MOSO

A couple of months ago the exchange rate dropped to around 2.1. The recommendation by the 'experts' was to change our money as it was going to drop further to under the magic 2 mark.......

Now, 2 months later we are be recommended to change it again as it's now trading at over 2.3....something that wasn't going to happen.....

It strikes me the so called currency 'experts' are being paid to look into the same crystal ball as the rest of us, a good career choice if you ask me!

Personally we've decided to hang on in there and see if it improves further...now which box is that crystal ball in....

Genesis

They spout that to get you to panic into chaning large amounts of currency in my opinion, they are just salesmen at the end of the day, no one can predidct the currency fluctuations that happen. I was told in the previous week before a very large purchase (when in the $2.50 range March 2005) it was going to sink to $2.40. Guess what? I bought the next week at $2.64 and within 6 months it was over $3. The GBP will recover just as all currencies do. The kiwi will eventually devalue...just like our housing market was the kiwi is over valued by some 20% they reckon. Its a very volatile fickle currency AND one of the top ten global currenceis traded in spite of its tiny player status on the world market.

chocolate cake

Yep, it would have been madness to change any serious money at $2.10. I'm still staying out in hope of better news.

Charismatic

If they really had any idea what was going to happen they'd be swimming in money rather than sitting in an office .

Much like share traders and real estate salespeople they make their money on your financial activity so they advice will always be to move money backwards and forwards.

Wooly_Cow

It's all a bit of a scam really. 'Experts' issue their advice....if it is right they say 'Look at us aren't we worth the premium you pay us' ...if it is wrong they say ' World conditions....never seen anything like this....it's all those sub prime lending banks fault......BUT this is what you should do now ....ooo don't forget about my retainer!"

Like Charismatic said...if they knew so much they would need to get other to buy their advice.....

....and I even think that the like sof Buffet are no better....they make money by virtue of the market reacting to what they say

Charismatic

In part true but also people don't find the getting rich over a long period through careful investment to be that interesting.

Getting rich quickly however...