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Re: Exchange Rate Today
The exchange rate fall and the huge cut in interest rates has screwed me totally. A 30% reduction in the value of my UK pension and a 50% cut in the interest I get on the cash I have in the building society in the UK (which then loses another 30% on exchange) has seen my monthly income reduce by $900 a month which puts me below break even on my living costs.
Not a great time to be looking for a job but something has to be done. :o |
Re: Exchange Rate Today
I had a pleasant suprise yesterday. I did a Bid on XE trade at the end of October for over 1.60. I didnt hear anymore about it so assumed it didnt fill. Then sat and watched it drop like a stone. However -n yesterday they emailed me to ask why i hadnt deposited the funds yet! so i apparently had my bid filled and can still go ahead with the trade! makes me 500-600 dollars better off than doing it now!
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Re: Exchange Rate Today
Originally Posted by FlatDog
(Post 7060058)
I did a wire transfer of some savings I had in my US account to my UK account the other day. got 1.45 :) I'll wait for it to recover and then bring the money back and enjoy the profit.
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Re: Exchange Rate Today
Originally Posted by g1ant
(Post 7061263)
The exchange rate fall and the huge cut in interest rates has screwed me totally. A 30% reduction in the value of my UK pension and a 50% cut in the interest I get on the cash I have in the building society in the UK (which then loses another 30% on exchange) has seen my monthly income reduce by $900 a month which puts me below break even on my living costs.
Not a great time to be looking for a job but something has to be done. :o Still at least my pension is more secure than a lot of peoples jobs and I am thankful for that consolation. |
Re: Exchange Rate Today
The pound is strengthening steadily!
£1 = $1.53 :eek: |
Re: Exchange Rate Today
Originally Posted by DeanUK2US
(Post 7073187)
The pound is strengthening steadily!
£1 = $1.53 :eek: |
Re: Exchange Rate Today
Originally Posted by Giantaxe
(Post 7073191)
The Fed will announce a rate cut this afternoon so that's what's pushing the dollar down. I doubt the £ will strengthen much though, especially as I can see the B of E also cutting rates in the new year.
Agreed. The Pound is at its weakest ever against the Euro, and there are no signs that it is going to improve in the near future. As you say it's a rate cut that has caused a temporary dip in the Dollar. |
Re: Exchange Rate Today
Originally Posted by Giantaxe
(Post 7073191)
The Fed will announce a rate cut this afternoon so that's what's pushing the dollar down. I doubt the £ will strengthen much though, especially as I can see the B of E also cutting rates in the new year.
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Re: Exchange Rate Today
Originally Posted by Dan725
(Post 7073224)
Is there any rate left to cut?! :lol:
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Re: Exchange Rate Today
Originally Posted by Giantaxe
(Post 7073231)
All the way to zero if Japan in the '90's is any guide...
No sooner said than done... The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent. |
Re: Exchange Rate Today
Originally Posted by Giantaxe
(Post 7073385)
No sooner said than done...
Now there really is no more rate left to cut!! |
Re: Exchange Rate Today
At the end of the day all I see is that I get more 'buck' for my 'quid'! :thumbup:
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Re: Exchange Rate Today
There will definitely be further interest rate cuts from the UK and with the USA rate having nowhere else to go it can only mean the Pound will weaken even further against the dollar.
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Re: Exchange Rate Today
Well, it's currently $1.55 to the £. Strength is creeping slowly up at the mo'.
Will see though. :) |
Re: Exchange Rate Today
Originally Posted by g1ant
(Post 7061263)
The exchange rate fall and the huge cut in interest rates has screwed me totally. A 30% reduction in the value of my UK pension and a 50% cut in the interest I get on the cash I have in the building society in the UK (which then loses another 30% on exchange) has seen my monthly income reduce by $900 a month which puts me below break even on my living costs.
Not a great time to be looking for a job but something has to be done. :o |
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