$ today! - Is this the start of the decline?!

[SyR]

I was going to buy a £1000 worth when it hit 1.62 a few weeks back. I decided to wait and see what happened after reading more doom and gloom news about the US economy. When I next checked it had dropped to 1.6 and now see it's at 1.59. So I have 'lost' $30 so far. I'll give it another month to see what happens.

[Guest]

Whats the general feeling? Will it go down again? I think I am best to take the advice of Toadeh - buy when happy and stop checking the rate!

[Scarlett's_mum]

Yeah, what happend about that, did people get their money back? Didn't keep in contact with it unfortunatly

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No unfortunately we haven't got any money back (yet).

There are lots of good people working towards bringing the criminals to justice and trying to secure some money.

Keep your fingers crossed for us.

[Bugsy]

I am surprised at the OP , as according to the post they check every day , yet the pound has strengthened slightly today.

I take it they are checking tourist rates , these are under the control of the travelex companies and depending on how they react can late in changing or early.

It is better to follow the market FX rates ( bbc business - market data)

This will give a better idea of trends

the dollar/pound is still following the expected trend that i mentioned in previous threads.

The reason it dropped yesterday was that the credit rating agencies were revisiting the rating to the UK banks. This is due to the level of government support due to be reduced.

current expectations are mixed , however it should hold over 1.6 on the markets for the short term . ( however things can change , news and reports may be different to expected etc.)

i would reitterate what was said before , a drop of a couple of cents equates to 20 dollars for every thousand pounds cash. Not enough to get worked up about.

If it was expected to drop by 10 cents or more then things would be different , however that isnt expected

[Hallowishes]

[QUOTE=Bugsy;6291711]I am surprised at the OP , as according to the post they check every day , yet the pound has strengthened slightly today.

I take it they are checking tourist rates , these are under the control of the travelex companies and depending on how they react can late in changing or early.

As I used to work in Foreign Exchange I do check BBC News Business Data and forecasts (which are not accurate lately) and I also check Bupa Currency (currently the highest tourist rate on the market who are provided by ICE) daily. At its highest it was 1.6394 with Bupa at Easter & as I said before thats a significance of $104 to what we want to take against the rate that was 1.57 this morning with Bupa. To us that is a lot towards our holiday, its at least a days spends, for others it may not be. I'm happy to say the rate has gone up now quite a lot, lets hope it carries on that way.

[Tetrarch]

Bugsy: The reason it dropped yesterday was that the credit rating agencies were revisiting the rating to the UK banks. This is due to the level of government support due to be reduced.

Factually incorrect - From ukforex/cgi-bin/dai..mentary.asp

:: United States Dollar: The USD benefitted from its safe haven status yesterday as broad risk aversion took place in the FX markets. The start of the week saw a flight to safe assets amidst ongoing worries regarding the as yet unresolved European sovereign debt crisis and the Chinese PMI figure coming in at a 10 month low did little to help risk sentiment on worries that Asian growth may be slowing. There were no major economic releases on Monday and safe haven USD buying was the main catalyst for the fall in the GBP/USD pair on the day, hitting an intraday low of 1.6088. Overnight we have seen the pair fall further on worries that the ratings agency Moody’s is poised to place a slew of British banks on review for possible downgrade, and not to be outdone the Chinese Dagong credit agency went one step further by cutting its rating on UK sovereign debt from AA- to A+, citing a deterioration in the UK's ability to repay its debt as one of the reasons for the downgrade. These rather gloomy headlines could see sterling under some pressure today, especially if public sector finances and borrowing numbers disappoint. GBP/USD opens this morning at 1.6125

current expectations are mixed , however it should hold over 1.6 on the markets for the short term

Absolutely disagree - Why should it hold above your arbitrary figure ? It is not fair to give other people selective opinion dressed up as definitive fact, especially when they are making decisions about their hard-earned money. If you are getting info from another source, then quote it.

Plus - if you want the best idea of true mid-market then look at the "Live Prices" box on
igindex/

Regards

Gary

[Guest]

worth getting the Halifax credit card - we got 1.65 when we purchased our xmas party tickets 2 weeks ago. This matched the market FX rates and higher than the tourist rate.
For what it's worth - rates may improve if we increase BOfE interest rates - but this is likely to be in August or November and the benefit is lost because Mortgages will go up.

[Bugsy]

Originally Posted by Tetrarch

Bugsy: The reason it dropped yesterday was that the credit rating agencies were revisiting the rating to the UK banks. This is due to the level of government support due to be reduced.

Factually incorrect - From ukforex/cgi-bin/dai..mentary.asp

:: United States Dollar: The USD benefitted from its safe haven status yesterday as broad risk aversion took place in the FX markets. The start of the week saw a flight to safe assets amidst ongoing worries regarding the as yet unresolved European sovereign debt crisis and the Chinese PMI figure coming in at a 10 month low did little to help risk sentiment on worries that Asian growth may be slowing. There were no major economic releases on Monday and safe haven USD buying was the main catalyst for the fall in the GBP/USD pair on the day, hitting an intraday low of 1.6088. Overnight we have seen the pair fall further on worries that the ratings agency Moody’s is poised to place a slew of British banks on review for possible downgrade, and not to be outdone the Chinese Dagong credit agency went one step further by cutting its rating on UK sovereign debt from AA- to A+, citing a deterioration in the UK's ability to repay its debt as one of the reasons for the downgrade. These rather gloomy headlines could see sterling under some pressure today, especially if public sector finances and borrowing numbers disappoint. GBP/USD opens this morning at 1.6125

current expectations are mixed , however it should hold over 1.6 on the markets for the short term

Absolutely disagree - Why should it hold above your arbitrary figure ? It is not fair to give other people selective opinion dressed up as definitive fact, especially when they are making decisions about their hard-earned money. If you are getting info from another source, then quote it.

Plus - if you want the best idea of true mid-market then look at the "Live Prices" box on
igindex/

Regards

Gary

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Pretty selective in your trashing of my post, as your quote clearly back up what i said. ( see bold in quote)

Also

"MPC may retain its wait-and-see approach throughout the third-quarter as it aims to encourage a sustainable recovery. As we are likely to see another 6-3 split in June, 1.6000 remains key support for the GBP/USD, and the exchange rate may trade within a broad range over the near-term as investors weigh the prospects for future policy."

dailyfx/forex/fundame.../05-24-11.html

Finally as to whether i should post my expectations , i did say that

( however things can change , news and reports may be different to expected etc.)

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Everything i said was properly checked out before i posted it , i was only trying to give a slightly more positive bias than the " is this the start of the decline"

If you feel it important to trash this point of view that is your prerogative , even when your own post backs it up.

Hallowishes , i actually use the dailyfx figures which are accurate as far as i am aware, i apologise for sounding condescending it was not my intention

[Hallowishes]

Originally Posted by Bugsy

Hallowishes , i actually use the dailyfx figures which are accurate as far as i am aware, i apologise for sounding condescending it was not my intention

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Apology accepted thanks, and I now have another website to check daily!

[ERICSMUM]

Rightly or wrongly I only check the e/rates after New York markets have opened. UK tourist rates are often revised after the first hour of Wall St trading.