Genesis

For those of you who are waiting or on the cusp of doing a forex deal the indicators suggest the kiwi is on the slide. Oil is on a downward price as are other commodities which affect the kiwi. If you go to www.interest.co.nz you will find info on what the angle is re matters such as currency, interest rates et al for NZ.

It has been mooted on this site that the kiwi will fall to the low 0.70s US $ in the next few months. Gold has also dropped heavily recently. Maybe its a bit of a waiting game eh?

I will accept no liability if the pound tanks and you find yourself looking at $1.50= 1GBP in 3 months time rather than the suggested $2.15 ish.

He who dares?

jmh

I don't think we're going to see movement that favours those of us with money in the UK until the pound starts to recover. The strength of the kiwi is only half the story. I'm settling for a two year wait at least. Maybe longer depending on my personal circumstances then. Sometimes you have to take a loss to improve your quality of life.

Genesis

If you want to see $2.40 I think you are right but the pound's weakness is just half the story..the other half is the kiwi's overvaluation. When the latter starts to decline I think along with the .70US cents we will see with it a possible return to 2.20ish for a GBP. Personally that will do it for me. Still a crap rate in my eyes and so far from the last median I had fixed in my head of 2.60/2.70 its not funny. But there you go. What with Greece and Co and the global meltdown of 2008 we are in a new place.

Genesis

Well, well, well. How things change. Some disasterous figures out of the Uk on wednesday have seen it plummet to 1.94. God knows what the tourist rate must be. The Cheif economist of ANZ reckons the pound will slip to about 1.80. Is anyone going to buy now or will you ride out the storm....or will it simply get worse and worse and worse.

The capital we came to NZ with was hugely instrumental in our new life, I wonder how people are coping who started the journey of emigration 9 months or so ago when it was a heady and huge 2.30 for one pound?

Some say it will be a decade or more before the Uk drags itself out of the mire its in.

Genesis

I am surprised at the lack of any comment from anyone on this (who has any UK cash). I know I may bang on about it excessively but for anyone holding any pounds that they wish to bring to Nz this is quite an important issue. The pound is now rocketing towards 1.90 and apparently will not stop there. I now agree as I said before this IS a trend. Before it was all up and down, but now it has well smashed thru' the $2 resistance barrier who knows where it will end. Okay there is nothing we can do about it but there is nothing we can do about anything pretty much that we discuss on BE.

Are people avoiding this issue because its boring, too depressing or complete lack of interest?

Those who don't have sterling I agree..well boring, but if you have pounds and need to move them what is happening now is monumental. It looks like it will get way worse before it ever gets better.

DC10

I'm happy to give you a comment, Genesis: weak Sterling aggreives me no end! Flicking on the screen day after day and watching another few cents crumble away is the most frustrating thing imaginable.

And for this we can thank Gordon "no more boom and bust" McBroon and his decade-long public spending debt party... "bringing forward future earnings to invest" was, I believe, his technical term for it.

Meanwhile, Mervyn King and his BoE chums continue to flout their legislation-mandated 2% inflation target with nary a care in the world, all to prop up the debt junkies and screw the savers.

IT MAKES ME SICK

simonsi

Who are you and what have you done with Genesis?

hazeandsteve

Couldn't say it better myself.
Isn't Genesis the one person who kept banging on about the lack of a long term downhill trend despite every available chart over the last ten years showing, with the occassional bump, exactly that.
I thought you'd cashed in G?
As for them coming over......there's more to life than money. Maybe it just means the social group who can afford to come will change, which means we got bloody when we cashed in at 2.68 and spent every penny on getting mortgage free. Even then, folks are better off comiong with whatever they have rather than sitting on 1/2% interest in UK.
No savings, but there's a lot to be said for two 4x4s, a bike, a boat and season passes whilst owning ski/boarding gear!

DC10

... and we're into the $1.92 range as we speak. Where does it end?

It's amazing how little coverage the debasement receives these days in the UK press. I think this is partly because the US dollar is also at record weak levels, so "Cable" doesn't look so bad (though even the hammered greenback has outperformed Sterling by 20%).

Genesis

The stupid bastard is bound and gagged in a wardrobe. Now if he stays in there long enough I may be able to sort out the huge mess he has got himself into. Now where is that $750,000,000nz I need to sell....for starters.

Genesis

It wasn't for 10 years that the trend was happening. I bought in 2005 at 2.64 Jan 2006 saw over 3.00. It went down, up down up like a bleeding yo yo till about 18 months ago. Even since then there have been ups and downs. But of late its all been one way traffic on the express lift down, so I personally only see the trend of late. Even in the past 2-3 months it was 2.20, down to 2.03, then back up to 2.25 and so on. The GBP is simply tanking now and I don't have a clue what to do. Did not sell as we were waiting for our UK pensions to arrive, Kate got hers last week mine is on its way (grreat Genesis timing eh!). But we will not change at these murderous rates. I would rather return to the UK!!!!! BTW we get 2% in the Nationwide, not 0.5%

Genesis

Dear DC10, glad I have a kindred spirit. Makes it even worse for me as I have just had the valuation thru' for my plod pension. Whilst it is a healthy sum if I was living in the Uk, at the current forex rates its Mc Donalds all round. Looks like an NZ long term sterling acct for our pension funds.

educateer

I am pretty fed up with the whole exchange rate situation too.

We managed to sell our house back in the Isle of Man in March this year and have been holding out for a better rate. It is depressing to see the rate get worse and then fall to record lows on an almost daily basis.

It wouldn't be so bad if we could get 4 or 5% on our money back there but the paltry interest that we receive is awful.

I don't know where or when the rate will stop falling but I did read that the NZ treasury 2011 forecast is for the rate to stay like it is for the next year and for it to then return to historic averages. So, if we can ignore the current trend and not look at the rate until this time next year we may be pleasantly surprised (I only said 'may' but I am optimistic by nature).

By historic average I am hoping that means 2.6 or 2.7

Woodlea

No wonder the UK is goosed - how many years did you do as plod to get this decent pension? I'm not having a go.

My Mum retired on a cracking pension after 26 years teaching. I used to work with loads of navy lads who joined up at 16 did their 22 years (or what ever it was) and got a decent pension that they could draw straight away.

I don't begrudge these people as these were the goalposts at the time, but how could anyone think it was sustainable???

Genesis

I did 11yrs (1994-2005) and got a redemption value yesterday night funnily enough. 88,500 pounds less 3.5% commission from the QROPs co, not bad for 11 years service? I am well happy. Will leave it in a sterling acct and wait for 2.20..don't think 2.6 will return in my life time. Kate wants 2.40 (don't we all). Alas Kate is deluded too. So I get 49% now the other 51% in 7.5 years (when I am 60). It is all tax free. Which is nice.