View Full Version : The Sinking Pound
What a sad picture this is.[msncry]
Where will it end and what about all that talk of a $2 pound!!
http://www.orlando-guide.info/forums/Data/Frosty/2005723132846_Sinkingpound.jpg
Robert5988
23-07-2005, 17:37
For some of us it is great news!
chrizzy100
23-07-2005, 17:38
I see my holiday in England with my grandson becoming more real every day......going down to $1:50 would be nice.......:D
luckylady
23-07-2005, 19:56
If it goes down to $1:50
We will have to consider selling up seeing we bought both homes when the exchange rate was above $1;85
Good luck to anybody selling their homes at the moment and exchanging into Engish Pounds
abbeyvillas
23-07-2005, 20:30
Just about to order the 'spending money' for the forthcoming trip until I found out how the $ rate had dropped. $1.67 to the £ today.[:O]
Now am not sure what to do for the best. Are you are better off to withdraw cash from the ATM when you get there? I'm not sure how it works.[confused]
1.70 on Travelex[msnscared]
A friend of mine on another forum is well into this and he posted this today: -
Watch $1.7875 up for a change in trend but personally, I'm expecting the slide to continue to around the $1.66 mark and if that's broken with any conviction, then I see nothing on my charts in the form of support lines until we get to the major level of $1.56 so strap yourself in for the ride.
Don't undersatand what it means exactly (he mentions bulls and bears) but it down sound like good news especially as you say there was talk of it breaking the $2 to the £ barrier, they seems so long ago now.
Katys Grandad
23-07-2005, 22:18
<blockquote id="quote" class="ffs">quote:Originally posted by wrpac00
A friend of mine on another forum is well into this and he posted this today: -
Watch $1.7875 up for a change in trend but personally, I'm expecting the slide to continue to around the $1.66 mark and if that's broken with any conviction, then I see nothing on my charts in the form of support lines until we get to the major level of $1.56 so strap yourself in for the ride.
Don't undersatand what it means exactly (he mentions bulls and bears) but it down sound like good news especially as you say there was talk of it breaking the $2 to the £ barrier, they seems so long ago now.
[/quote]
Your friend appears to be what is known in the investment game as a 'chartist'. They try to predict price movements using historical data. The basic theory is that markets just follow trends over and over again irrespective of other factors so you can make money on that basis.
What he is saying is that the charts show the £ on a trend downwards unless the $1.7875 point is reached again, then it can be said that the trend has turned around and is now upwards towards the levels we have seen over the last few months. However, he believes that the downwards trend is firmly set and that, if the $1.66 point is reached, it is so strong in a downward direction that much lower levels are inevitable.
Trouble is that you will find just as many chartists employing the same data to predict the exact reverse!
flyrr100
23-07-2005, 23:01
Finally... Just in time for the new season! I see some afternoons at Stamford Bridge in my future!
Katys Grandad
24-07-2005, 01:09
The exchange rate would really have to plummet to make the ticket prices at Stamford Bridge affordable!!
supersneak
24-07-2005, 01:32
Unfortunately a family illness meant that we had to cancel our holiday the day before travel. Looks like I'll keep the $'s for next year.
We use HIFX but anyone got another better one
alanandjude
25-07-2005, 01:36
We use Moneycorp. Much better rates than tourist rate.
Alan
Katys Grandad, I think you are right but he has been pretty accurate in what he has been saying over the past 6-9 months which is why it is worrying me.
You will be hard pushed to beat Travelex, nearly 3 cents to the pound better than moneycorp at the moment.
I'll stick to Sky and Premiership Plus to watch the mighty Blues.
Katys Grandad
25-07-2005, 02:08
<blockquote id="quote" class="ffs">quote:Originally posted by wrpac00
Katys Grandad, I think you are right but he has been pretty accurate in what he has been saying over the past 6-9 months which is why it is worrying me.
You will be hard pushed to beat Travelex, nearly 3 cents to the pound better than moneycorp at the moment.
I'll stick to Sky and Premiership Plus to watch the mighty Blues.
[/quote]
Regretably, I think he is right on this occasion!
Robert5988
25-07-2005, 02:17
<blockquote id="quote" class="ffs">quote:Katys Grandad, I think you are right but he has been pretty accurate in what he has been saying over the past 6-9 months which is why it is worrying me.
[/quote]
wrpac00
Why is it worrying you?
As KG said some 'experts' use historical trends to predict a rise in the rate; the others the same data to predict a fall.
