zaras dad

Its $2.85 to the pound .

The pound has gained on all of the major currencies in the last 24 hours. Add to that the NZ OCR dropping by 1.5% - is this as high as it will go or will the pound slip back yet again and the kiwi recover (yet again).

I soooo want it to hit the magical/mystical/mythical $3 so we can change

The highest its been in the last 12 months is $2.88

Should I wait or get it changed. Listening to the media suggesting the kiwi economy is going to get worse (but also hearing the pound will nosedive too).Its like the kiwi and GBP are on parallel paths

If the UK wasnt in as much dog poo as it is , I reckon it wouldve easily broken the $3 barrier. 50c for 1US$ now

Give me your thoughts on the subject or predictions please

Genesis

[QUOTE=zaras dad;7231509] Its $2.85 to the pound .

The pound has gained on all of the major currencies in the last 24 hours. Add to that the NZ OCR dropping by 1.5% - is this as high as it will go or will the pound slip back yet again and the kiwi recover (yet again).

I soooo want it to hit the magical/mystical/mythical $3 so we can change

The highest its been in the last 12 months is $2.88

Should I wait or get it changed. Listening to the media suggesting the kiwi economy is going to get worse (but also hearing the pound will nosedive too).Its like the kiwi and GBP are on parallel paths

If the UK wasnt in as much dog poo as it is , I reckon it wouldve easily broken the $3 barrier. 50c for 1US$ now


The $3 mark is indeed magical and for that reason I lost out on the last wave of $2.88 back in Nov 2008. Its a very unrealistic aim, whilst it has got there and did so last Nov ish 2008 anything over 2.7 is deemed good. apparently the median over a decade is $2.78 so I am told, I just bought 30k GBP for @.7580, not bad but a bit annoying as this morn' some 12hrs later its hit the $2.85 mark..realistically you will only get $2.82 from the traders as they take their cut....the interbank rate was showing $2.78ish when I got $2.7580 last night. I reckon there is a bit of steam left to get a better deal but remeber it falls as sharply as it rises. Some say it could go to 3.7 come mid 2009

I have a market order to buy more at $2.85..it all looks good to me as I only got $2.6430 in March 2oo5 when I changed my life savings!!

Obviously $2.85 aint as good as $3 plus but I do not want to miss the boat this time..its best not to be too greedy, okay I could have made an extra $2k had I waited to trade on Monday AM (presuming it stays at $2.85), but it could have gone way down to the 2.60 mark again. I rememer when I missed the last bout of $2.80s how I wished I had gone for it when it was in the mid $2.70s. Thus I decided to take the plunge. If I buy the GBP gets stronger..if I don't it gets weaker!!!!

CarolineSwan

we cashed in at 2.75 last night , we didnt want to risk like last time in nov by trying to get higher and then missing out We happy with what we got... it will buy our nice section of land we have our eye on

caz

cappuccino

I got 2.9 in October 2008

Genesis

Good on yer, we got the same..gotta move on aye? Not a bad rate $2.75 all considered!!

CarolineSwan

i agree, a great rate , stupid playing the waiting game for the sake of a small amount really, i know it went up but we got what we wanted.

glad you got yours over

caz

Black Sheep

I don't know what will happen - as you said, the GBP and NZ$ were on parallel paths, both diving. The NZ OCR cut was bigger than expected at 1.5, which clearly has had some effect on NZ$ against most major currencies. But hard to tell if that had any effect against GBP this week, as GBP was up against all currencies...

I don't know what to watch out for re GBP, but I do know that the NZ Reserve Bank is talking more OCR cuts in upcoming months - that should affect the NZ$ against the US$ if it happens, but as the RBNZ has confounded expectations 'on the day' in the past, there is no absolute certainty that they will do so - if there was certainty, the NZ$ would probably be reacting already. So there's still a lot of 'wait and see' going on. If the NZ$ goes south of the psychological US$ 50 cents barrier though (it's hovering right on the spot at the moment), I don't know what could bring it back up again? Other economies would have to keep performing worse.

So just how bad are things in UK right now, and how much worse can they get? The only hat trick NZ has left that others don't is further cuts in OCR.

I came across a currency analysts take on GBP last week, when GBP was right down at bottom, and the analyst was reckoning it was good time to buy GBP:

(oops, I was going to post the link here, but the article no longer exists at the link, should have copied to to my hard drive)

Made sense to me, I was already thinking along those lines myself, and so I was not surprised when GBP rallied in the last few days..

All speculation though. These are not 'average' times. Who knows what can happen tomorrow, when one would never have believed possible what happened 'yesterday'!

Genesis

All speculation though. These are not 'average' times. Who knows what can happen tomorrow, when one would never have believed possible what happened 'yesterday'![/QUOTE]


How VERY VERY true. One WELL educated and respected chap said 2 weeks ago get rid of all your sterling (it was about 2.5-2.6 then), the GBP is FINISHED and the BoE is on the cusp of defaulting on its huge foreign debt when its credit side was by contrast at almost zero. He went onto say that the last time the UK defaulted was agin the US during the 2nd ww and then prior to that it was the middle ages!!

Well I guess he has egg on his face just now!! I was almost spooked into changing a significant amount in the low $2.60s. Its amazing how these people can be sooooooo wrong!! He also mooted that the GBP would be gone within a year and would be lost to the euro due to the nigh on parity of the 2 at that juncture 2 weeks ago.

I am glad I am an expert at nothing (except making crap forex calls).

zaras dad

After 2 years of waiting ...we cashed in at 2.81.

so now we hope it drops like a stone so we can cash it back to GBP and have some more spends for our trip back in May

weejie

We secured 2.83 last week really pleased

Phyl x

Charismatic

If we knew what was going to happen next we'd be filthy rich currency traders and living in a penthouse apartment in Monaco by now or on a luxury yacht .