buying dollars

Thanks paddy buying curr in two weeks time keeping fingers cross hope its still high carnt see it going below the 175 for at least month or so.

Today's M&S rate is $1.816 - who remembers the heady days of $1.33 of only a couple of years ago?

where at ?

"Also those property owning Brits seeing their investment devaluing in £Sterling terms!!"

Robert,
I'm still in the process of buying a villa and this is great news as I've saved several thousand on the cost of the villa due to these rates.

<blockquote id="quote" class="ffs">quote:"Also those property owning Brits seeing their investment devaluing in £Sterling terms!!"

Robert,
I'm still in the process of buying a villa and this is great news as I've saved several thousand on the cost of the villa due to these rates.
[/quote]

Barry,

Whether the UK£ is at 1.40 or 1.90, when buying a property we have all faced the dilemma of when to change our money. It is still a gamble on which way the exchange rate will go.

To illustrate the point I was making, I know someone who bought a Condo near Cocoa Beach for US$ 190K when the exchange rate was 1.40. He is now about to sell for US$350K and bring the funds back to UK at 1.88.(currently)

However exchange rate losses on buying and selling reduce the US$160k profit to £50K. He then has the buying and selling costs and Capital Gains Tax to pay.(CGT in USA doesn't take into account exchange rate losses) This with the loss on his furniture means he will lucky to break even. That is before you consider mortgage costs and loss of income on the capital he invested.

Those about to buy at today's inflated prices have no certainty that their property will increase in value - it could possibly drop - and the exchange rate can still work against them

Hi all bought part of my dollers today at 180 been told its going to dive the next couple of days so we will see what friday brings just hope it doesnt dive that much got use to see it at 170s plus not like what it was a year ago 154 carnt be to greedy can we. [msnsmile2]

We got 1.86 last week through a broker, then hubby spent the next few days watching the $ drop!
Hopefully by the time we have enough of a decent amount to transfer to to US account it will be back up.....Mr CDV watches it like a hawk and knows exactly when to pounced!!! (drives me nuts)!
[}:)]

<blockquote id="quote" class="ffs">quote:Originally posted by dave.parks
Hi all bought part of my dollers today at 1.80 been told its going to dive the next couple of days so we will see what friday brings just hope it doesnt dive that much got use to see it at 170s plus not like what it was a year ago 154 carnt be to greedy can we. [msnsmile2]
[/quote]It went down as far as 1.34 in 2003!

First trip when I went in 91 I think, it was something like 1.39 if I remember rightly, then for a few years is sat aroung 1.40 -1.50. so things are still better then back then!

Bought the last of my dollers 180 Lucky though i prebooked the last lot wed before it dive . But been told it should pick up mid next week not much though. [msnsmile2][msnsad]

When I lived there in the early 80's it attained parity with the £, I still kick myself for not converting all my $'s. I would have made out like a bandit.

<blockquote id="quote" class="ffs">quote: But been told it should pick up mid next week not much though.[/quote]

This site has many such comments!

I don't know who gave you such a gem of information but they very clearly do not know what they are talking about.

There are some of the finest brains in the worlds financial centres, with access to masses of information who 'gamble' millions on tiny fluctuations in exchange rates. The bigger players even try to manipulate the rates.

The simple answer is nobody knows which way rates will go. If they did they would make Bill Gates seem like a pauper.

As an ex money broker and now long term Independent Financial Adviser I have to agree with Robert. No-one knows for sure, things can change at the drop of a hat on the back of one disaster, any increased terrorist activity, bad (or good) set of economic figures or indeed one word from Alan Greenspan.

In my personal view. With UK debt at record levels and house prices still on the up, the chances are there will be another hike in UK interest rates. This, on the face of it, will further strengthen sterling which should result in a better rate. The chances of a US hike in an election year is unlikely (although if Greenspan wants, Greenspan gets) so personally I would hold out at least until the BOE increase rates over here - if they do. We are not out again until November and I will leave buying any $ until closer to the date of travel.

I am no financial expert, but my view is that getting too worried about exchange rates is like buying a car with only the resale value in mind. To me enjoying my trip to Orlando the way I want it is far more important than losing sleep over what the exchange rates might do tomorrow. I agree that one would be sensible about buying dollars for the trip at a time when the exchange is favourable, but it may or may not be so at the time when one plans to travel. It is just luck of the draw - like most things in life.

I 've been thinking about changing my sterling into hen's teeth and rocking horse c~*p as my friends keep saying that both are becoming very scarce. I wonder what rate I'd get from M&S?:D:D