EXCHANGE RATE!!!

Old Mar 1st 2010, 3:44 pm
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Angry EXCHANGE RATE!!!

WHAT IS HAPPENING TO THE EXCHANGE RATE AGAIN?!! Man alive! 2.14! I thought we were getting over this...slowly.
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Old Mar 1st 2010, 4:05 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by gags View Post
WHAT IS HAPPENING TO THE EXCHANGE RATE AGAIN?!! Man alive! 2.14! I thought we were getting over this...slowly.
I know, this is not good!

The pound seems to have plummeted against most currencies today, so hopefully it's just a "blip".
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Old Mar 1st 2010, 4:50 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by rushmere View Post
I know, this is not good!

The pound seems to have plummeted against most currencies today, so hopefully it's just a "blip".
Why just a blip? The economy is still in the tank, there are serious worries about our ability to really come out of the jobs recession and service our national debt, our deficit and national debt is spiralling towards Greek levels (but the eurozone won´t want to help us eh?).

So wishful thinking but there are serious reasons why the pound has, and probably will continue to slide against world currencies.

After all, even on its own 1% accuracy estimate we may still be in quite a deep recession.... 0.1% growth looks an entirely convenient figure to give the population, shame the rest of the world isn´t convinced
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Old Mar 1st 2010, 5:06 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by simonsi View Post
Why just a blip? The economy is still in the tank, there are serious worries about our ability to really come out of the jobs recession and service our national debt, our deficit and national debt is spiralling towards Greek levels (but the eurozone won´t want to help us eh?).

So wishful thinking but there are serious reasons why the pound has, and probably will continue to slide against world currencies.

After all, even on its own 1% accuracy estimate we may still be in quite a deep recession.... 0.1% growth looks an entirely convenient figure to give the population, shame the rest of the world isn´t convinced
I have changed my tack and I reckon the GBP is doomed. Alas Kate has a substantial amount of GBPs in the Uk and as such we are betwixt a rock and a hard place. Do we jump at what I thought would have been around $2.20 (but is now (2.14) or do we wait in the vain hope that many years down the line it may get to the dizzy heights of 2.50?????

I must say I was tempted ..very tempted to take the plunge at 2.50 as i saw it slide from $2.85 to $2.50 very quickly. as I have said before I can't see how people can afford to emigrte at these crap rates..and they are utterly terrible. Around 2005 the median over 10 years was around $2.70
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Old Mar 1st 2010, 5:10 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by gags View Post
WHAT IS HAPPENING TO THE EXCHANGE RATE AGAIN?!! Man alive! 2.14! I thought we were getting over this...slowly.
Just found out from the BBC its because of fears of a hung parliament..so it may bounce back a bit if we get a result in the elections..but I still reckon its knackered long term. Oh what to do????????????????????????????????
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Old Mar 1st 2010, 5:20 pm
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Default Re: EXCHANGE RATE!!!

Its just sooooo depressing

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Old Mar 1st 2010, 6:00 pm
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Default Re: EXCHANGE RATE!!!

Oh dear!

I see the prospect of our house slipping further and further away!
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Old Mar 1st 2010, 7:05 pm
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Default Re: EXCHANGE RATE!!!

On the plus side, as a lot of the value of the NZ property marekt is driven by overseas investors, a strong dollar will discourage such investment and reduce one pressure on rising house prices.

I too feel that the pound is doomed. I think UK PLC is happy to see a low currency as this artificially increases relative productivity and competativeness.

There hasn't been a hung parliament in recent years, and there is always talk of one in the months before the election. Personally I think the UK needs a government that is going to address the national and personal debt and not try and spend their way out of the recession.

However even if that does happen I think the UK is too far up the smelly creek to with or without a paddle.
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Old Mar 1st 2010, 7:16 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by Wooly_Cow View Post
On the plus side, as a lot of the value of the NZ property marekt is driven by overseas investors, a strong dollar will discourage such investment and reduce one pressure on rising house prices.

I too feel that the pound is doomed. I think UK PLC is happy to see a low currency as this artificially increases relative productivity and competativeness.

There hasn't been a hung parliament in recent years, and there is always talk of one in the months before the election. Personally I think the UK needs a government that is going to address the national and personal debt and not try and spend their way out of the recession.

However even if that does happen I think the UK is too far up the smelly creek to with or without a paddle.
Hmm. So the question is does Kate jump ship now and be happy with 2 for one pound? She wants to hang on in there but she knows less than me about this stuff and i know **** all!!!!!

