US ($) Currency Thread 1 (closed - use thread 2)

funkyfin2000

jonathanrichardson69 wrote: »

yeah i might try it, but obviously want to wait until the rate goes back up. do they work just like a credit card? only you have to top them up before you go? i take it you tell them an amount in GBP, they transfer it into dollars then you spend it anywhere that takes master card?

thats right, they run a rate on their website and that the rate you get when you spend on it i believe. check out the website! hope that helps

supermum4

Hi ive got some canadian dollars let over, should i change them back to £'s and if so how? or try to sell them on ebay if that's allowed, what do you guy's think? only got $125.00 canadian dollars though.

neilbond007

looks like we're dropping below 1.40 again!
today has been a roller coaster to end all roller coasters!

inspector_monkfish

neilbond007 wrote: »

looks like we're dropping below 1.40 again!
today has been a roller coaster to end all roller coasters!

just briefly dropped to 1.3990, only to return straight back to 1.4020

now at 1.4010

after the way today has been, it has to have a spectacular ending.....

inspector_monkfish

supermum4 wrote: »

Hi ive got some canadian dollars let over, should i change them back to £'s and if so how? or try to sell them on ebay if that's allowed, what do you guy's think? only got $125.00 canadian dollars though.

thats monopoly money isn't it?

inspector_monkfish

02:45 04Mar09-US February auto sales fall as recession deepens

* Overall US Feb auto sales down over 41 pct vs prior year
* Ford, GM slash Q2 production plans
* Results point to deeper recession, need for aid - execs
* Toyota, Honda shares drop; Nissan up

DETROIT, March 3 - U.S. auto sales dropped by more than 41 percent in February to the lowest level in almost three decades as deepening economic uncertainty drove Americans away from big purchases and new debt despite aggressive discounts from major automakers.
General Motors Corp <GM.N>, which is racing to complete a restructuring plan this month to keep it from bankruptcy, led the sinking industry lower with a 53 percent drop in sales.

The results mark the 16th consecutive monthly drop in auto sales and come as a deepening recession in the United States and slowing global markets have pushed automakers to ratchet back production, ramp up discounts and seek government financing in a bid to survive.
"In our view, we are in an automotive depression," said Standard & Poor's equity analyst Efraim Levy.

"Shell-shocked consumers fearful for their jobs, the value of their homes and stock market assets are wary of making the sizable discretionary purchases," he said.

Sales at Ford Motor Co <F.N>, now considered the best-positioned of the embattled U.S. automakers, dropped 48 percent in February. Chrysler LLC [CBS.UL] posted a drop of 44 percent.

Japanese automakers fared only slightly better with sales drops of 37 percent at Toyota Motor Corp <7203.T> and Nissan Motor Co <7201.T> and 38 percent at Honda Motor Co. <7267.T>.

Toyota shares fell 3.3 percent in Tokyo, while Honda dropped 4.4 percent. Nissan shares gained 0.7 percent after a newspaper reported it expects its global output for the first half of the next financial year to fall 27 percent. [ID:nT10975]

The U.S. sales figures suggested global sales would fall more sharply in January and February from December's 25 percent fall, Nomura Securities analyst Shinya Naruse said in a client note.
"The market has raised hopes for a recovery in output from the beginning of the year, but makers will be forced to cut production again unless sales bottom out," he said.

"We expect the timing of an output recovery would be later than reported in newspapers."
GM, which has been kept afloat with $13.4 billion in U.S. government loans and needs more aid this month, said the industry-wide sales plunge brought February sales to the lowest level for the month since 1967.

Overall sales fell to 9.1 million vehicles on the annualized basis tracked by analysts, the lowest level on that basis since December 1981.
"These are obviously unsustainable levels and will cause almost every major automaker across the world to seek government aid," said GM's chief sales analyst Mike DiGiovanni.

Toyota, which passed GM as the world's largest automaker last year, said earlier it had applied for a Japanese government loan to help its finance arm cut funding costs. [ID:nT328363]
A Honda spokeswoman said her company was also considering applying for the government loan.

U.S. auto sales account for as much as one-fifth of retail sales. The results made it certain the battered sector will be a further drag on a weakening economy in the current quarter.

Ford and GM responded to the weak sales results by dropping planned production for the second quarter. GM cut its quarterly production plan by 34 percent.
Ford said it would cut quarterly production by an even deeper 38 percent, saying it would take a hit on the lost revenue in order to keep inventories in check.

HOPES FOR SECOND-HALF TURNAROUND DEBATED

Toyota said it was still banking on a turnaround in the U.S. market this summer but said the timing remained in doubt.
"It's just a question of when in this summer we start to push off this bottom," said Bob Carter, general manager of Toyota's flagship brand in the United States. "We remain confident that will happen and it's part of our plan."

