Ash4781 Posted January 19, 2007 Share Posted January 19, 2007 Things are hotting up for Sterling exchange rates... http://newsvote.bbc.co.uk/1/shared/fds/hi/.../13/default.stm http://newsvote.bbc.co.uk/1/shared/fds/hi/.../12/default.stm Is anyone else a bit worried ? Quote Link to comment Share on other sites More sharing options...
time_and_tide Posted January 19, 2007 Share Posted January 19, 2007 (edited) Not worried exactly. I think sterling is likely to drop in the coming weeks/months so this is a great time to buy dollars or(a bit safer) Euros. Edited January 19, 2007 by time_and_tide Quote Link to comment Share on other sites More sharing options...
Xurbia Posted January 19, 2007 Share Posted January 19, 2007 Sterling is looking very tasty, enough in fact for me to get out of it into dollars! Anyone any idea what the safest and least expensive method of transfer is? Quote Link to comment Share on other sites More sharing options...
?...! Posted January 19, 2007 Share Posted January 19, 2007 Sterling is looking very tasty, enough in fact for me to get out of it into dollars! Anyone any idea what the safest and least expensive method of transfer is? Depends how much you're moving. But dollars are not really any safer. Euro's and the main secondary currencies are the ones that will be bought in any real quantity for the next six months. Look for countries with high export/import ratio's Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted January 19, 2007 Share Posted January 19, 2007 interesting move out of sterling when the majority are moving into it! Still, what goes up invariably comes down again. Quote Link to comment Share on other sites More sharing options...
Xurbia Posted January 19, 2007 Share Posted January 19, 2007 Depends how much you're moving.But dollars are not really any safer. Euro's and the main secondary currencies are the ones that will be bought in any real quantity for the next six months. Look for countries with high export/import ratio's Looking to sell 6 figures but getting poor offer from Treasury department of a highstreet bank! Quote Link to comment Share on other sites More sharing options...
Pluto Posted January 19, 2007 Share Posted January 19, 2007 Looking to sell 6 figures but getting poor offer from Treasury department of a highstreet bank! Buy the dollar? Yes that makes a lot of sense. Buy the Euro? Yes another great idea.. Out of the frying pan into the fire and back into the pan again. Here's a tip buy GOLD. Quote Link to comment Share on other sites More sharing options...
UNSHURE Posted January 19, 2007 Share Posted January 19, 2007 Depends how much you're moving.But dollars are not really any safer. Euro's and the main secondary currencies are the ones that will be bought in any real quantity for the next six months. Look for countries with high export/import ratio's No one seems to mentioning gold. Gold is money that has held it's purchasing power for thousands of years. It keeps getting knocked back but it's on the rise. It's also having a good day at the end of a good week. http://www.kitco.com/charts/livegold.html Most global currencies are likely to devalue against gold in the next few years because central banks are printing too much money. Quote Link to comment Share on other sites More sharing options...
DONT PANIC !!! DONT PANIC !!! Posted January 19, 2007 Share Posted January 19, 2007 Sterling is looking very tasty, enough in fact for me to get out of it into dollars! Anyone any idea what the safest and least expensive method of transfer is? Buy something denominated in US dollars eg. funds, investment trust etc Quote Link to comment Share on other sites More sharing options...
Xurbia Posted January 19, 2007 Share Posted January 19, 2007 Buy something denominated in US dollars eg. funds, investment trust etc I'm just getting out of Sterling at a good price. It's hovering around the 1.90s for a while now. Banks offer about two cents less than the traded value. Quote Link to comment Share on other sites More sharing options...
Pluto Posted January 19, 2007 Share Posted January 19, 2007 Buy something denominated in US dollars eg. funds, investment trust etc Why? I mean what is your logic for buying US funds? Are you buying because for a reason other than what goes down must go up? Anyone who is thinking of buying US assets including the currency needs to go read the Fed chairmans speech yesterday where he tesitified before congress. ...... Still want to buy? Quote Link to comment Share on other sites More sharing options...
Jambo Posted January 19, 2007 Share Posted January 19, 2007 If I wanted to Buy 10k worth of Yen where can i store it. Im new to this but have got a currency tranfer service setup but they say I need an account. I guess one of the banks will offer me an account to store the Yen into? I thought the currency transfer account would allow me to store the money there but I guess not. Also once in the account can you actually take some of it out in real cash? Any suggestions? Quote Link to comment Share on other sites More sharing options...
whiterabbit Posted January 19, 2007 Share Posted January 19, 2007 Sterling is looking very tasty, enough in fact for me to get out of it into dollars! Anyone any idea what the safest and least expensive method of transfer is? Go to one of the large agenices that change money for expats and overseas house buyers for the best rate. Quote Link to comment Share on other sites More sharing options...
worzel Posted January 19, 2007 Share Posted January 19, 2007 I suggest you use HIFX, I use them at work for all of our currency trades. Very competeive rates. You'll probably need to go through some registration process for money laundering purposes, but will be wirht a bit of hassle. They'll probably be able to put the foreign currency on a fairly high yielding deposit account for you which would save some hassle. I've been very tempted to put some of my savings into a different currency, but haven't really had the balls yet. Quote Link to comment Share on other sites More sharing options...
