View Full Version : £1 Pound=$1.95 Dollar (Now $1.49 Nov 12)
Mr Blobby
30-11-2006, 09:36
Sterling surges to 14-year high against the dollar
TOKYO (Reuters) - Sterling surged to a 14-year high against the dollar on Thursday, extending its sharp rally this year fuelled by Bank of England rate hikes, inflows from mergers and acquisitions as well as central bank reserve purchases.
Sterling rose to $1.9565, the highest since September 1992 when Britain was forced to abandon the European Exchange Rate Mechanism -- the precursor to the common currency.
Back then the pound subsequently tumbled 25 percent in just three months when speculator George Soros supposedly "broke the Bank of England" with his run on the pound.
For the year, sterling is now up nearly 14 percent against the dollar, poised for its best yearly performance since 1990.
:thumbs: now where's that list of region 1 dvd's I wanted.
essex_max
30-11-2006, 09:59
What fantastic timing. I'm off to the States next week. :)
Think i'll get some cash exchanged today, im off to the states in march so does anyone see this getting better before then?
rua - sorry, the Magic 8 Ball says "ask again later". http://www.thedvdforums.com/forums/images/icons/loco.gif
In all seriousness, to take full advantage, get yourself a Nationwide credit card. They're comission and fee-free, and give imprtessively good rates. I got $1.94 per pound the other day, and it'd be nigh impossible get that rate the same day at a currency exchange.
essex_max
30-11-2006, 11:26
rua - sorry, the Magic 8 Ball says "ask again later". http://www.thedvdforums.com/forums/images/icons/loco.gif
In all seriousness, to take full advantage, get yourself a Nationwide credit card. They're comission and fee-free, and give imprtessively good rates. I got $1.94 per pound the other day, and it'd be nigh impossible get that rate the same day at a currency exchange.
Is this cash exchange at a branch or for something you paid for in the States..?
Art Vanderlay
30-11-2006, 11:29
Is this cash exchange at a branch or for something you paid for in the States..?
It will be for something paid for in the States, or for money taken out of a cashpoint over there.
Whenever I go abroad I just take enough spending money to get me going - taxi and a meal on first arrival - then I take money out of a cashpoint when I get there.
This is great news! I'm headed over in March too. Even better though my mum works in a bureau de change and I can get currency at 10% above the base tourist rate which is $1.876 so I can get $2.06, hopefully it'll go up some more before March.
I'm in NY in Feb - perhaps a PS3 is due....
This is great news! I'm headed over in March too. Even better though my mum works in a bureau de change and I can get currency at 10% above the base tourist rate which is $1.876 so I can get $2.06, hopefully it'll go up some more before March.
then again it may drop like a stone before then :|
This is great news! I'm headed over in March too. Even better though my mum works in a bureau de change and I can get currency at 10% above the base tourist rate which is $1.876 so I can get $2.06, hopefully it'll go up some more before March.
Not wanting to cast doubts on what you say but are you sure thats correct? I'd be amazed if any company would just give you 10% more, even if it was for staff especially when the LIBOR was below that figure.
Is this cash exchange at a branch or for something you paid for in the States..?As Art correctly pointed out, that was for a US$ transaction on the credit card. Though since I've had the card I've had to take very little cash with me on holiday.
mnementh
30-11-2006, 13:50
I'm in NY in Feb - perhaps a PS3 is due....
I'm off to the states in Feb aswell, and was thinking the same thing.
Aren't you only allowed to bring back £140 worth of goods though (obviously can always take an empty suitcase and hope you don't get caught by customs)
I'm off to the states in Feb aswell, and was thinking the same thing.
Aren't you only allowed to bring back £140 worth of goods though (obviously can always take an empty suitcase and hope you don't get caught by customs)
When i did this with a gamecube a few years back I never got caught, didn;t even know about it, but why can't you just take it out of the box and say you brought it with you?
You can bring more but will pay tax on it to bring it in. You could take it out the box and say you brought it with you, they wouldnt be able to prove otherwise but that would be lying and no one on these forums would do that.
Although thinking about it they could probably prove you never bothe PS3 in the UK since it won't be released here until May.
bonsaiguy
30-11-2006, 14:20
I'm off to NYC on Satruday, bring it on!
The dollar rarely/if ever crosses the $2:£1 threshold, so this is about as good as I am expecting it to get.
Do customs actually check the number of items of luggage going each way? How can they possibly connect who had what luggage on the way out and what on the way back? :thinking:
I just got back from NYC, prices weren't that stunning
eg. family guy dvd was $44 / series even in discount shops.
best price on the new tiny ipod shuffle 2Gb was $80 (J+R)
And then + 7.5% tax.
Only things that were a bargain were some cameras at B+H.
Pablo_Escobar
30-11-2006, 15:16
I just got back from Florida yesterday. Prices for most things were amazing especially clothes, Family guy season 4 was 39.99 I just wish the rate had been this high last week. But still can't complain as I got lots for my money.
highisland1
30-11-2006, 15:18
or buy a PS3 on a visit to Japan.
70,000 yen on yahoo auctions for the better version which at 226.5 yen to the pound works out at about 310 quid.
Tastydirt
30-11-2006, 15:26
I'm off to NYC on Satruday, bring it on!
The dollar rarely/if ever crosses the $2:£1 threshold, so this is about as good as I am expecting it to get.
Do customs actually check the number of items of luggage going each way? How can they possibly connect who had what luggage on the way out and what on the way back? :thinking:
Theres no reason why it wouldn't cross the 2:1 mark. The USD has been falling for a while now, and the GBP will only get stronger with rumours of more interest rate rises, so it could go anywhere upto 2.2, even 2.3.
Theres no reason why it wouldn't cross the 2:1 mark. The USD has been falling for a while now, and the GBP will only get stronger with rumours of more interest rate rises, so it could go anywhere upto 2.2, even 2.3.
While that is true I would be surprised if it reaches that kind of level. The last time it was over $2 was in 1981. Having said that I;m hoping it reaches the 1863 level of $9.97 :lol:
36Degrees
30-11-2006, 16:14
Think i'll get some cash exchanged today, im off to the states in march so does anyone see this getting better before then? It's quite standard for the pound to strongly appreciate against the dollar in December months (I think it has something to do with Christmas bonuses and the way American films release their statements). I'd say it might get closer towards $2, but after Christmas, I fully expect it to drop (I think the markets have realised that the Eurozone/UK are keeping their interest rates higher for longer makes them a more viable investment, hence today's nice boost, but I suppose that is intertwined with their current account deficit).
Either way, it makes all my games from Play-Asia (http://www.thedvdforums.com/jump2.php?url=http://www.play-asia.com/SOap-23-83-1p3h.html) even cheaper, now I need something to buy! =)
The ask price just hit 1.97 three minutes ago. Not surprisingly, it subsequently fell back a bit.
[QUOTE=36Degrees]It's quite standard for the pound to strongly appreciate against the dollar in December months (I think it has something to do with Christmas bonuses and the way American films release their statements)QUOTE]
You're right about that, my bonus is paid in Dollars and I'm not happy. The savings I'd make in shopping on the net in dollars is easily wiped out by the drop in my bonus. Bring on the 1 for 1 rate!
[QUOTE=36Degrees]It's quite standard for the pound to strongly appreciate against the dollar in December months (I think it has something to do with Christmas bonuses and the way American films release their statements)QUOTE]
You're right about that, my bonus is paid in Dollars and I'm not happy. The savings I'd make in shopping on the net in dollars is easily wiped out by the drop in my bonus. Bring on the 1 for 1 rate!
no chance!! Bring on the 2 for 1 :clap: :clap: :clap:
Will it be worth buying some stuff from amazon.com or dvdboxoffice?
I'm going the other way in June, so I hope the pound drops massively by then :p
Andrew70
30-11-2006, 16:49
The December customs rate is already available - 1.918 USD.
Not wanting to cast doubts on what you say but are you sure thats correct? I'd be amazed if any company would just give you 10% more, even if it was for staff especially when the LIBOR was below that figure.
Comparing cable to LIBOR? Eh? :thinking:
My best friend comes out to visit me next Thursday. Looks like all drinks are on him seeing as the exchange rate is going to see him shopping like a king
Only things that were a bargain were some cameras at B+H.
Best. Shop. Ever.
