The "Credit Crunch" and you? - Page 17

Garp · 24-10-2008, 18:23

Sterling to Dollar exchange rate is now down to 1.52. I have about £30,000 of savings I'm hoping to transfer to Dollars at some point whenever Kari and I are married, it'll need to tide me over for a bit whilst jobless too. So from July's 2.1 ($63,000) through to late October's 1.52 ($45,600) my savings are worth a whopping $17,400 less. All without me having done anything. I could get a pretty reasonable new car for that much.
Sucks, to be honest. Sterling is also at an all time low against the €. Something needs to happen to try and get some strength into our ailing currency.

According to Mr Preston at the BBC it's because Hedge funds and other institutional investors are liquidating any assets they perceive as even mildly risky, especially in eastern Europe, Russia and South America, which usually results in a massive purchase of $ and ¥, boosting their strength. That along with a lack of confidence in the Sterling, leaves me, and our businesses all across the UK, in a crap position.

Mark · 24-10-2008, 18:39

Ouch. That certainly puts my £2,500 into perspective.

Tysonator · 26-10-2008, 19:56

The $ to the £ sterling has put me off from travelling to the USA next year. Also £ sterling to the Euro is no better !

Zirax · 26-10-2008, 20:16

You have the same thoughts as me Tyson. I was considering whether to head for another holiday over in the US, but I won't be doing it at the moment!

Garp, that's damn harsh. Personally I would only transfer what I need and leave the rest in £. That's your decision though

Mark · 26-10-2008, 20:43

I didn't think £/€ had changed that much. I'm sure it's been around the 1.25 mark for ages. £/$ sucks though - no doubting that.

I'm hoping to go out and see a Shuttle launch sometime in 09/10. My choice of timing is obviously somewhat limited there.

Rich_L · 26-10-2008, 21:39

Thing is, prices out there are pretty much 1:1 $:£, so going from everything ''half-price' to only 1.5 times more for your money isn't really a major concern

Tysonator · 27-10-2008, 20:20

I would hold off on hoildays to USA. A exchange rate is pants, and the fuel / price of oil per barrel is coming down. I do not think the Airlines have passed that saving on. As they must be trying to collect more cash in the price difference. Simple because they were hammered in the early part of the year on fuel prices !

Mark · 27-10-2008, 21:23

Some airlines have made a token gesture in the hope of deflecting criticism. Seems to have worked so far. :/

Garp · 29-10-2008, 21:07

http://news.bbc.co.uk/2/hi/business/7697082.stm

More hedge funds committing suicide by trying to short on shares, and getting it disastrously wrong.

Garp · 29-10-2008, 21:09

Quote:

Originally Posted by Rich_L

Thing is, prices out there are pretty much 1:1 $:£, so going from everything ''half-price' to only 1.5 times more for your money isn't really a major concern

For luxuries and stuff, sure, but the basic living stuff is about comparable. Ignoring that though, the amount my savings has devalued still hurts. I mean, seriously, devalued to equivalent cost of a brand new car in 3 months? For most of us that's a serious loss

24-10-2008, 18:23	#161
Garp Preparing more tumbleweed Join Date: Jun 2006 Location: Hawaii Posts: 6,038	Sterling to Dollar exchange rate is now down to 1.52. I have about £30,000 of savings I'm hoping to transfer to Dollars at some point whenever Kari and I are married, it'll need to tide me over for a bit whilst jobless too. So from July's 2.1 ($63,000) through to late October's 1.52 ($45,600) my savings are worth a whopping $17,400 less. All without me having done anything. I could get a pretty reasonable new car for that much. Sucks, to be honest. Sterling is also at an all time low against the €. Something needs to happen to try and get some strength into our ailing currency. According to Mr Preston at the BBC it's because Hedge funds and other institutional investors are liquidating any assets they perceive as even mildly risky, especially in eastern Europe, Russia and South America, which usually results in a massive purchase of $ and ¥, boosting their strength. That along with a lack of confidence in the Sterling, leaves me, and our businesses all across the UK, in a crap position. __________________ Mal: Define "interesting"? Wash: "Oh, God, oh, God, we're all gonna die"?

26-10-2008, 19:56	#163
Tysonator Vodka Martini Join Date: Jan 2007 Location: ESSEX Posts: 874	The $ to the £ sterling has put me off from travelling to the USA next year. Also £ sterling to the Euro is no better ! __________________ Will think of some witty to say, well when I think of it

26-10-2008, 21:39	#166
Rich_L Dr Cocktapuss Join Date: Jul 2006 Location: Seven Sizzles Posts: 1,044	Thing is, prices out there are pretty much 1:1 $:£, so going from everything ''half-price' to only 1.5 times more for your money isn't really a major concern __________________

27-10-2008, 20:20	#167
Tysonator Vodka Martini Join Date: Jan 2007 Location: ESSEX Posts: 874	I would hold off on hoildays to USA. A exchange rate is pants, and the fuel / price of oil per barrel is coming down. I do not think the Airlines have passed that saving on. As they must be trying to collect more cash in the price difference. Simple because they were hammered in the early part of the year on fuel prices ! __________________ Will think of some witty to say, well when I think of it

29-10-2008, 21:07	#169
Garp Preparing more tumbleweed Join Date: Jun 2006 Location: Hawaii Posts: 6,038	http://news.bbc.co.uk/2/hi/business/7697082.stm More hedge funds committing suicide by trying to short on shares, and getting it disastrously wrong. __________________ Mal: Define "interesting"? Wash: "Oh, God, oh, God, we're all gonna die"?

24-10-2008, 18:39	#162
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	Ouch. That certainly puts my £2,500 into perspective.

26-10-2008, 20:16	#164
Zirax Goes up to 11! Join Date: Jul 2006 Posts: 4,577	You have the same thoughts as me Tyson. I was considering whether to head for another holiday over in the US, but I won't be doing it at the moment! Garp, that's damn harsh. Personally I would only transfer what I need and leave the rest in £. That's your decision though

26-10-2008, 20:43	#165
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	I didn't think £/€ had changed that much. I'm sure it's been around the 1.25 mark for ages. £/$ sucks though - no doubting that. I'm hoping to go out and see a Shuttle launch sometime in 09/10. My choice of timing is obviously somewhat limited there.

27-10-2008, 21:23	#168
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	Some airlines have made a token gesture in the hope of deflecting criticism. Seems to have worked so far. :/