Euro (€) Currency Thread

harryhound

golden_boy wrote: »

going to cyprus in a few weeks i have about thirty cyprus pounds from a previous holiday,will the banks over there still accept them in exchange for euros,not sure when the cut off point was.

Google finds this:

Exchange period for the Cyprus pound
The Central Bank of Cyprus will continue to exchange free of charge Cyprus pound coins for euro for a period of 2 years from the day of the introduction of the euro, that is until 31.12.2009, and banknotes for a period of 10 years, that is until 31.12.2017.

TuftyMatt

If you look at www.crowncurrencyexchange.com it shows an increase in the amount of Euro's your pound buys the longer it is before you need them.

The way I read this is that they must be thinking the rate will continue to rise so as they can pick up the Euro's nearer the time they have to give them to you and bank a profit. As well as this they will have earned a small amount of interest on your cash.

golden_boy

harryhound wrote: »

Google finds this:

Exchange period for the Cyprus pound
The Central Bank of Cyprus will continue to exchange free of charge Cyprus pound coins for euro for a period of 2 years from the day of the introduction of the euro, that is until 31.12.2009, and banknotes for a period of 10 years, that is until 31.12.2017.

Thanks Harry,found it myself last night on google as well.:beer:

harryhound

TuftyMatt wrote: »

If you look at www.crowncurrencyexchange.com it shows an increase in the amount of Euro's your pound buys the longer it is before you need them.

The way I read this is that they must be thinking the rate will continue to rise so as they can pick up the Euro's nearer the time they have to give them to you and bank a profit. As well as this they will have earned a small amount of interest on your cash.

Or they are speculating with your money. Can anyone post details of how they are financed and by whom?

[The Muslims seem to have trouble with foreign exchange transactions going bust on them - About 18 months ago there was some sort of unofficial mechanism that went phut and of course there was the famous case of the the Bank of Cocaine & Conmen International, registered in Luxembourg]

dzug1

TuftyMatt wrote: »

If you look at www.crowncurrencyexchange.com it shows an increase in the amount of Euro's your pound buys the longer it is before you need them.

The way I read this is that they must be thinking the rate will continue to rise so as they can pick up the Euro's nearer the time they have to give them to you and bank a profit. As well as this they will have earned a small amount of interest on your cash.

If they are sensible, they won't be thinking at all but will go to a currency broker and buy futures. As these are normally paid up front there will be no interest for them on your cash either. The currency broker is the gainer (or loser). All that's in it for Crown is the bit of commission they'll be charging you over the actual price they pay.

But I don't know how they actually work - they could be currency brokers themselves for all I know.

You could go to a currency broker yourself if you wish - but I doubt if they will look at the sort of sums even a plush holiday maker would want to change.

FreddieM

I must admit that I have been curious as to how www.crowncurrencyexchange.com work. Currently this week theye are offering 1.1475 for collection between 4 july - 16 Sept
Last year for the same period I got 1.2495

In 2007 where Travelex was supposedly the cheapest at 1.442 I got 1.4809. I still have the receipt that is why I am happy with the way I was treayed as a customer.

It's obviously a volatile market at the moment and I am almost tempted to buy my holiday Euros before the budget because budgets have a habit of kciking ordinary folk when they are down, but something also says that I should hang on just a little longer

inspector_monkfish

14:24 20Apr09 EUR/GBP: Offers Tipped Near 0.8925, UK CPI & RPI Tomorrow

[13:24 EUR/GBP: Offers Tipped Near 0.8925, UK CPI & RPI Tomorrow] London, April
20. Touted sell interest near 0.8925 is helping to keep a lid on EUR/GBP as itmconsolidates profit-taking on short position-assisted gains from 0.8795 (today"smAsian session base). GBP-negative M&A news (<TGM2339>) helped spur the P/T flow. 0.8920 was last Wednesday"s high (Apr 15).

0.8900 and 0.8850 option strikes roll off tomorrow (Tuesday). EUR/GBP closed
around 0.8830 last Friday.

UK inflation data for March is due at 08:30GMT tomorrow (Tuesday). This is
expected to reveal that annualized CPI has fallen to 2.9%, from 3.2% in February.

A negative annualized RPI number is forecast--for the first time since 1960, to follow February"s flat figure.

dealsearcher

inspector_monkfish wrote: »

UK inflation data for March is due at 08:30GMT tomorrow (Tuesday). This is
expected to reveal that annualized CPI has fallen to 2.9%, from 3.2% in February.

A negative annualized RPI number is forecast--for the first time since 1960, to follow February"s flat figure.

Morning all. So CPI has gone from 3% to 3.2 % and now (maybe) back to 2.9%. So little change there.

RPI going negative is fine for people with a mortgage and then only if you have a truly variable mortgage with no collar. The rest of us just have to experience the higher cost of food and imported goods without the benefit of a lower truly variable mortgage.

inspector_monkfish

trading at 1.1245
1min before figures due

inspector_monkfish

09:36 21Apr09 EUROPE: UK Mar CPI as expected, annual RPI turns negative

08:35 GMT - [UK MAR CPI] were as expected, the m/m rising by 0.2% and from 0.9% in Feb. This left the y/y at 2.9%, as f/c, and from 3.2% previously.

The core reading of CPI, however, rose to 1.7% when 1.5% was expected and from 1.6% previously. Meanwhile, RPI recorded a zero m/m reading against a consensus expectation of -0.2% and from 0.6% in Feb taking the annual measure to -0.4%, still the first negative in almost 50 years. This followed a reading of zero y/y infl in Feb.

Excluding mortgage payments, RPI dropped to 2.2%, as expected, and from 2.5% the month before. Note that in coming months y/y CPI is likely to fall further and sharply as last year's oil price driven increases in m/m infl begin to drop out of the annual index.