:thumbs:
Comparing cable to LIBOR? Eh? :thinking:
My minds playing tricks with me, got my acronyms mixed up. I blame the sushi I had at lunch from Itsu :suspect:
mikegray
30-11-2006, 18:01
Had a very productive time in the Macy's sale last weekend - clothes are incredibly cheap, and you got a 11% discount for being from out of town on top of that!
I'm off to the states in Feb aswell, and was thinking the same thing.
Aren't you only allowed to bring back £140 worth of goods though (obviously can always take an empty suitcase and hope you don't get caught by customs)
They've now increased it, you can bring back about $600 worth
How do I go about (easily)
Opening a dollar account
&
buying some dollars to stick in there?
Phoenixetta
30-11-2006, 19:31
Darn it, I still have a bunch of travellers cheques I need coverting BACK into £.
Burned_Alive
30-11-2006, 19:36
Aren't you only allowed to bring back £140 worth of goods though (obviously can always take an empty suitcase and hope you don't get caught by customs)
I just got back from San Francisco and there wasnt even any customs checks going on as i passed through. I may or may not have had way more than £140 worth of goods.
Walrus Man
30-11-2006, 19:43
The December customs rate is already available - 1.918 USD.Making $34.50 the safe dollar price for tax free purchases. :thumbs:
mikegray
30-11-2006, 19:43
I just got back from San Francisco and there wasnt even any customs checks going on as i passed through. I may or may not have had way more than £140 worth of goods.
Ditto this morning at Manchester. Just one bored looking bloke in the green channel who didn't seem to be asking anyone anything. :D
Off to NY next week with work so will pick up that 6 D-Cell Maglite I've been promising myself from the Westchester Mall :thumbs:
carlito8
01-12-2006, 00:41
Any way to make a quick buck on this then ? (obviously depending on what happens to the rate in the future etc......?)
You could buy loads now and hope it increases in value in the future.
I just got back from San Francisco and there wasnt even any customs checks going on as i passed through. I may or may not have had way more than £140 worth of goods.
They tend not to stand in the channels any more but they watch via CCTV and will appear and stop you if they fancy. having said that i haven't been stopped or seen anyone else stopped on any of my 10+ trips to the States in the last 6 years
Off to NY next week with work so will pick up that 6 D-Cell Maglite I've been promising myself from the Westchester Mall :thumbs:
Forget Maglites. Try these (http://www.surefire.com/maxexp/main/co_disp/displ/pgrfnbr/16/sesent/00) .
SIMON ADEBISI
01-12-2006, 01:21
Nice one. Im going in February. Might just go and change my money now and made a killing.
I'm in Chicago right now and giving my credit card a good bashing.
Since I get paid in dollars and am losing a few thousand pounds per year due to the terrible (as far as I'm concerned) conversion rates now, I might as well make up for it somewhat and exploit the rates whilst I'm over here.
Please, please, please let's go back to the days of $1.75 to the pound though. Please!
hmmm this is interesting. i was just about to buy a macbook from uk apple site with student discount this week, but it now looks like it might be cheaper to buy from america! this might not be the best thread to ask in, but does anyone know whether the warranty would still be valid if i did this?
There may be a bit of a pullback now before it makes a final assault on $2.00.
Initial target maybe 1.93.
doesnotcompute
01-12-2006, 08:41
For those of you who know about this stuff - how's it looking against the Euro right now?
I'll be heading stateside in January, is it worth me converting euros to dollars now?
cheers,
Tastydirt
01-12-2006, 08:47
For those of you who know about this stuff - how's it looking against the Euro right now?
I'll be heading stateside in January, is it worth me converting euros to dollars now?
cheers,
The euros been quite steady for a few months now, and the dollar has been consistently falling for the past month, so theres no rush to buy dollars, its highly unlikely the euro will crash! Just keep an eye on it.
Tastydirt
01-12-2006, 08:48
Any way to make a quick buck on this then ? (obviously depending on what happens to the rate in the future etc......?)
Unless you have a lot to invest I don't think the profit involved would be worth the risk.
CleaDuVall_fan
01-12-2006, 09:04
Anyone know what the custom rate for airmail is? Like If I ordered an I pod from the states would I be bashed in customs charges? does it go on cost or weight of the item?
Thanks
neilalford
01-12-2006, 09:16
Anyone know what the custom rate for airmail is? Like If I ordered an I pod from the states would I be bashed in customs charges? does it go on cost or weight of the item?
Thanks
It will be VAT(17.5%) + import duty(don't know what this is for an I-Pod, somewhere between 2% and 5% I think) + whatever fees the delivery firm charge for handling the customs (£4 for Royal Mail, £8 for Parcelforce, something else for other couriers)
CleaDuVall_fan
01-12-2006, 09:19
cheers:)
This threads all pretty one-sided! What about all the poor Americans visiting the UK? Yeah? Think about them for a moment...
This threads all pretty one-sided! What about all the poor Americans visiting the UK? Yeah? Think about them for a moment...
what states that in :shrug:
Off to Canada and the US in 2 weeks :D
Burned_Alive
01-12-2006, 11:27
It will be VAT(17.5%) + import duty(don't know what this is for an I-Pod, somewhere between 2% and 5% I think) + whatever fees the delivery firm charge for handling the customs (£4 for Royal Mail, £8 for Parcelforce, something else for other couriers)
TNT charged me a £12.50 handling/admin fee.
bradavon
01-12-2006, 11:46
I used to be all for the UK and the Euro but this is precisely the reason I'm dead against it. The Pound is just so strong.
I'm all for most aspects of better European integration but not this one. It makes no financial sense what so ever.
TNT charged me a £12.50 handling/admin fee.
and DHL charges £20
Unclegrump
01-12-2006, 12:25
This threads all pretty one-sided! What about all the poor Americans visiting the UK? Yeah? Think about them for a moment...
more seriously, what about the UK companies that have contracts with US companies? They will be seriously suffering and I know of one or two that didn't manage to survive the last time the rate got so high.
Although it is great for us heading the the US!
Burned_Alive
01-12-2006, 12:37
and DHL charges £20
Or dont charge you anything, i had a Digeridoo come from Australia via DHL and they didnt charge me for any tax, etc.
I go to USA in two weeks, I have a Nationwide Card which means I get about 5c to the £ more currently out of the machine than I would from travelex etc. Do I get some money now or will I be better off just getting it out of machine?
Burned_Alive
01-12-2006, 23:00
I just got all of mine out of the cash machines when i got there, didnt take any. If you're flying into San Francisco, make sure you get some cash before you get to baggage claim because you have to walk miles once you've passed through!
Join the euro! Although I am now living in England...
Although in all seriousness it's bad for big company's wanting to set up in the UK. That is why in Dublin we have EBAY, Google and Paypal recently start up European headquarters there and because we are perfect
That is why in Dublin we have EBAY, Google and Paypal recently start up European headquarters there and because we are perfect
Is Dublin that bit connected to Northern Ireland that we didnt want?
Join the euro! Although I am now living in England...
Although in all seriousness it's bad for big company's wanting to set up in the UK. That is why in Dublin we have EBAY, Google and Paypal recently start up European headquarters there and because we are perfect
And Amazon ( for example ) is in Ridgemont, Bedfordshire.
Case not proven.
Yesterday closed at 1.98 its edging closer to $2
Should I order my wedding dress for $900 or should I wait for someone to ask me to marry them?
I'm going to order this one but in white:
http://www.bargello.com/Taupe+Lehenga-249-Special+Occasions-107-1884.htm
Bapapapa
03-12-2006, 11:29
:nuts:
splobber
03-12-2006, 12:31
http://img206.imageshack.us/img206/9208/bennettxd1.jpg
Reminds me of when I was in the RAF, two corporals I knew bought their mess uniform for wearing in the Sergeants Mess as they thought it was only a matter of time before they got promoted. They never did.
Dave.
Are these comments in reference to my choice of dress or my hopefulness about getting married someday.
Do you not think it's weird buying a wedding dress without the groom in sight? Have you bought the cake, too? ;)
Dave.
andybhoy
03-12-2006, 13:20
Are these comments in reference to my choice of dress or my hopefulness about getting married someday.