And you guys thinking of coming..what does this mean to you? I have just worked out that we would be $154,000 worse off if we exchanged now than when we did at $2.64 in March 2005.
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Old Mar 1st 2010, 7:24 pm
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Default Re: EXCHANGE RATE!!!

Really, really want to be upbeat at the moment but the money side of things is the tool that will get us that life style we are all looking for. The pay over there is pants generally so its what we bring with us that will change things.

Hate to say it but if the exchange rate doesn't get any better or gets worse it could be the decision made for us whether we go or not. Have lived many years in the UK with the carrot dangled in front of us ...'it's gonna get better you know, just be patient'. Don't know how many more years we could sit over there (nz) just waiting and hoping to get a decent rate to bring over our money and start to live. Don't want to spend a chunk of our life again in rent.

I know I sound so depressing sorry for that.

Have a vodka in me now and feel more

Last edited by gags; Mar 1st 2010 at 7:55 pm.
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Old Mar 1st 2010, 7:30 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by gags View Post
Really, really want to be upbeat at the moment but the money side of things is the tool that will get us that life style we are all looking for. The pay over there is pants generally so its what we bring with us that will change things.

Hate to say it but if the exchange rate doesn't get any better or gets worse it could be the decision made for us whether we go or not. Have lived many years in the UK with the carrot dangled in front of us ...'it's gonna get better you know, just be patient'. Don't know how many more years we could sit over there (nz) just waiting and hoping to get a decent rate to bring over our money and start to live. Don't want to spend a chunk of our life again in rent.

I know I sound so depressing sorry for that.

Have a vodka in me know and feel more
Know how you feel. Whilst I am here and am grateful to be here financial things have been rotten for us. We lost just under $100k in the finance house melt down and we have always been unlucky with currency trading. We buy large then it goes against us in a BIG way just months later. I know its onlt money but time is running out for me at 51 to get my funds right for my pension..they reckon there won't be one here in 15 years odd. Fortunately Kate's dad saved us from utter ruin with a living will ...alas the money is still in the Uk as we like you hoped it would pick up. Don't know what to do now. Last expert told be to buy at $2.50 as it was heading south of that..2 weeks later it was $2.64 and we bought..within months it was $3. The great white hope is that the kiwi $ which is hugely overvalued (total reverse to the GBP) will devalue giving the GBP a bounce back..that and a little bouying from a good election result are our only hopes..or does anyone know any different??
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Old Mar 1st 2010, 7:36 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by gags View Post
The pay over there is pants generally
But compared to what, if compared to the pound then NZ rates are improving inline with the change in exchange rates...OH's pay is expected to drop by 10% compared to the UK at 2.3:1, well the recent move to 2.15:1 has gained over half of that back...

More important to look at local buying power IMHO vs the benefits you see in NZ...but if you need to feed a UK mortgage or want to save in sterling then at least you'll get a good exch rate for that.

Trouble is I think the international community think UK PLC is doomed, not just the £, that is just a way of it manifesting itself.

Worst time will be when whomever wins the election has to announce what they are really going to do about the deficit, a hung parliament could delay that announcement which will only make the pain last longer...but it will come.

"We're all doomed Capt Mainwaring!"
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Old Mar 1st 2010, 7:38 pm
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Default Re: EXCHANGE RATE!!!

When we changed at 2.2 ish all the experts said it,s going below 2 so we did it and lost nearly $100,000 on the figures we worked out

Then it rallied for a week

Experts are tossers, if you need the money here u just gotta bite the bullet and do it, if not leave it where it is but if it,s a large amount it could be working here for you rather than earning sweet FA in the UK

Neil
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Old Mar 1st 2010, 8:39 pm
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Default Re: EXCHANGE RATE!!!

Originally Posted by Jan n Neil View Post
When we changed at 2.2 ish all the experts said it,s going below 2 so we did it and lost nearly $100,000 on the figures we worked out

Then it rallied for a week

Experts are tossers, if you need the money here u just gotta bite the bullet and do it, if not leave it where it is but if it,s a large amount it could be working here for you rather than earning sweet FA in the UK

Neil
Yes I just worked out (before tax) we could get $27k pa over here at 6.75% (if I was prepared to tie it up for 5 years with the TSB) if we changed at 2.1 just now as opposed to the equivalent in kiwis of $11k ish p/a leaving it in the UK. You know don't you if kate sells all her GBPs next week there will be a huge surge in its value..cos that's what always happens!
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Old Mar 1st 2010, 9:17 pm
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Default Re: EXCHANGE RATE!!!

You don't have to tie it up for 5 years though.

Link is for example of $50,000 over 12 months term deposit

http://www.depositrates.co.nz/calcul...term_type_id=7

BTW - I know nothing about these personally!
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