Genesis

Yes it does. I am sure things were waaaaaaaaaaay easier when I was in my twenties with little money. I suppose I could give it away..but we don't do we? Well I do sponsor a child in India and give to charities but I am not about to give away what is left of my kids inheritance..simply because I want them to have a wee bit of a kick start in life. Some billionaires leave nought to their kids..I made it with nothing..so will you.

Genesis

The GBP has bounced a wee bit..could it be the start of the worm turning? Probably not aye? But I still have my money on the kiwi devaluing rather than the pound strengthening. Mind you with interest rates on the rise in Oz how long before they start edging up here?? Alas that will fuel the value of the kiwi$$. Bollocks.

AndyR

See, all it took was for me to exchange and now it starts going up. Knew that would happen!

Genesis

The GBP has just jumped to 2.1464! Had I changed what I was going to last week at 2.10 means $2k at the rate just now.

AndyR

Oh well, such is life

Genesis

Mate I have been looking like your avatar for quite a few months because I cancelled a large order for GBP at $2.85 because I thought (like others) it was going to 3. As we all know it went to 2.10 and below. Took a huge hit on that. As you say life is like that. I have never ever come out well from any fiscal transaction EVER (save for my houses in the UK..ownership one at a time I hasten to add).......however not the NZ one which has been a HUGE money pit. Be it investment, endowment, FX, shares or ought. That's why I never play the markets and keep what little I have left safe.

AndyR

WOW that is a big hit you took, dam!

Fingers crossed for you then with the rate going up!

zoglet

Pound up to 2.15 plus- highest its been for a while.

Yet, its up over a bank holiday weekend when the currency market is closed.

Iv noticed this happens alot- the rate is at its best when I can't get at it- typically over weekends- anyone any ideas why this might be?

Genesis

The reason the kiwi has taken a hit today is because of the IMF's comment that it is about 25% overvalued..I think we have all known that for ages...duuuuuuh. It will be hit further apparently when the US treasury starts hiking OCR rates. Which will be sooner than later. The prospect for the kiwi in the short term is apparently reasonable BUT it is thought it will lose value in the medium term.

rushmere

You can read about the IMF report here, and the full report is here

With the NZ dollar said to be between 10% and 25% overvalued, this could be fantastic news for those of us yet to buy dollars.

zaras dad

How long has this been stated tho? (overvalued) It seems like ages and just like wishful thinking.......................

We need it to be back at about 2.6 so we dont lose out (we changed money from pound to kiwi when it was 2.8 and then changed back at 2.6. So wish we'dve changed it again even at 2.5 so we couldve got the mega low rates on offer now - we so missed the boat)

AndyR

Unless something drastic happens I would think it would be a while before it hits 2.6 again.

When we changed to Oz at 2.2 people were telling us it won't be long till it hits 2.5 again so should wait. It kept falling and 12 months later its 1.6.

Change when you need too I say.

rushmere

I would agree that it's likely to be a long and slow process. At best it will probably take many months to reach that level again. At worst, it may never get there. However, I hope it will improve gradually.

I haven't sold my house yet, so I'm not ready to change any currency. In my case, it will hopefully work in my favour, but I really feel for everyone who is ready to buy dollars now.

rushmere

Some seem to have held a view for quite a while that the dollar is overvalued. However, the IMF report was only published this week, so that might help affect confidence and prompt the value to start correcting.

chocolate cake

Yep, lets hope the IMF report about the kiwi $ being overvalued to the tune of upto 25% proves correct.

It's hardly rocket science there's been little hard evidence to back up the high value of the NZ$ for some while. It's not as if the high interest rates here can be said to have had an effect, they've been higher for ages, even when the NZ$ was trading at $2.70 to the UK GBP.

There's seems to be a general view that the GBP is being over discounted too, so at last there's at least some hope for a postive movement in the exchange rate for those wanting to move funds to NZ.