What if you put on a lot of weight? TBH, with your boyfriend, and his comments about you, it's quite likely.
http://www.bargello.com/Taupe+Lehenga-249-Special+Occasions-107-1884.htm
Either my eyes are broken or they're using Realdolls to model those dresses. :nuts: :lol:
purepauluk
04-12-2006, 02:09
Either my eyes are broken or they're using Realdolls to model those dresses. :nuts: :lol:
It looks like a gypos dress!
essex_max
04-12-2006, 14:11
This threads all pretty one-sided! What about all the poor Americans visiting the UK? Yeah? Think about them for a moment...
Couldn't cere less about the Yanks coming over here. I'm off to the US on Saturday and want the current trend to keep rising. Happy Days. :thumbs:
Join the euro! Although I am now living in England...
Although in all seriousness it's bad for big company's wanting to set up in the UK. That is why in Dublin we have EBAY, Google and Paypal recently start up European headquarters there and because we are perfect
No. The reason, ebay, google etc are in Dublin is because of the preferential corporate tax treatment. under Irish law.
It's also the same reason that there is such a big differential between Irish GDP and GNI, if you care...
annabella
04-12-2006, 18:23
Is it possible to profit on the way the exchange rate will move? No!
This is because the change in exchange rate from the period you buy from to the period you sell is equal to the change in interest rates.
PPP!
chrismag
04-12-2006, 22:57
Well I'm npt impressed, just means I have to send even more money to my ex!
But wait.......................petrol is only $2 a gallon, cost of living is far cheaper, weather is great, (apart from the occasional hurricane). But coming back to the UK makes me realise just how much better off I am, however this doesn't help with flights for my kids to come over............etc
My wife, who works for a bank, says that she could have bought dollars today at a staff rate of 1.99! That's very good where hard cash is concerned - they expect it to hit 2.00 very soon - maybe even tomorrow :nuts:
No. The reason, ebay, google etc are in Dublin is because of the preferential corporate tax treatment. under Irish law.
It's also the same reason that there is such a big differential between Irish GDP and GNI, if you care...
That was early 90's Ireland, none of that any more we are rich now, super rich!
"the Republic of Ireland was ranked the second wealthiest, behind Japan and ahead of the UK (which includes Northern Ireland), US, Italy, France, Germany and Spain, showing an average wealth per head of nearly €150,000 (~ $190,000"
So no Ireland is "not that bit below Northern Ireland that you didn't want" We are a bunch of rich mofos who like a bit of craic with our Japanese brethren. There is also an extra 3 billion euro in revenue for the goverment to spend in the new budget that is coming up and there is talk of them lowering the higher income tax bracket so if you earn over 32,000 a year you will not get taxed 42% anymore.
Oh and I still think you lost out in not joining the Euro.
My wife, who works for a bank, says that she could have bought dollars today at a staff rate of 1.99! That's very good where hard cash is concerned - they expect it to hit 2.00 very soon - maybe even tomorrow :nuts:
Hopefully it will stay that way for a few weeks!
Yesterday closed at 1.98 its edging closer to $2
Is it possible to profit on the way the exchange rate will move? No!
This is because the change in exchange rate from the period you buy from to the period you sell is equal to the change in interest rates.
PPP!
:lol:
It's very funny listening to some of the posts on here. There seem to be a lot of people who do not understand how the FX markets work.
annabella
05-12-2006, 19:09
Come on then... Tell me how to profit from buying US dollars!
COME ON!!! TELL ME!! IS IT A SECRET THAT ONLY BRAINS LIKE YOU KNOW?
OMFG I HAVE TO BUY DOLLARS NOW OR I WONT MAKE MONEY!!!!
Come on then... Tell me how to profit from buying US dollars!
One way is to open a Forex trading account, fund it and then either -
a) Study techincal analysis and trade based on that
or
b) Trade the fundamentals.
Typical leverage may be 10,000:1 or even 100,000:1.
Of course, you're not then limited to cable. You can trade other pairs such as swissy, $yen, Ozzie, Kiwi, Euro or the loonie.
Come on then... Tell me how to profit from buying US dollars!
Move to the US with all of your sterling.
Must admit it's really tempting to sell IMM Sterling Dec07/Mar08 above 1.97 ...
Must admit it's really tempting to sell IMM Sterling Dec07/Mar08 above 1.97 ...
:?:
:?:Those are the benchmark USD/GBP futures contracts, basically a forward bet on the mid-month rate for each quarter in tranches of £62,500, so each 0.0001 move is plus or minus £6.25 in profit/loss: more info here (http://www.cme.com/trading/dta/del/delayed_quote.html?ProductSymbol=BP&ProductFoiType=FUT&ProductVenue=G&ProductType=cur)
Take a look at this chart here, a weekly chart of the exchange rate going back two years and change, can click for a monthly one going back much further as well: http://charts3.barchart.com/chart.asp?jav=adv&vol=Y&grid=Y&org=stk&sym=%5eGBPUSD&data=E&code=BSTK&evnt=adv
From a technical short or medium term point-of-view, it is overdone and due for a pullback.
annabella
05-12-2006, 21:38
One way is to open a Forex trading account, fund it and then either -
a) Study techincal analysis and trade based on that
or
b) Trade the fundamentals.
Typical leverage may be 10,000:1 or even 100,000:1.
Of course, you're not then limited to cable. You can trade other pairs such as swissy, $yen, Ozzie, Kiwi, Euro or the loonie.
What you are saying is ... 'Speculate'
There's absolutely no way to make money for definite on this, except by moving to the US where your money will buy more stuff!
Any easy money has already been had by professional investors. This is pretty much the first rule of investing.
:lol:
It's very funny listening to some of the posts on here. There seem to be a lot of people who do not understand how the FX markets work.
Hang on a sec, she's actually pretty much right there...in the long term at least. Certainly not to be laughed at. Of course the parity doesn't hold up in the short run, just like a stock's price doesn't always exactly equal the present value of future dividends. The PPP thing isn't true (well, i suppose arguably it may be in the very long run), but that doesn't affect interest parity anyway.
She's definitely right in that there's no certain money to be made.
Maybe if it amuses you so much you'd care to explain how forex markets really do work.
Interest rate differentials and yield curve shapes come into the equation when a sufficiently long timeframe is being used ... otherwise day-to-day it's sentiment and news driven.
Having said that, obviously if an interest rate announcement is made and a change is announced then the market will rise/fall in reaction. That is moreso a displacement of market levels to account for the new fundamental currency relationship than any sort of news reactive distortion or event.
If Blair resigns tonight, there would be a reaction in the FX markets, even though there was zero change in UK fiscal policy, rate controls, or anything that fundamentally changes the present economic condition of the country, and more of a distortion / unnatural displacement.
BTW - for anyone just starting to contemplate speculative <strike>trading</strike> betting on this sort of thing, the interest rate differential 'gain or loss' is irrelevant. It only comes into the maths when extremely large sums are involved for extended periods of time, and is only applicable if/when full market rate interest is indeed being earned on the monies which would otherwise be used for trading (eg: if the cash is sitting in a 0.1% Barclays acct ... )
annabella
05-12-2006, 23:19
Hang on a sec, she's actually pretty much right there...in the long term at least. Certainly not to be laughed at. Of course the parity doesn't hold up in the short run, just like a stock's price doesn't always exactly equal the present value of future dividends. The PPP thing isn't true (well, i suppose arguably it may be in the very long run), but that doesn't affect interest parity anyway.
She's definitely right in that there's no certain money to be made.
Maybe if it amuses you so much you'd care to explain how forex markets really do work.
The PPP thing is true - in the 'medium long' term..
She's definitely right in that there's no certain money to be made.
The original quote was
Is it possible to profit on the way the exchange rate will move? No!
Which is clearly not true. Take any successful currency fund and try telling them that they cannot profit out of fx moves. Even trying to argue the smaller point that a carry strategy doesn't work doesn't hold water: There are many carry-based strategies out there that make plenty of money.
Your point that there is no CERTAIN money to be made is equivalent to saying that there is no arbitrage opportunity in fx. This is ALMOST true. The truth is that any arbitrage opportunity that exists is either very small and would cost more to exploit than its worth or exists so briefly that can only be achieved (and is) by those with much cheaper and faster market access than you.
Maybe if it amuses you so much you'd care to explain how forex markets really do work.
