Euro (€) Currency Thread

dealsearcher

By the way I had to transfer some money yesterday afternoon when the rate was at 1.08. The banks 'indication rate' for the transfer today was 1.0598. So the bank was already predicting the fall of the pound that occured overnight. Is there any way that we can use the same source as the bank can?

inspector_monkfish

dealsearcher wrote: »

It's a long story. My inlaws business in Italy has gone bad because of the recession (or poor business practise). My wifes property inheritance had been remortgaged to finance the business some years ago and now she has been told if she wants to keep her inheritance (the property) she has to pay off the mortgage or it may get repocessed. Of course it would happen at a time that the pound was so weak wouldn't it?

oooh... sounds a bit messy!

inspector_monkfish

15:24 18Mar09 EUR/GBP: Offers noted at 0.9420, Huge BoE Reverse Auction Cover

[15:24 EUR/GBP: Offers noted at 0.9420, Huge BoE Reverse Auction Cover] London,
March 18. Sell interest is tipped at 0.9420--five pips above the seven-week peak
scaled late in the European morning following the 09:30GMT disclosure that UK
claimant count unemployment surged by a 38-year series high 138.4k last month. A
much more modest rise of 84.8k was expected. January"s UK claimant count
unemployment rise was also upwardly revised to 93.5k, from 73.8k.

There was a huge cover ratio of 7.35 times for the GBP 3bn of gilts bought by
the BoE at its QE "reverse auction" today. The size of the cover ratio lends
plausibility to the theory that foreign holders were queuing up to offload gilts.
That theory has been flagged as a factor in the EUR/GBP climb from Monday"s
six-day low of 0.9146, re: the risk that at least a segment of the proceeds might
be exchanged into other currencies.

0.9442 was the traded high on January 27. Bull targets above include 0.9500
and 0.9520 (Jan 26 top). The cross scaled a record peak of 0.9805 late in 2008
(Dec 30).

davidhurn

Best place to get Euros atm anyone?

harryhound

dealsearcher wrote: »

It's a long story. My inlaws business in Italy has gone bad because of the recession (or poor business practise). My wifes property inheritance had been remortgaged to finance the business some years ago and now she has been told if she wants to keep her inheritance (the property) she has to pay off the mortgage or it may get repocessed. Of course it would happen at a time that the pound was so weak wouldn't it?

Would it not be cheaper to buy it back when the mortgagee flogs it off at auction?

dealsearcher

harryhound wrote: »

Would it not be cheaper to buy it back when the mortgagee flogs it off at auction?

Thanks for the suggestion. It wouldn't be practical I'm afraid. I don't know the system in Italy but it isn't the same as the UK. We have our stuff in the property with no where to put it. So it wouldn't be practical to let it change ownership at this time, even temporarily.

harryhound

dealsearcher wrote: »

Pound / euro currently 1.124. With all of these interest rate moves and QE today how is this going to effect the pound / euro? Will the moves just cancel each other out?

I got 1.121 from a sub post office hole in the wall machine in Calais using Nationwide's card..
What a long time 2 weeks is, in the Fx market..

inspector_monkfish

So UK and US are fully stuck into a good old bit of quantitative easing now, and the Pound has rallied back up to 1.45 from 1.39 agaisnt the USD.

With GBP/EUR levels more or less unmoved by last nights FOMC announcement and still down at 1.0620, lets hope the ECB dive into the QE pool and we might get a rally froom the Pound agaist the EUR.

Next ECB meeting is on Thursday April 2nd...... don't hold your breath.....:rolleyes:

blizeH

Guys, where do you recommend to try on the high street please? Post Office? Travel agents? Banks?

Cheers

inspector_monkfish

blizeH wrote: »

Guys, where do you recommend to try on the high street please? Post Office? Travel agents? Banks?

Cheers

BBV Bank in Cannon Street.
If you are in London.