Pluto Posted January 19, 2007 Share Posted January 19, 2007 (edited) If I wanted to Buy 10k worth of Yen where can i store it. Im new to this but have got a currency tranfer service setup but they say I need an account. I guess one of the banks will offer me an account to store the Yen into? I thought the currency transfer account would allow me to store the money there but I guess not. Also once in the account can you actually take some of it out in real cash? Any suggestions? All you lot who are speculating on currencies are going to get your fingers burnt. You are all exchanging one piece of paper for another and losing a percentage of your money for the pleasure. Also, if you want to spend the money where you live you have to exchange it back again. Not to mention the fact you have to hold a foreign exchange account to hold that currency that will probably yield you far less in the way of interest. This is just gambling, unless you know what you're doing, and I doubt many of you do. Remember something else. If the $hit hits the fan currency controls will be inacted. So your currency could end up being worthless in your local currency. The GBP is hiking rates still. The US are on pause and would love to reduce rates. For this reason CABLE is approaching 2. By buying dollars you are speculating that the UK is going to pause or maybe even cut and the US is going to hike again. If this is your logic then good luck and god bless. Edited January 19, 2007 by Pluto Quote Link to comment Share on other sites More sharing options...
tahoma Posted January 19, 2007 Share Posted January 19, 2007 (edited) This is just gambling, unless you know what you're doing, and I doubt many of you do. Got to agree with Pluto here. Who wants to bet on a race to the bottom? In this environment you should be looking to sustain your wealth, not bet it on some paper return that looks nominally impressive but will probably end up giving you less buying power anyway. Edited January 19, 2007 by tahoma Quote Link to comment Share on other sites More sharing options...
Xurbia Posted January 19, 2007 Share Posted January 19, 2007 I suggest you use HIFX, I use them at work for all of our currency trades. Very competeive rates. You'll probably need to go through some registration process for money laundering purposes, but will be wirht a bit of hassle. They'll probably be able to put the foreign currency on a fairly high yielding deposit account for you which would save some hassle.I've been very tempted to put some of my savings into a different currency, but haven't really had the balls yet. Spot on Worzel. Exactly what I was after. I've emigrated so it's a nobrainer for me. Thanks for your help. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted January 19, 2007 Share Posted January 19, 2007 I would think now is a good time to dump sterling--almost 2.00 and based on a miracle that is in the process of unwravelling: http://www.dailyfx.com/story/currency/eur_...keyword=article Dollar Bulls Find Strong US Labor, Employment, Now Confidence Friday, 19 January 2007 17:33:35 GMT Written by John Kicklighter, Currency Analyst Currency markets were trading quietly into the end of the week, but the fundamental picture from the US economy couldn’t be much brighter. A quick recap for the data that has printed over the past few days: a Beige Book with a hawkish bias; better than expected housing numbers; accelerating inflation; and now a new high in consumer confidence. The groundwork is being laid for a rebound in first quarter GDP. Quote Link to comment Share on other sites More sharing options...
worzel Posted January 19, 2007 Share Posted January 19, 2007 (edited) You're more than welcome. I have not used them for personal currency FX, but know people that have and say they are very good. The can also do some fancier stuff like if you need to make regular payments in a currency, they can fix a forward rate for you to give some certainty. I'm sure they have a good website with all the info you need. Let us know how you get on. Edited January 19, 2007 by worzel Quote Link to comment Share on other sites More sharing options...