There are websites of various accuracy and levels of understanding already available. However, I think the two points I highlighted deserve a comment:
Firstly, since FX is an "over the counter" market, there is no "close" since there are no fixed trading hours. All and sundry (subject to regulation) are free to make a market at any time they choose. Secondly, since it is OTC, there is no one price for any currency. Each market maker is free (again with caveats) to quote whatever spread he/she desires. Therefore, there is no such thing as a close price. Before someone mentions it, of course there are some exchange-traded derivatives which do therefore have a close and also a well-defined price. But that's not what we are talking here.
I did say that there are many companies making plenty of money out of currency movements. On the other hand, they know how to play these markets an awful lot better than most of us here. Although you may get lucky, you are just as likely to get unlucky if you are taking a blind bet. I think I read somewhere that 90% of market participants lose. In other words, on average, the professionals will take more money from you (by some margin) than you take from them.
What you are saying is ... 'Speculate'
You can call it whatever you want. You asked how to do it; I told you. If your wins are greater than your losses, you make money.
SIMON ADEBISI
06-12-2006, 07:17
That was early 90's Ireland, none of that any more we are rich now, super rich!
"the Republic of Ireland was ranked the second wealthiest, behind Japan and ahead of the UK (which includes Northern Ireland), US, Italy, France, Germany and Spain, showing an average wealth per head of nearly €150,000 (~ $190,000"
So no Ireland is "not that bit below Northern Ireland that you didn't want" We are a bunch of rich mofos who like a bit of craic with our Japanese brethren. There is also an extra 3 billion euro in revenue for the goverment to spend in the new budget that is coming up and there is talk of them lowering the higher income tax bracket so if you earn over 32,000 a year you will not get taxed 42% anymore.
Oh and I still think you lost out in not joining the Euro.
Go Rasta!!!!!!!
annabella
06-12-2006, 08:14
You can call it whatever you want. You asked how to do it; I told you. If your wins are greater than your losses, you make money.
I was attempting to make the point that it isn't easy, and no matter how you dress it up - you are gambling on the release of news affecting the rate... This cannot be predicted!
However I must confess that I agree 100% with what you are saying above "if your wins are greater than your losses..."
I was attempting to make the point that it isn't easy, and no matter how you dress it up - you are gambling on the release of news affecting the rate... This cannot be predicted!
However I must confess that I agree 100% with what you are saying above "if your wins are greater than your losses..."
It depends on how you trade. If you avoid the big news items and stay out of the market at those times, you aren't at the mercy of the news. That is where technical analysis works. Or, if you are in a profitable position, protect it with a stoploss.
It isn't easy as you say. I have heard it described as the hardest way in which you can make 'easy money'.
A new post 1992 high today ( 1.9858 ) after it spent December falling back to just under 1.93
Tastydirt
23-01-2007, 10:23
Might see it pop over 1:2 now with the interest rate rises.
danielsesay
23-01-2007, 10:40
:clap: Super! It will make my new camera purchase in NY all that much better!
Might see it pop over 1:2 now with the interest rate rises.
Big psychological barrier though. I can see it hitting that area and then a small pull back before trying again ( probably successfully ). But don't risk any money on my speculations!
hardtofin
23-01-2007, 10:53
Big psychological barrier though. I can see it hitting that area and then a small pull back before trying again ( probably successfully ). But don't risk any money on my speculations!
Don't worry, i wont!!
Do you actually have any qualifications in currency trading and derivatives or are you just the forums expert from your office desk? :shrug:
Do you actually have any qualifications in currency trading and derivatives or are you just the forums expert from your office desk? :shrug:
No qualifications other than making some money at it and thinking of committing full time.
Tastydirt
23-01-2007, 10:55
Don't worry, i wont!!
Do you actually have any qualifications in currency trading and derivatives or are you just the forums expert from your office desk? :shrug:
I don't think it makes any difference if you have qualifications or not! I work in treasury in a bank and I wouldn't even trust the FX traders predictions with this... :suspect:
hardtofin
23-01-2007, 11:00
No qualifications other than making some money at it and thinking of committing full time.
Oh great, well thats comforting. I have watched your posts on this thread and others similar to it and find them disconcerting at best.
You seem to come across like you know what you are talking about compared to Joe public, but in reality what you are saying could be gleamed from reading the FT on any given day. All i would say is just be careful as you dont really seem that much of an expert to me.
Im a fully qualified options and futures broker btw.
Oh great, well thats comforting. I have watched your posts on this thread and others similar to it and find them disconcerting at best.
You seem to come across like you know what you are talking about compared to Joe public, but in reality what you are saying could be gleamed from reading the FT on any given day. All i would say is just be careful as you dont really seem that much of an expert to me.
Im a fully qualified options and futures broker btw.
Gosh, where is your record of achievement? Do you risk your own money? I do. You have absolutely no idea of my record. So why the personal attack?
Have a look back at my unedited post #48 http://www.thedvdforums.com/forums/showpost.php?p=6929650&postcount=48
There may be a bit of a pullback now before it makes a final assault on $2.00.
Initial target maybe 1.93.
Guess what, after peaking that day, it fell back to 1.9262 on the 8th. Pretty close and a lot closer than any of your invisible predictions, Mr. Professional.
Why would that be 'disconcerting'. It was afterall bang on the money.
Oh, and by the way, I don't read the FT. What I say is my own opinion.
So let's see you put your money where your mouth is. Come on, give us non experts the benefit of your qualifcations. Let's see some predictions on cable, Eurodollar, swissie etc.
BTW, what qualifications would they be anyway?
NicolaUK
23-01-2007, 11:16
Oh great, well thats comforting. I have watched your posts on this thread and others similar to it and find them disconcerting at best.
You seem to come across like you know what you are talking about compared to Joe public, but in reality what you are saying could be gleamed from reading the FT on any given day. All i would say is just be careful as you dont really seem that much of an expert to me.
Im a fully qualified options and futures broker btw.
Oooh get her :nuts:
hardtofin
23-01-2007, 11:23
Hey, calm down!
I wasnt attacking you, it just annoys me reading your posts cos you are not a professional. Internet investment boards are full of people like you who have made millions from trading, yet they still post on ****** internet boards and arent living out in the carribean.
To answer some of your questions, yes i do risk my own money and have trading in derivatives since i started in broking, before i was even qualified. Its nice to know you dont read any literature too, thats a good way to get a sound opinion on the market :shrug:
I dont have any predictions on currencies, i trade exclusively in index options and sometimes equities options, also index futures. I dont claim to be an expert on currencies. But i do have whats commonly known as the "reggie reps" or certificate in derivatives which is an FSA qualification enabling me to give advice and trade in options and futures. I am also PS146 compliant which is the same for Australia.
Hey, calm down!
I wasnt attacking you,
Yes you were. I tell you what. Report the post to the mods and see who they agree with. I can't be bothered to, my skin is thicker than that.
it just annoys me reading your posts cos you are not a professional. Internet investment boards are full of people like you who have made millions from trading, yet they still post on ****** internet boards and arent living out in the carribean.
I know at least one of them who does make a very good living.
Its nice to know you dont read any literature too, thats a good way to get a sound opinion on the market :shrug:
Wow, another straw man comment. I said I don't read the FT. I do read other sources of information ( which I find far more relevant anyway ). For example, the Canadian CPI is being released in 7 minutes. Is that in the FT? Also, if you were that familiar with my posts, as you claim to be, you'd know I don't trade the news. I say that in this very thread. I trade on technical analysis and avoid big news announcements. See, I must read something in order to avoid the news. The clues are there, in my posts.
I dont have any predictions on currencies,
How convenient. You criticise my comments but won't or can't make any of your of own.
i trade exclusively in index options and sometimes equities options, also index futures. I dont claim to be an expert on currencies. But i do have whats commonly known as the "reggie reps" or certificate in derivatives which is an FSA qualification enabling me to give advice and trade in options and futures. I am also PS146 compliant which is the same for Australia.
Do they measure actual performance or just theory? I'd be a lot more impressed if it was annually renewable on production of performance data.
Your comments smack of professional elitism. 'Hey, I'm a pro, I know what I'm talking about, you're not so you can't be'. Continue with the snide remarks against non-pros if you want. A lot of them do make very nice sums of money. And it's all their own money and their livelihood depends on it. Isn't it true that most professional traders don't actually make steady reliable money? Day traders have to.
hardtofin
23-01-2007, 11:57
I can no longer be bothered with this discussion however, i would point out that it is impossible to not trade news. How can you tell when something is going to happen that moves a market?
If you have an open position, you are vunerable to news flow, period.
