for birthday money. I wonder how much I'll get. Better get to the bank today while the dollar is in the doldrums.
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