I´d like to know if anybody can help me. I have only basic knowledge
about economy and exchange rates so apologies in advance if my
questions are too obvious.
I´ve been working in UK for a while and came back to Europe with some
money in pounds that I put in my bank in pounds waiting for a good
time to change it to euros. I´m seeing that the more I wait, the
bigger amount of money I´m losing, as the euro is getting stronger
against the pound (at least, till now).
Does anybody know if things are supposed to be going on like this? Is
there an approximate exchange rate for when/if UK begins to use the
euro as well???

Thanks in advance for any help.

"P" wrote in message
news:[email protected]...
    > I´d like to know if anybody can help me. I have only basic knowledge
    > about economy and exchange rates so apologies in advance if my
    > questions are too obvious.
    > I´ve been working in UK for a while and came back to Europe with some
    > money in pounds that I put in my bank in pounds waiting for a good
    > time to change it to euros. I´m seeing that the more I wait, the
    > bigger amount of money I´m losing, as the euro is getting stronger
    > against the pound (at least, till now).
    > Does anybody know if things are supposed to be going on like this? Is
    > there an approximate exchange rate for when/if UK begins to use the
    > euro as well???
    > Thanks in advance for any help.

Because, in general, prices in the UK are higher than prices in Europe. The
longer you wait the more you are likely to lose. But no one really knows
what is going to happen in the future.

P wrote:
    > I'd like to know if anybody can help me. I have only basic knowledge
    > about economy and exchange rates so apologies in advance if my
    > questions are too obvious.
    > I've been working in UK for a while and came back to Europe with some
    > money in pounds that I put in my bank in pounds waiting for a good time to
    > change it to euros. I'm seeing that the more I wait, the bigger amount of
    > money I'm losing, as the euro is getting stronger against the pound (at
    > least, till now).
    > Does anybody know if things are supposed to be going on like this? Is
    > there an approximate exchange rate for when/if UK begins to use the euro
    > as well???

1) Nobody knows what the future holds for exchange rates between two
non-fixed currencies. And if they did, they wouldn't tell. And if they did
tell, everyone would take their advice and that would change the movement
between currencies and it would become invalid. Basically it's gambling
either way. Use other factors to decide where you keep your money.

2) If/when the UK decides to switch to the Euro, they'll fix an exchange
rate then. Nothing is fixed now.

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu
Latest addition: 80 photos from Guatemala

Some usefil links for currency convertions:

www.xe.com/ucc - Universal Currency Converter
http://www.ecb.int/stats/eurofxref/ - European Central Bank

--
Jomar Hønsi

http://home.online.no/~jomar-h


"P" wrote in message
news:[email protected]...
    > I´d like to know if anybody can help me. I have only basic knowledge
    > about economy and exchange rates so apologies in advance if my
    > questions are too obvious.
    > I´ve been working in UK for a while and came back to Europe with some
    > money in pounds that I put in my bank in pounds waiting for a good
    > time to change it to euros. I´m seeing that the more I wait, the
    > bigger amount of money I´m losing, as the euro is getting stronger
    > against the pound (at least, till now).
    > Does anybody know if things are supposed to be going on like this? Is
    > there an approximate exchange rate for when/if UK begins to use the
    > euro as well???
    > Thanks in advance for any help.

"Miguel Cruz" schreef in bericht
news:[email protected]...
    > P wrote:
    > > I'd like to know if anybody can help me. I have only basic knowledge
    > > about economy and exchange rates so apologies in advance if my
    > > questions are too obvious.
    > >
    > > I've been working in UK for a while and came back to Europe with some
    > > money in pounds that I put in my bank in pounds waiting for a good time
to
    > > change it to euros. I'm seeing that the more I wait, the bigger amount
of
    > > money I'm losing, as the euro is getting stronger against the pound (at
    > > least, till now).
    > >
    > > Does anybody know if things are supposed to be going on like this? Is
    > > there an approximate exchange rate for when/if UK begins to use the euro
    > > as well???
    > 1) Nobody knows what the future holds for exchange rates between two
    > non-fixed currencies. And if they did, they wouldn't tell. And if they did
    > tell, everyone would take their advice and that would change the movement
    > between currencies and it would become invalid. Basically it's gambling
    > either way. Use other factors to decide where you keep your money.
    > 2) If/when the UK decides to switch to the Euro, they'll fix an exchange
    > rate then. Nothing is fixed now.