I can no longer be bothered with this discussion however,
Bye. However,
i would point out that it is impossible to not trade news. How can you tell when something is going to happen that moves a market?
If you have an open position, you are vunerable to news flow, period.
The majority of my trades run for around 30 minutes. So quite easily actually. It all depends on your trading strategy. As to the market moving, well it's not just the fundamentals that move the market. International trade and commerce moves the market and I doubt if you'll find anywhere in the FT or elsewhere that company A will be paying company B x Million in such and such a currency pair at a particular time.
Internet investment boards are full of people like you who have made millions from trading, yet they still post on ****** internet boards and arent living out in the carribean.This always make me laugh, if i made loads of money why would the hell i would want to go to the carribean. No good roads to drive my expensive car, weather that's far to hot. would stay in one of the big cities, London or NY
This always make me laugh, if i made loads of money why would the hell i would want to go to the carribean. No good roads to drive my expensive car, weather that's far to hot. would stay in one of the big cities, London or NY
:lol: I'm sure they also have the internet in the carribean too!
£1 = $1.99. Getting pretty close now :nuts:
Dave.
£1 = $1.99. Getting pretty close now :nuts:
Dave.
:cry:
Just got my latest 'payslip' (ie confirmation from bank of money transfer) through: Exchange rate for this transaction - 1.992
In the last 9 months I bought a house, interest rates rise and pound/dollar exchange rate slumps. Just as well I left myself some breathing space!
degeneration
16-04-2007, 17:24
If you have an open position, you are vunerable to news flow, period.
What has your menstrual cycle got to do with pound vs dollar?
Ignore me, trying to lighten the mood.
£1 = $1.99. Getting pretty close now :nuts:
Dave.The rate Wednesday night will be interesting, since that's the day that HMRC will set May's custom's exchange rates.
9:30 CPI figures prompted another rise. Bloomberg showing a hi of $2.0003
NicolaUK
17-04-2007, 08:49
Should make my holiday a little bit cheaper :D
I think once it goes past $2 it could hit $2.10 quite quickly :nuts:
I think to be honest I would be happy in one way if the dollar got stronger, I'm paid in pounds but by an American company so every month its costing them more money to pay me and do my expenses! Can't be good for job security!
BBRG now 1.9985, and now 1.998
This is addictive
GCfreako
17-04-2007, 09:19
2.03
http://news.sky.com/skynews/article/0,,30100-1260994,00.html
Inflation at 3.1% as well.
Can't wait for Mervs letter to Gordon to be published at 10.30
Dear Gordon
The games up. We can't fudge the basket anymore.
Merv
ps - I'm selling my housing portfolio because you know what's happening next
pps - You can kiss being PM goodbye
w00000t!
almost $2 to the £ and i'm away to Orlando in a couple of weeks :D
awesome news :D
G
It's looking good, we're going to the Maldives in a couple of weeks and they take $US :thumbs:
xe.com just showed 2.00000 .
xraystan
17-04-2007, 10:31
Remember folks that you won't actually get $2 to the pound when you change your money and anything you spend on a credit card will be subject to an exchange fee.
They were saying on Radio 5 that this might not be a good thing for us. I didn't catch why because I was listening in the car and the MW signal went for a minute or so. Does anyone know why this isn't as good as it first looks. I think they mentioned interest rates going up in this country.
Our interest rates will rise now as the pound is too strong (bad for exports).
AdminSpod
17-04-2007, 10:37
Remember folks that you won't actually get $2 to the pound when you change your money and anything you spend on a credit card will be subject to an exchange fee.
Unless you use a Nationwide credit card. They don't make charges. When I was in the USA last year I got spot rates on the days that I used my Nationwide credit card.
Remember folks that you won't actually get $2 to the pound when you change your money and anything you spend on a credit card will be subject to an exchange fee.Well regardless of how you change your money, it does directly impact the £18 customs limit, since the rates customs use are mid-market based, and also, nationwide credit card ;).
unrealnils
17-04-2007, 10:45
I think to be honest I would be happy in one way if the dollar got stronger, I'm paid in pounds but by an American company so every month its costing them more money to pay me and do my expenses! Can't be good for job security!
this happened to me last year as i was being paid by a us company to support us customers while i was working here in the uk !! (through outsourcing)
Anyways sun said enough is enough not worth the doller/pound rate and toke the service desk back to america :lol:
Oh well hope nothing like that happens to you
Sammy709Sony930
17-04-2007, 11:00
Unless you use a Nationwide credit card. They don't make charges. When I was in the USA last year I got spot rates on the days that I used my Nationwide credit card.
Or the Post Office Credit Card :)
xraystan
17-04-2007, 11:01
Remember folks that you won't actually get $2 to the pound when you change your money and anything you spend on a credit card will be subject to an exchange fee.
Yes, it's a bit ghey quoting myself, but I've just found out that if you order money with M&S using their &MORE cards then you won't get charged either.
I'm looking into getting some $ travellers cheques for my holiday in July. Currently with M&S you get $1919 for every £1000 you change. Nearly $4000 for £2000.
Our interest rates will rise now as the pound is too strong (bad for exports).
Other way about really . i.e. pound is rising due to an interest rate rise on cards. i.e. raising interest rates won't help bring it down
Other way about really . i.e. pound is rising due to an interest rate rise on cards. i.e. raising interest rates won't help bring it down
Really? I thought it would help kerb the rise? The pound being this strong cannot be good for the economy? It will mean more money going abroard rather than spent at home?
Really? I thought it would help kerb the rise? The pound being this strong cannot be good for the economy? It will mean more money going abroard rather than spent at home?
Im no expert , but the reason the pound is rising is that our interest rates are a lot higher than US , so better to have your money in the pound (better interest , better return). The latest inflation figures almost guarantees another hike in interest rates hence the latest movement of the pound upwards.
AdamBrunt
17-04-2007, 11:12
Really? I thought it would help kerb the rise? The pound being this strong cannot be good for the economy? It will mean more money going abroard rather than spent at home?
But that's counterbalanced by imports now getting cheaper. UK companies buying raw materials from the US will be better off.
But that's counterbalanced by imports now getting cheaper. UK companies buying raw materials from the US will be better off.
Yeah, I guess so,. Economics was definately not a strong point for me ;) I know its not good for me personally really if it continues, except if I pack up and move back to the US as I will be able to go over on a rather tasty salary by US standards depending on where I decide to live!
Remember folks that you won't actually get $2 to the pound when you change your money and anything you spend on a credit card will be subject to an exchange fee.
.
Yeah I have a dedicated Nationwide account specifically for going on holiday :D So does the girlfriend as well, well handy. I wonder how much money they lose on offering this service...
G
NicolaUK
17-04-2007, 12:01
I wonder how much money they lose on offering this service...
They won't lose any anything as their rate is pre-loaded, it looks good for them though ;)
DVDWotcha
17-04-2007, 12:06
What I don't fully understand is why they factor fuel costs into inflation figures. I mean it doesn't make sense to try and keep inflation low by indirectly adjusting rates. The real problem is the increase in fuel costs which there is nothing they can do about. Why not just factor it out of the calculations ?
Cost of oil and gas is going to continue to go up as supplies dwindle so are we going to be living with interest rates in the teens just to keep inflation at 2% ? seems a bit daft to me.
They won't lose any anything as their rate is pre-loaded, it looks good for them though ;)No, the rate set by VISA is near as damn it the mid-market rate. There are two loadings on top of this rate, VISA's own loading of 1% outside of Europe, plus whatever the card issuer adds on, typically 1.75% outside of Europe, 2.75% inside, to produce a flat loading of 2.75% overall.
Nationwide add no loading within Europe, and actually absorb the 1% VISA loading themselves.
So the direct cost to Nationwide is 1% for non-European currencies.
NicolaUK
17-04-2007, 12:29
No, the rate set by VISA is near as damn it the mid-market rate. There are two loadings on top of this rate, VISA's own loading of 1% outside of Europe, plus whatever the card issuer adds on, typically 1.75% outside of Europe, 2.75% inside, to produce a flat loading of 2.75% overall.
Nationwide add no loading within Europe, and actually absorb the 1% VISA loading themselves.
So the direct cost to Nationwide is 1% for non-European currencies.
Sorry but the Nationwide rate is definitely poorer, although not the worst, than the other big banks. The customer never wins in this sort of field.