Pluto Posted January 19, 2007 Share Posted January 19, 2007 I would think now is a good time to dump sterling--almost 2.00 and based on a miracle that is in the process of unwravelling:http://www.dailyfx.com/story/currency/eur_...keyword=article Dollar Bulls Find Strong US Labor, Employment, Now Confidence Friday, 19 January 2007 17:33:35 GMT Written by John Kicklighter, Currency Analyst Currency markets were trading quietly into the end of the week, but the fundamental picture from the US economy couldn’t be much brighter. A quick recap for the data that has printed over the past few days: a Beige Book with a hawkish bias; better than expected housing numbers; accelerating inflation; and now a new high in consumer confidence. The groundwork is being laid for a rebound in first quarter GDP. RB, I know you're a dollar bull, but you really need to read what the Fed Chairman has to say about the future of the USD. I know you keep bringing up all these FX trading reports but they are all crap and meaningless, like the ecomonists who all predicted a hold in UK rates this month. Personally I think all fiats are doomed the day the US removed itself from the Gold standard. My prediction is if the UK keeps hiking and US stays firm or lowers CABLE is going 2+. The reason you and so many are bullish on the US economy is all the great news that is coming out of the US. Well as Bernanke says "this is just the calm before the storm". When the Fed Chairman of the US dollar says something Pluto listens. All else is noise. Quote Link to comment Share on other sites More sharing options...
Guest Alright Jack Posted January 19, 2007 Share Posted January 19, 2007 All you lot who are speculating on currencies are going to get your fingers burnt. You are all exchanging one piece of paper for another and losing a percentage of your money for the pleasure. Also, if you want to spend the money where you live you have to exchange it back again. Not to mention the fact you have to hold a foreign exchange account to hold that currency that will probably yield you far less in the way of interest. This is just gambling, unless you know what you're doing, and I doubt many of you do. Remember something else. If the $hit hits the fan currency controls will be inacted. So your currency could end up being worthless in your local currency. The GBP is hiking rates still. The US are on pause and would love to reduce rates. For this reason CABLE is approaching 2. By buying dollars you are speculating that the UK is going to pause or maybe even cut and the US is going to hike again. If this is your logic then good luck and god bless. I am inclined to agree. I call it "Rearranging deckchairs on the Titanic" (Pssst - Maybe playing at forex-trader with different currencies gives some people a hard on?) Quote Link to comment Share on other sites More sharing options...
Realistbear Posted January 19, 2007 Share Posted January 19, 2007 RB, I know you're a dollar bull, but you really need to read what the Fed Chairman has to say about the future of the USD. I know you keep bringing up all these FX trading reports but they are all crap and meaningless, like the ecomonists who all predicted a hold in UK rates this month. Personally I think all fiats are doomed the day the US removed itself from the Gold standard. My prediction is if the UK keeps hiking and US stays firm or lowers CABLE is going 2+. The reason you and so many are bullish on the US economy is all the great news that is coming out of the US. Well as Bernanke says "this is just the calm before the storm". When the Fed Chairman of the US dollar says something Pluto listens. All else is noise. The miracle econmy cannot afford a bloated pound. The higher sterling goes the more it rips out of our export market and that will translate into mass job losses. Sterling hit a 2.5 year high against the Euro today and they are our 2nd largest trading partner next to the US. In a global market you have to compete on price. When you have the world's most overvalued currency your prospects in a competitive market are poor. The fundamentals are just not there to support sterling as the world's number 1 currency. The currency traders dictate where the market goes. More money changes hands on the currency exchanges in a day than passes through the NY stock market in a year. The traders have consistently said they will pump sterling as long as Gordon's miracle of HPI-MEW remains intact. We will follow the US down in the HPC and the usual 6 month lag appears to be in place yet again. IMO, sterling will be back down to the 10 year historic average withing a few months. 1.60's. The US may be in bad shape but we are in far worse shape with a higher ratio of debt/GDP than the US. Our house market will take the entire country down whereas the bubbles in the US are only popping in the frothy markets. IMO, the risk factor will be weighing in against the pound anyday now. Do the traders want to risk an overnight crash in sterling just because we have higher IR than the US? History tells us that everytime sterling hits 2.00 a crash follows. The traders are going to pump and dump and when they dump sterling will do its usual thing. Quote Link to comment Share on other sites More sharing options...
Pluto Posted January 19, 2007 Share Posted January 19, 2007 I am inclined to agree. I call it "Rearranging deckchairs on the Titanic"(Pssst - Maybe playing at forex-trader with different currencies gives some people a hard on?) The only one getting a hard-on is HIFX and other brokers lining up to take their money. The only currency worth hold is the one that's been around for 6,000 years. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted January 19, 2007 Author Share Posted January 19, 2007 (edited) How will the BOE defend Sterling in the event of a crash ? Edited January 19, 2007 by Ash4781 Quote Link to comment Share on other sites More sharing options...
Realistbear Posted January 19, 2007 Share Posted January 19, 2007 The only one getting a hard-on is HIFX and other brokers lining up to take their money.The only currency worth hold is the one that's been around for 6,000 years. The Yuan? Fiat metals are possibly more volatile than currencies as their value is just opinion. The best fiat items are those which people must have: water, food and fuel. Quote Link to comment Share on other sites More sharing options...
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