The best brains in all of the financial centres of the world, with access to every s c r a p of data and every conceivable mathmatical model, think the $ is worth exactly what it is worth today.
Traumatic events like 9/11 can trigger sudden changes, but the truth is nobody, but nobody, knows which way the exchange rate will go. However if Bin Laden becomes a Christian and a George Bush supporter I predict the US$ will strengthen.
My sister coming from England just changed up her money the other day and got just 1.67 $ to the pound. I thought I misheard on the phone, I was blown away. What happened???
Robert5988
04-08-2005, 22:31
<blockquote id="quote" class="ffs">quote: My sister coming from England just changed up her money the other day and got just 1.67 $ to the pound. I thought I misheard on the phone, I was blown away. What happened???[/quote]
What happened? She got 'ripped off' presumably by one of those airport booths?
At Manchester airport last week(when the commercial rate was $1.77) the exchange booth rates were 1.66/1.88 to sell/buy pounds; and they have the cheek to charge commission on the transaction.
It is relatively easy to get exchange rates from banks 2-3cents either side of the 'commercial' rate. (Currently /ay 1.75/1.81 to sell/buy pounds.) and even better if you look around.
melfrank
05-08-2005, 02:53
We got $177 to the pound. The cashier got sacked!!!!!!!!!!!!!!
The USD = 58p or $1.77 to the £ today on Travelex.com[msnwink]
Katys Grandad
11-08-2005, 14:00
<blockquote id="quote" class="ffs">quote:Originally posted by wrpac00
A friend of mine on another forum is well into this and he posted this today: -
Watch $1.7875 up for a change in trend but personally, I'm expecting the slide to continue to around the $1.66 mark and if that's broken with any conviction, then I see nothing on my charts in the form of support lines until we get to the major level of $1.56 so strap yourself in for the ride.
Don't undersatand what it means exactly (he mentions bulls and bears) but it down sound like good news especially as you say there was talk of it breaking the $2 to the £ barrier, they seems so long ago now.
[/quote]
Its now broken through the $1.7875 and then some! Back over $1.80 this morning. Dare we hope for even better?
Sharon G
11-08-2005, 18:24
Global currency exchange are offering 1.80 this morning!![msnsmile]
I think due to the oil prices rising this might help the pound rise against the dollar.
Nearly the end of my holiday now so it won't help me much but if it stays where it is others are going to be laughing.
Katys Grandad
02-09-2005, 13:36
The Sinking Pound is becoming the 'Rising Pound' - over $1.84 as I write this. I'm sure the horrendous events following Katrina are a small factor but this might be a reversal of the recent trend.
Wish I could feel happy about this but every time I see the TV I realise how unimportant such things really are.
Katys Grandad
16-11-2005, 21:16
Pound at 2 year low against $US today at just above $1.71. I suppose that means a tourist rate around $1.66?
Doesn't seem very long ago when the talk was of £1/$2. Can't see that anytime soon.
Katys Grandad
28-12-2005, 23:15
Another 2 year low today with Sterling dropping momentarily below $1.71. Almost 12% less for our pounds than this time last year.
There seem to be mixed views as to where it is going with some so-called 'experts' saying over $2 to £1 in 2006. Problem is the same experts were predicting that for 2005.
We always go to Florida around March/April, very early may.
In our experience the rate picks up a bit after Christmas for a month or two so we end up buying around mid to late Feb. Not wholly scientific I know but I'd hold off for a little bit if you're considering buying now.
Well I have never heard of this theory, but will watch out to see if you are right MAcka.
The rate has been pretty stable for the past month now. Will be using our US Account this week, so no need to change any money up.
Yes I know it sounds a bit far fetched Dom, and it hasn't worked every year, but I think it has something to do with the US Treasury releasing trade figures early in the new year.
I must see if I can get a graph of trends to find what really is the best time of year to buy.[msnwink]
Katys Grandad
29-12-2005, 14:01
Viewed in terms of the last 10 years, $1.70 is still a decent rate but looked at over the last 2/3 years it is more or less at its lowest point. I trade curencies as a (sometimes profitable!) hobby and haven't observed any particular pattern throughout the calender. The $ lows in 2003 and 2004 came in August/September whereas this year it's late December.
The only thing that is certain is that you can never be certain!!
Indeed Phil,
In fact I would like to add the proviso:
"Prices can go down as well as up."[msnwink]