Sorry but the Nationwide rate is definitely poorer, although not the worst, than the other big banks. The customer never wins in this sort of field.My credit card bill and a cursory glance at xe says different, and as I indicated, the basic rate of exchange used for credit/debit card purchases isn't set by the banks individually, it comes from visa/mastercard as approriate and then the loading (as stated in your credit agreement) goes on top of this.
AdminSpod
17-04-2007, 12:55
Sorry but the Nationwide rate is definitely poorer, although not the worst, than the other big banks. The customer never wins in this sort of field.
I checked the rates I got when I returned from the USA last year. They were very close to the day rates from http://www.oanda.com/ and much better than the rate I got for getting cash from M&S before I went out.
On what basis do you claim that the Nationwide rate is poorer?
I 2nd that. Nationwide credit card always has charged me spot rate. So unless anyone knows of a card that offers BETTER than spot rate, it is the best. Also, the same with their ATM cards, always charged spot rate. You just have to incur an ATM fee which is often the case in the US, but there are a few about with no charge.
EDIT: Just checked, I had my charged my card yesterday, at rate 1.9887
A bid price over 2.0110 will be a new high since June 1981. That was a fall from the Nov/Dec 1980 high of 1:2.4540.
That fall continued down to 1:1.0463 in Feb 1985
blah blah spot rate blah blah
http://en.wikipedia.org/wiki/Spot_price
rezabelady
17-04-2007, 15:24
Sorry but the Nationwide rate is definitely poorer, although not the worst, than the other big banks. The customer never wins in this sort of field.
On the one occasion I had to make a withdrawal with my HSBC card here in Japan (due to withdrawal limit) it gave me a considerably worse rate than the Nationwide card which I used at the same time.. plus a 4 quid ATM charge (Nationwide was free)
The strong pound is great for anyone wanting to come over here too at the moment as it's almost back up to 240 as it was in mid-January :) - unfortunately I bought my new laptop, and my Sister came over for a holiday last month when it had fallen to about 225 :(
xraystan
17-04-2007, 15:36
When people are talking about the Nationwide card are they talking about spending on it / withdrawls when in the USA or when buying travellers cheques over here?
The scenario I'm talking about is buying $ now, while they are high for a trip in July, incase they come down in price before I go.
We're talking about withdrawing on the Nationwide current account ATM card in the US. Also, discussing purchasing things in dollars on the Nationwide Cash Reward credit card.
Funny isn't it, that no matter what the exchange rate, for many things for sale in the good ole UK. It's still $1 = £1
Bargain!
:(
best tourist rate ive found is at tesco money -1.92.99 (so basically 1.93) anybody know of any better?
keeperbear
17-04-2007, 18:25
Sorry but the Nationwide rate is definitely poorer, although not the worst, than the other big banks. The customer never wins in this sort of field.
I am using my Nationwide card in the USA at the moment, and am getting an exchange rate that is almost identical to the current exchange rates. Never had this with Lloyds etc. Nationwide's rate is certainly not "definitely poorer".
Prufrock
17-04-2007, 20:36
Just went on a spending spree on Ebay.com. Definitely getting the current exchange rate using my Nationwide card to pay for things.
With the release of the Bank of England minutes at 09:30, the price spiked to 2.0128. Higher than at any time since June 1981.
The scenario I'm talking about is buying $ now, while they are high for a trip in July, incase they come down in price before I go.
What if they go up even further?;)
It's a mistake I made but no big deal. I brought back $ at Xmas knowing I would be in N America at least twice this year.
xraystan
18-04-2007, 11:28
What if they go up even further?;)
I can live with that, as if they went up enough for me to be concerned I'd seel them and buy some more at the better rates.
However, I feel that they are more likely to go down before I visit the USA.
Are they likely to go up further?
thehumble
18-04-2007, 15:02
I am in the fortunate position that I can buy at bank rates and this is fixed on the first of the month the current rate that I can buy at is 1.96 but I am expecting that it will continue to go up and will hold out for at least another month. I am getting a load of dollars this year as I am getting married in Vegas and dealing with everything in cash.
I was speaking to a friend who is an FX trader for one of the big banks he was saying that breaking the $2 barrier would be a huge step and that if this was broken that the pound could then gather strength against the dollar more quickly than it currently has and could even get to $2.20 though this may be very optimistic/pessimistic depending on how you look at it. This talk about interest rate rises to try and weaken the pound to the dollar (and lets face it a very strong pound does not benefit us very much in the long run) but these rises usually take a year to kick in properly.
Looks like this is the year to hit up America.
Why exactly is the £ strengthening against the $ so much then? Is it a combination of high house prices, low interest rates and a good economy? or?
Why exactly is the £ strengthening against the $ so much then?
Just recently? Well, the quick answer is that inflation is on the rise in the UK, confirmed by the CPI numbers that came out yesterday. The CPI figures gave inflation at 3.1% compared to the government target of 2%. This is considered high enough to require a written statement from the governer of the bank of England explaining the failure to meet targets.
The expected response to this high inflation figure is to again increase interest rates to try and suppress borrowing and hence expenditure.
(Interest rate) investors will therefore be able to realise a higher interest rate here than before, making the pound a more attractive currency to hold than before. This anticipated demand for sterling has pushed the price up.
Spectre07
18-04-2007, 15:26
This talk about interest rate rises to try and weaken the pound to the dollar (and lets face it a very strong pound does not benefit us very much in the long run) but these rises usually take a year to kick in properly.Won't interest rises here strengthen the pound?
thehumble
18-04-2007, 15:35
Won't interest rises here strengthen the pound?
I was told it would have the reverse effect (not by my FX trader) and did not ask why he thought that I am afraid
Interest rate rises in the UK means oversea investors buy the pound to invest here, and so the pound/dollar exch rate gets better in our favour.
As much as the pound is strong, it's also the case that the dollar is weak as well.
As much as I grumble and mither about me losting a few thousand a year, there is also guys that work for us in Brazil and Norway who have been hit worse by the weak dollar.
mikegray
18-04-2007, 17:48
Fortunately I'm off to the US in November. Very tempted to get some dollars in early. :)
Well judging by the "experts" on the BBC News page they're expecting continued rise and then maybe the Dollar becoming stronger towards the end of the year.
Prufrock
21-04-2007, 15:52
Just went on a spending spree on Ebay.com. Definitely getting the current exchange rate using my Nationwide card to pay for things.
PAYPAL ******* 73.70US DOLLAR at 2.00380641
There you go - that's the exchange rate I got from Nationwide for using my card to pay for something I bought on Ebay.com using Paypal.
I was told it would have the reverse effect (not by my FX trader) and did not ask why he thought that I am afraid
It depends on whether you are looking at the short or the long run.
If British inflation is higher than US inflation, in the long run you may expect the pound to weaken against the dollar, other things equal.
Look at it this way: if British nominal prices doubled, this means that each pound is worth less in terms of what goods it can purchase. There would be less demand for the pound.
However, in the short run, higher inflation in Britain means higher interest rates. Higher interest rate mean foreign investors want pounds. Demand for pounds goes up, and thus the price of pounds goes up.
PAYPAL ******* 73.70US DOLLAR at 2.00380641
There you go - that's the exchange rate I got from Nationwide for using my card to pay for something I bought on Ebay.com using Paypal.
Can I ask how you use the Nationwide credit card to pay directly in dollars on PayPal, thus avoiding the conversion fees Paypal normally charges you? On my account it defaults to pounds.
Thanks.
Where's the best place to get dollars on the high street? Need to get mine next week and they seem to have gone down slightly :(
Tastydirt
27-04-2007, 12:06
Best way is if you have a Nationwide current account you can withdraw dollars over in the states for no comission and at the market rate. Otherwise the Post Office has no comission but I don't know how competitive their rates are.
I'm going to a small island in the Maldives so no chance to change over there...
http://www.travelex.co.uk/ usually have the best rates but can be a pain in the arse to pick up. I tend to get the rate from Travelex the call my local Thomas Cook and ask them thier rate, if it's lower i usually say i'll get it from Travelex and then they usually match it.
Always worth a try.
Jason
Anyone used these http://www.1stholidaystore.co.uk/foreigncurrency.htm
Website seems a bit ropey but the rates are good.
http://www.travelex.co.uk/ usually have the best rates but can be a pain in the arse to pick up. I tend to get the rate from Travelex the call my local Thomas Cook and ask them thier rate, if it's lower i usually say i'll get it from Travelex and then they usually match it.