indeed , but i thought that the british central bank has said that the
current exchange rate is to high , so they are aiming at a lower one IF they
join.
(which I believe will not happen anyway and people will still need pounds )

wim sarens wrote:
    > "Miguel Cruz" schreef:
    >> 1) Nobody knows what the future holds for exchange rates between two
    >> non-fixed currencies. And if they did, they wouldn't tell. And if they did
    >> tell, everyone would take their advice and that would change the movement
    >> between currencies and it would become invalid. Basically it's gambling
    >> either way. Use other factors to decide where you keep your money.
    >> 2) If/when the UK decides to switch to the Euro, they'll fix an exchange
    >> rate then. Nothing is fixed now.
    > indeed , but i thought that the british central bank has said that the
    > current exchange rate is to high , so they are aiming at a lower one IF they
    > join.

But it's a bluffers' game, isn't it? If they make a credible indication of
their intent to move the currency in a certain way, then speculators can
target those intentions and make it more expensive for the bank to execute.

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu
Latest addition: 80 photos from Guatemala

No. That's precisely one of the issues that will have to be thought
about if and when the government's tests for deciding on membership
are addressed.
PJW

On 16 Jan 2003 06:24:47 -0800, [email protected] (P) wrote:

    >I´d like to know if anybody can help me. I have only basic knowledge
    >about economy and exchange rates so apologies in advance if my
    >questions are too obvious.
    >I´ve been working in UK for a while and came back to Europe with some
    >money in pounds that I put in my bank in pounds waiting for a good
    >time to change it to euros. I´m seeing that the more I wait, the
    >bigger amount of money I´m losing, as the euro is getting stronger
    >against the pound (at least, till now).
    >Does anybody know if things are supposed to be going on like this? Is
    >there an approximate exchange rate for when/if UK begins to use the
    >euro as well???
    >Thanks in advance for any help.

I'd say in hte long run you're probably going to be better off with British
pounds in the bank if you can hold on to them. With Germany and France
deciding they are going to divide the leadership in the EU and the fact that
their individual economies are in the tank I'd think the pound will likely
make a stronger showing against the Euro eventually.
"P" wrote in message
news:[email protected]...
    > I´d like to know if anybody can help me. I have only basic knowledge
    > about economy and exchange rates so apologies in advance if my
    > questions are too obvious.
    > I´ve been working in UK for a while and came back to Europe with some
    > money in pounds that I put in my bank in pounds waiting for a good
    > time to change it to euros. I´m seeing that the more I wait, the
    > bigger amount of money I´m losing, as the euro is getting stronger
    > against the pound (at least, till now).
    > Does anybody know if things are supposed to be going on like this? Is
    > there an approximate exchange rate for when/if UK begins to use the
    > euro as well???
    > Thanks in advance for any help.

"ddb" wrote in message
news:57EV9.11679$kH3.1943@sccrnsc03...
    > I'd say in hte long run you're probably going to be better off with
British
    > pounds in the bank if you can hold on to them. With Germany and France
    > deciding they are going to divide the leadership in the EU and the fact
that
    > their individual economies are in the tank I'd think the pound will likely
    > make a stronger showing against the Euro eventually.

The pound is still farsically strong against the Euro compared to "normal"
historical levels, even with the recent drops. Given they say the pound is
tracking the dollar and the US economy isn't too happy, I wouldn't bet on
keeping pounds at the moment myself.

On 16 Jan 2003 06:24:47 -0800, [email protected] (P) wrote:

    >I´d like to know if anybody can help me. I have only basic knowledge
    >about economy and exchange rates so apologies in advance if my
    >questions are too obvious.
    >I´ve been working in UK for a while and came back to Europe with some
    >money in pounds that I put in my bank in pounds waiting for a good
    >time to change it to euros. I´m seeing that the more I wait, the
    >bigger amount of money I´m losing, as the euro is getting stronger
    >against the pound (at least, till now).

So sell the Sterling then! Last time I checked, the rate is still
above 1.50, which is actually quite good. True, not as nice as the
1.60-1.70 when *I* lived in Beuroland, but still not bad. When I
first moved from the UK-raine to Beuroland a few years back, the
rate was 1.40 and then - nice for me - it steadily rose and I got
richer and richer and richer.

    >Does anybody know if things are supposed to be going on like this? Is
    >there an approximate exchange rate for when/if UK begins to use the
    >euro as well???

