exchange rate - anyone here have crystal balls?
Discussion
I'm an avid, almost daily, follower of the UK/US exchange rate, mainly because I still have a lot of financial interaction with the US and regularly send money across.
I've been holding off sending money across recently, in the hope that the exchange rate will change back more in 'our' favour. So far that doesn't look like it's happening
I guess it's good news for folks who already own imported Corvettes and, conversely, the bad news for those thinking of personally importing. Right now the exchange rate is poorer than it's been for most of the year at around 1.75.
Makes you wish you'd imported around November last year when you'd have 'saved' roughly 10% (which stacks up on the price of a sports car!)
Anyone have some clue which way the exchange rate is likely to go this year?
-kenski
I've been holding off sending money across recently, in the hope that the exchange rate will change back more in 'our' favour. So far that doesn't look like it's happening
I guess it's good news for folks who already own imported Corvettes and, conversely, the bad news for those thinking of personally importing. Right now the exchange rate is poorer than it's been for most of the year at around 1.75.
Makes you wish you'd imported around November last year when you'd have 'saved' roughly 10% (which stacks up on the price of a sports car!)
Anyone have some clue which way the exchange rate is likely to go this year?
-kenski
Well I have a bunch, about 700GBP of usd travellers cheques from 3 summers ago. The reason I still have them is that the rate then was circa 1.37 so they are staying where they are until I visit again - so count yourself lucky!
1.75 is still high compared with the last 5 years, so you could argue look downwards. But then when I was travelling reguarly to the States in the late 70's the rate was around 2.40 and I cannot think of any one set of things that would have taken it from 2.40 down to 1.30 or so in just over 20 years. My memory recalls that interest rates were a lot higher in the States in the mid 90's onwards which clearly would have had some effect but no idea what they are these days.
1.75 is still high compared with the last 5 years, so you could argue look downwards. But then when I was travelling reguarly to the States in the late 70's the rate was around 2.40 and I cannot think of any one set of things that would have taken it from 2.40 down to 1.30 or so in just over 20 years. My memory recalls that interest rates were a lot higher in the States in the mid 90's onwards which clearly would have had some effect but no idea what they are these days.
If you look at the charts, you can see that usually around late Nov/ Early Dec period, the Pound gains value over the Dollar. You can see it has been true for the past 2 years. I think we should see a rise up to about 1.84 before the end of the year. I mean it has already rose up from 1.74 to 1.77 in the past week
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