Always worth a try.
Jason
IME, M&S are usually pretty close to Travelex.
Sorry I thought it was an abbreviation for a store!
mikegray
27-04-2007, 17:45
Got $1.94 on the high street today which I was pretty happy with. :)
Can I ask how you use the Nationwide credit card to pay directly in dollars on PayPal, thus avoiding the conversion fees Paypal normally charges you? On my account it defaults to pounds.Before you pay you should see a "conversion options" link. This allows you to change the default behaviour for the credit card.
Up to $2.03 to the pound today and rising. Perfect for anyone off to America for summer hols
BigPappa
11-07-2007, 15:37
Up to $2.03 to the pound today and rising. Perfect for anyone off to America for summer hols
Just like me then. Im gonna go on a shopping Spree and dent the US trade deficit! yehhhhhhhhhhhh
I just ordered a gold nationwide card so card purchases all done just need to get cash / prob change about £1500 sterling.
Wow, Vegas hear my plastic roar! :lol:
Dave.
mikegray
11-07-2007, 17:45
Going to get my money changed now and then let rip in the Thanksgiving sales. :D
mikegray
30-10-2007, 13:10
I'll just revive this having picked up some more money today at $2 to £1 on the high street. :D - highest dollar rate in 26 years apparently.
http://news.independent.co.uk/business/news/article3110722.ece
Macys 11% discount for being from out of state + thanksgiving sales + strong pound = :D
Matholwch
30-10-2007, 13:18
Apparently Nationwide use the VISA exchange rate - and as they don't have their own charges you get as close to the exchange rate as possible. e.g.
yesterday Travelex gave you $1.98 = £1, Visa exchange rate was $2.05 = £1.
I changed a whole lot of dollars months ago at the Thompsons $2 to the £1 offer. However, it now looks I should've just put a lot of cash into my nationwide account and used that instead.
mikegray
30-10-2007, 13:19
Yeah, Nationwide CC is the best option because they don't levy charges.
Yeah, Nationwide CC is the best option because they don't levy charges.
Are there any charges on the CC for cash withdrawals? I know the Nationwide Debit card doesn't have any.
AFAIK yes, there is a charge for cash withdrawals on ALL credit cards.
Yeah, Nationwide CC is the best option because they don't levy charges.I thought it wasn't so much any charges, but that they use the best rate ?
I thought it wasn't so much any charges, but that they use the best rate ?
Nationwide market it as 'commission-free purchases abroad'.
Regardless, as others have said - buy something with a Nationwide card today and the rate you'll see on your statement will be something like $2.053432. Buy with another card and you'll see something like $1.963232.
I just always assumed there was a charge in my (non-Nationwide) transactions and the rate they show is one that is the calculated net rate as a result of the charge made. I've never seen an explicit charge listed on a statement.
Tastydirt
30-10-2007, 17:36
Yep, no charges and very close to market rates with Nationwide CC. Also with the Post Office CC IIRC.
Sammy709Sony930
30-10-2007, 17:41
Pickup some lovely dollars today for 2.0011 to a quid for my forthcoming Vegas/LA/SanFran jaunt.
Will be doing the majority of my spendiing on my Post Office CC which like the Nationwide CC and Debit Cards, does not skin you for 2.75% to 2.95% of your purchase. i.e. 6 cents per UK £.
Where did you get that rate Sammy?
2.03 at http://www.thomasexchangeglobal.co.uk/
2.03 at http://www.thomasexchangeglobal.co.uk/
Cool! I've always used Travelex.
GAmbrose
30-10-2007, 21:40
2.03 at http://www.thomasexchangeglobal.co.uk/
How exactly do they send you the money?
Gary A
You have to pay there I think, they only have 2 locations afaik, both in Central London.
Yep, they're really good but only for paying cash and you just queue up. Will be getting some Euros from them soon - shame the rate isn't as strong!
KennyVader
30-10-2007, 22:58
Hmmm, yes, all those thinking of going to New York (for example) to spend their hundreds of $$$, bear in mind that apparently the place is so full of rich Brit tourists that there is now a shortage of hotel rooms, so the prices per night are actually really expensive now.
rezabelady
30-10-2007, 23:58
For those that can hold off until after Thanksgiving/Christmas/New Years it works out pretty good, tho. I'll be going to NY in January for a few days shopping.. went through hotwire for the room and got HI Express near MSG which came to about 22 quid pppn which seems great to me.
Well I've already got my hotel booked in NY for next April, should I get my dollars now or do people think there will be further increase?
Sammy709Sony930
31-10-2007, 14:27
Where did you get that rate Sammy?
One of these high street cheque clearance places with the yellow signage.
Its even higher today!
AdamBrunt
31-10-2007, 15:35
Well I've already got my hotel booked in NY for next April, should I get my dollars now or do people think there will be further increase?
Same question here .... going to Vegas in Feb and £1 = $2 rate could to be too good to miss.
Tastydirt
31-10-2007, 15:40
If anyone here could accurately predict the foreign exchange markets then they'd be a very very rich person.
My speculation is that I don't think they'll fall below $2, and it may rise even further if the interest rate rises again on the 8th November to 6%. If you're changing a lot of money it may be worth waiting until then to see what happens.
danielsesay
31-10-2007, 16:18
For those that can hold off until after Thanksgiving/Christmas/New Years it works out pretty good, tho. I'll be going to NY in January for a few days shopping.. went through hotwire for the room and got HI Express near MSG which came to about 22 quid pppn which seems great to me.Bargain! Not that I need a hotel for my next trip. ;)
I'm going back over in January (I'm in NY now - flying back home today) so hopefully the rate will still be hovering around the $2 mark.
£$ has passed through 1 : 2.1 now on the basis of a Chinese announcement made overnight in respect of their $ reserves in part being diversified into Euros.
Sammy709Sony930
07-11-2007, 15:23
I'm in the US right now and just checked my CC online.
Using a Post Office CC (which doesn't cream the 2.75% for oversees transactions I can see a $100 purchase a few days ago is coming in at exactly £48.12, which is 2.078 USD to 1 UKP.
Now that we are in LA, we are planning on doing a bit of shopping to fill that spare case that we brought.
Its $2.10 to the pound at bank rate! That's stupidly good/bad*
*depending on how you look at it!
danielsesay
07-11-2007, 16:12
Its $2.10 to the pound at bank rate! That's stupidly good/bad*
*depending on how you look at it!Bad for my dad as it means he has less to spend when he comes to visit in February (if it stays this way!). Good for me when I pop over to NY again in January. :D
very bad, no trips home for me for a while
mikegray
07-11-2007, 19:18
:D 12 days until I hit the US.
It's bloody awful for those of us paid in dollars.
At least my nice boss gave me a decent pay rise to offset the devalued dollar. And in theory if the dollar does recover (even partially) my pay will be better again!
Off to Hawaii for Christmas and New Year so I'm going to have to make the most of it. New laptop please! :)
Xenomorph
07-11-2007, 19:44
I just got my severance in dollars. All has to go back to the UK. Timing sucks.
It's bloody awful for those of us paid in dollars.
I am paid in GBP but from a US company so every month its costing them more to pay me and any bonuses I get are in USD$ so they go down every time :(
At this rate though if the dollar keeps dropping and my company stays stable I'm very tempted to go and buy a house out there next year (maybe a foreclosure property if I can work out how to get one) and live over there as my salary would be converted on an average over the previous 90 days which at this rate would be pretty decent US salary!
Am coming back to the UK for Xmas and am not looking forward to changing dollars to pounds so trying to buy everything here before I return :)
Dave
My bro is paid in GBP, but lives in the US so he's happy.
http://www.xe.com/
I note that the Canadian Dollar is now worth more than the US Dollar. Is this unprecedented? Xe have a little ? button just to explain that this is indeed what you are seeing...
Been like that for a month or so and I believe it has happened before. It's become 17% stronger in the last year or something like that, iirc. Big news in Canada as a lot pop over the boarder. Also shows that will the dollar has gotten weaker against the pound, we have also gotten weaker compared to some other currencies, such as the CAD.
I remember a few years ago when it was 1GBP=2.3CAD when we were all buying up dvdsoon dvds like they were going unbelievably cheap...oh wait :(
SOUNDSTYLE
29-11-2007, 21:06
I'm off to Chicago next Friday (7th Dec) for a few days and want to get some dollars beforehand.