I doubt they would want to join above 1.40 so you'd be smart to
convert your funds to eubles asap. The euble is gaining even more
strength on the U.S. and Cdn $ these days; it is coming close to
restoring its former glory, so to speak.

--
ricardo, ex-euroslav
vancouver bc canada
e-mail: sovietjamaicanguy yahoo ca

If you have less than £10,000, just change them if you will not be
using them again soon. 1% is not a large loss.

True currency trading is for the very a very sophisticated game.

Check a couple places to find out who will give you the best rate, and
take it. I realize that many banks charge a large premium for the
transaction.

I use a private currency trader for my business transactions, as I get
a better rate than at any bank I have ever contacted.

On 16 Jan 2003 06:24:47 -0800, [email protected] (P) wrote:

    >I´d like to know if anybody can help me. I have only basic knowledge
    >about economy and exchange rates so apologies in advance if my
    >questions are too obvious.
    >I´ve been working in UK for a while and came back to Europe with some
    >money in pounds that I put in my bank in pounds waiting for a good
    >time to change it to euros. I´m seeing that the more I wait, the
    >bigger amount of money I´m losing, as the euro is getting stronger
    >against the pound (at least, till now).
    >Does anybody know if things are supposed to be going on like this? Is
    >there an approximate exchange rate for when/if UK begins to use the
    >euro as well???
    >Thanks in advance for any help.

"Dave O'Neill" wrote in message
news:[email protected]...
    > "ddb" wrote in message
    > news:57EV9.11679$kH3.1943@sccrnsc03...
    > > I'd say in hte long run you're probably going to be better off with
    > British
    > > pounds in the bank if you can hold on to them. With Germany and France
    > > deciding they are going to divide the leadership in the EU and the fact
    > that
    > > their individual economies are in the tank I'd think the pound will
likely
    > > make a stronger showing against the Euro eventually.
    > The pound is still farsically strong against the Euro compared to "normal"
    > historical levels, even with the recent drops. Given they say the pound
is
    > tracking the dollar and the US economy isn't too happy, I wouldn't bet on
    > keeping pounds at the moment myself.

Hang in there the US economy is slowly turning and I'm looking for goodness
in the next year.

I recently read an interesting (if old ) article by Kaufman about
joining the single currency where he sugeested that the best way avoid
speculatory attacks when joining the common currency would be to
follow the Nike strategy (i.e. just do it!). I warmly recomend the
book it was found in ( Accidental Theorist)to anyone interested in a
funny and readable presentation of economics that impinge on politics.

I also agree with other posters that prediction is not an exact
science and believe that the only way to be a 100% sure of the market
outcome is to fix it yourself (see Gordon Gecko).

That said you can make some prediction on how currencies will move
based on the involved economies fundamentals. A cheep and cheerfull
way is to use the Purchasing Power Parity (PPP) index. The Economist
does this by publishing yearly their Big Mac index, which basically
tracks the price of the Mac in various countries and checks if it
agrees with their nominal exchange rates.

It is explained very well in the following link:

http://www.econedlink.org/lessons/in...m?lesson=EM156

I will not offer any advice because it wouldn't be very usefull or
accurate and I don't think people should be giving useless and
inaccurate advice for free over the net. They should be giving it
through investment banks and be payed handsomelly for it

On Thu, 16 Jan 2003 20:59:21 GMT, "Dave O'Neill"
wrote:

    >The pound is still farsically strong against the Euro compared to "normal"
    >historical levels, even with the recent drops. Given they say the pound is
    >tracking the dollar and the US economy isn't too happy, I wouldn't bet on
    >keeping pounds at the moment myself.

If an economy is at a cyclical weak point, that is the time you'd want
to get into its currency. Remember, it's "buy cheap and sell dear,"
not the other way around.

___________________________________________
Unit #02582: Endangered Old-Growth Redwood
Toothpick Artisans, LLC [TINEO-GRTALLC]
--
Frivolity is a stern taskmaster.

    > >The pound is still farsically strong against the Euro compared to
"normal"
    > >historical levels, even with the recent drops. Given they say the pound
is
    > >tracking the dollar and the US economy isn't too happy, I wouldn't bet on
    > >keeping pounds at the moment myself.
    > If an economy is at a cyclical weak point, that is the time you'd want
    > to get into its currency. Remember, it's "buy cheap and sell dear,"
    > not the other way around.
IF the other countries agree .... It`s not up to britain alone to decide
the exchange rate at which they can enter