But Ford executives said nothing in the grim February results supported that more optimistic view.
"It may be that this month represents the bottom but there is no economic anchor to allow us to make that call definitively," said Ford economist Emily Kolinksi Morris.
Meanwhile, there were some worrying signs that retail sales in February had dropped from the already-weak but steadier levels of the past four months.

Sales of cars and trucks through showrooms dropped to an annualized rate of 7 million to 7.5 million in February, down from more than 8 million in recent months. The remainder of the industry's sales go to big fleet operators, like car rental companies and government agencies.
The retail sales slide came despite steeper discounts. Industry-tracking firm Edmunds.com estimated incentives, including rebates and low-cost financing, rose 16 percent from a year earlier to an average of over $2,900.

Chrysler LLC, which has been among the hardest hit in the downturn and kept afloat by $4 billion in government aid, led the way on incentives, according to Edmunds.

Chrysler spent more than $6,000 per vehicle on incentives in February, followed by nearly $5,700 at its Dodge brand, it said.
Chrysler said it would keep a program of employee pricing and other discounts on offer through March, saying the program had helped it gain ground with remaining car buyers.

Meanwhile, South Korea's Hyundai Motor Co <005380.KS> outperformed again in a collapsing market. Its sales were down only 1.5 percent. Hyundai affiliate Kia even eked out 85 more vehicle sales in February than its year-earlier tally.
Hyundai has been buoyed by a promotion that allows Americans to return new cars if they lose their jobs.

GM said it was studying the Hyundai offer and expected to roll out a program of its own intended to reassure consumers worried about new debt when the job market is tanking.

Separately, GM also said on Tuesday it would purchase Delphi Corp's <DPHIQ.PK> steering business and accelerate payments to help the supplier exit bankruptcy.

GM is also still talking to Delphi about buying back other U.S. plants that supply parts it needs, the companies said. A person with direct knowledge of those talks said a transfer of more than four Delphi plants back to GM was being discussed. [ID:nN3049247] ]

inspector_monkfish

07:39 04Mar09 IFR-GBP/USD: Lent Support by UK Confidence Rise & Dow Futures

[07:39 GBP/USD: Lent Support by UK Confidence Rise & Dow Futures] London, March 4. Cable has pushed its recovery envelope from today"s Asian session base of 1.3985 to an intra-day high of 1.4078 in early European trade, as the continent absorbs February"s unexpected Nationwide UK consumer confidence index rise to 43, from 41 in January. A fall to 38 was forecast.

The pound is also benefitting from the fact that Dow Futures are currently up 81 points. The Dow closed down 0.55% at a new 12-year low of 6,726 yesterday, after a late sell off. The S&P 500 closed below 700 for the first time since October 1996 yesterday.

1.3985 was also yesterday"s GBP/USD low. The rate plumbed a five-week low of 1.3958 on Monday. 1.4305 was Monday"s early Asian session high. 1.4158 was yesterday"s peak.

UK PM Gordon Brown has told the BBC"s political editor Nick Robinson that
Britain"s financial woes are part of a wider, global problem, but admits
"humility" is needed. Brown will address both houses of the US Congress later
today (BBC website).

February"s UK service sector PMI will be unveiled at 09:30GMT. A fall to
41.8, from 42.0 in January, is forecast. The service sector is the dominant
segment of the UK economy.

inspector_monkfish

Cable at 1.4040

inspector_monkfish

00:01 04Mar09 RTRS-NATIONWIDE CONSUMER CONFIDENCE INDEX RISES TO 43 IN FEB VS 41 IN JAN, FIRST RISE SINCE OCT

00:01 04Mar09-UK consumer morale improved in Feb - Nationwide

LONDON, March 4 (Reuters) - British consumer confidence improved in February for the first time in four months as people became more optimistic about the outlook for jobs and their own finances, a survey showed on Wednesday.

The Nationwide building society said its consumer confidence index rose to 43 in February from a survey low of 41 in January.
The mortgage lender said the improvement in morale had been driven by a pick-up in sentiment about future prospects and spending, possibly as a result of recent interest rate cuts.

The Bank of England has slashed borrowing costs by 4 percentage points since October and is widely expected to trim rates again by 50 basis points to a record low of 0.5 percent on Thursday.
The expectations index, a gauge of sentiment about the economy, labour market and household income over the next six months, rose to 57 in February from 52 in January.

The spending index, which reflects sentiment about spending on household goods and purchases, rose to 92 in February from 85 in January.
However, the survey showed Britons were more gloomy about their current circumstances, with the present situation index falling to 22 from 24 in January.

"Consumers' views about the current economic and labour market conditions are in line with the recessionary climate in the UK," said Nationwide chief economist Fionnuala Earley.
"Spending confidence continues to be resilient, which could reflect the effect of sharp falls in interest rates on consumers' disposable incomes, but is also likely to reflect significant discounts available."

inspector_monkfish

cable at 1.4070