Travelex are quoting: 2.0031 atm. Will it go up anymore in a week?
I'll be using a Visa Debit Card to buy my dollars and I can order these well in advance online and pick them up from Heathrow T4. Will travelex charge me any fees?
I've heard that the rate you are charged from a american cash point is rather good? Should I just get dollars from a cash point machine instead and buy a few dollars before I depart?
I've just been getting $2.02 from my American Express Platinum Card (http://www.thedvdforums.com/affiliatelink.php?localaffiliateid=267) after all their fees this week, but only got 1.96 at the airport from travelex on a 100 quids worth of USD$ on Monday.
Tastydirt
29-11-2007, 21:21
If you use a Nationwide debit card they don't charge any commission on international cash withdrawals, and use the current Visa rate too (which is the previous days closing rate IIRC?)
SOUNDSTYLE
29-11-2007, 22:24
Please note that the purchase of travel money with a credit/debit card may incur a cash advance fee charged by your credit/debit card issuer. This fee would be levied irrespective of whether your travel money was purchased by phone, over the internet or over the counter. This is NOT charged by Travelex. Switch cards do not incur a cash advance fee.
Has anyone been charged using a VISA Debit Card from any of the main banks?
You will get charged on a Visa debit card :( Switch (Meastro) is free though. I just get cash out of the ATM and then use that to get my currency if I get it in the UK.
Alisonsvilla
30-11-2007, 03:58
Am coming back to the UK for Xmas and am not looking forward to changing dollars to pounds so trying to buy everything here before I return :)
Dave
Me too ;-)
Sadly it's Monday!!!!
Sob!
Weather today has been great -80+
I actually wore a coat today for the first time in 10 days!
We went to see ICE at the Gaylord Palms. It's an ice carving show-and to use a typical american expression it was-awesome-and cold!
We were given parkas to wear on top of our jackets.
I wish I could post some photos to let you see what it was like. There was a whole nativity scene-all done in Ice. The carvers come from Harbin in China.
You'd think they would all be dripping-wouldn't you-but no they weren't.
I just felt teribly guilty-I had none of my grandsons with me!
on a different note-got quite a surprise at petrol which has now topped the $3. I was only here 5 weeks ago and it was around the $2-50 mark.
Still cheap for us Brits-but the americans must be feeling the pinch!
If you use a Nationwide debit card they don't charge any commission on international cash withdrawals, and use the current Visa rate too (which is the previous days closing rate IIRC?)
There is no such thing as a closing rate: Since you can trade foreign exchange at any time of day, it doesn't close. And secondly, since there is no single marketplace for trading currencies (like and exchange), there is no single rate anyway; everyone is free to trade with each other at whatever price they agree. It would be like saying what is the closing price for supermarket teabags. (Unless you know of some secret teabag price-fixing cartel...)
But there is a spot rate that is used to determine most trading spreads with brokers. Nationwide debit cards pretty much always seem to be the rate you can view on www.xe.com anyway, give or take 1/2 cent.
But there is a spot rate that is used to determine most trading spreads with brokers. Nationwide debit cards pretty much always seem to be the rate you can view on www.xe.com anyway, give or take 1/2 cent.
Of course they are likely to offer similar rates, since otherwise there would be an arbitrage opportunity. But I assure you that brokers do not base their prices on anything other than their own models, and certainly not on some magic rate that someone else provides for them.
As for your local money exchange bureau; they may well just follow another bank's rate, but then they load them up with such a high spread (commission or not) that they won't be out of pocket if they are off-mark.
BTW, "spot" rate just means for immediate delivery, as opposed to a "forward" rate.
Yes, and if you withdraw on a nationwide card you get v v close to spot rate.
Yes, and if you withdraw on a nationwide card you get v v close to spot rate.
You will get the spot rate that they offer you, but that is true of all brokers, though some charge a commission as well as a wide spread. Because you took immediate delivery of the currency. That's all that spot rate means. It doesn't mean mid rate or particularly good or competitive or anything else like that. And it varies from broker to broker.
Tastydirt
30-11-2007, 10:09
I'm sure we've had this discussion about the Nationwide rate on this thread before but I can't see to find it anymore.
Anywho, if Nationwide does use the current Visa rate, then they have a calculator on their site: http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp
It seems to be update daily, but it doesn't provide any info about where the rate comes from.
It doesn't mean mid rate or particularly good or competitive or anything else like that.It does for credit cards though. The exchange rate itself is set by VISA or Mastercard as appropriate, and it's that rate that the small print of most credit cards are refferring to when they take 2.75% commission. ( http://www.moneysavingexpert.com/cards/cheaper-spending-overseas#abroad )
SpaceCoyote
21-01-2008, 17:07
I'm off to the US in May and I've been keeping an eye on the $/£ exchange rate for the last week or so.
It's "down" at 1.94 at the moment, and seems to have dropped 7 cents or so since the beginning of the year.
I am planning to take about £2K with me, not sure if I should blow my wad (literally) now, or wait a while.
Can someone tell me why it's dropping at the moment?
I am planning to take about £2K with me, not sure if I should blow my wad (literally) now, or wait a while.
Can someone tell me why it's dropping at the moment?
£2K ? :eek: That seems stupid! What on earth are you going to spend ~$4,000 on? Take a credit card instead, much safer than that much cash!
As for the rate changing, the pound is losing strength as opposed to the dollar getting better, the pound is pretty much at an all time low against the euro at the moment. I think the dollar did get a little better after some recent announcements from them on tax rebates etc and the fact that a lot of people have been buying dollars again recently (as in currency traders not personal exchanges!)
SpaceCoyote
21-01-2008, 17:27
It's all about maximising spending money, really.
How do traveller's cheques work - do you buy at a certain exchange rate, or do you just get the rate when you cash them?
it's easy to spend $4000 if you're going with a family, I spent that in 2 weeks in orlando
Just get travellers cheques then if you lose them you're covered, i'd say take a max of $1000 in cash
It's all about maximising spending money, really.
How do traveller's cheques work - do you buy at a certain exchange rate, or do you just get the rate when you cash them?
They work the same as cash, they are dollar cheques bought at the exchange rate at the time of purchase
SpaceCoyote
21-01-2008, 17:34
Hmmm, I might give it a couple of days and see if the US drops its interest rate.
That should bump it up a few cents.
it's easy to spend $4000 if you're going with a family, I spent that in 2 weeks in orlando
Just get travellers cheques then if you lose them you're covered, i'd say take a max of $1000 in cash
Maybe, but still a credit card is a way safer option and taken everywhere pretty much! I still think actually spending $4000 in two weeks (presuming tickets, hotel and car are pre-paid) is stupid!
Maybe, but still a credit card is a way safer option and taken everywhere pretty much!
Only problem with a credit card is if the rate suddenly plummets while you're out there
I still think actually spending $4000 in two weeks (presuming tickets, hotel and car are pre-paid) is stupid!
Yes but I came back with very full suitcases :lol:
As for the CC problem, yes it may change but also you are not earning interest on that money for the next few months! You used to be able to get AMEX and Visa pre-loaded cards too in USD that would be better than both cash or travellers cheques (NicolaUK mentioned them before in the Florida threads).
As for full suitcases on return, that's still a lot of stuff and of course naughty on a customs point of view ;) I struggle to spend that amount of dollars in a full year spent in the US (if I exclude hotels etc), but maybe I'm just a tight wad :D That and I've not got kids and wife in tow ;) Still seems a crazy amount of money though to me on top of the holiday cost itself!
thehumble
21-01-2008, 21:25
As for the CC problem, yes it may change but also you are not earning interest on that money for the next few months! You used to be able to get AMEX and Visa pre-loaded cards too in USD that would be better than both cash or travellers cheques (NicolaUK mentioned them before in the Florida threads).
As for full suitcases on return, that's still a lot of stuff and of course naughty on a customs point of view ;) I struggle to spend that amount of dollars in a full year spent in the US (if I exclude hotels etc), but maybe I'm just a tight wad :D That and I've not got kids and wife in tow ;) Still seems a crazy amount of money though to me on top of the holiday cost itself!
Itook $2k for 2 weeks over xmas and brought $500 back despite buying half or Timberland and a $200 surefire torch
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