Exchange Rates...

Discussion in 'Motorhome Chat' started by Bacchus, Jan 20, 2016.

  1. Bacchus

    Bacchus Funster

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    Not that I don't like my old Hymer, quite the contrary, but like a lot of peeps on here I'd wager, I keep an eye on the market and have been looking for a certain type of van/layout/config for about six months, wondering whether it might exist in a price range which would allow me to "upgrade"

    Now one has actually appeared on the market but it's in Germany and the Pound had plummetted against the Euro in the last three weeks meaning it would cost an awful lot more than it would if it had appeared before Christmas!

    Should I just say "ah well it's only money" or hold out for the good old GBP to recover?

    I'm sure it's the dirty speculant bankers driving it down not any "real" economic woes (I think I'm sure...)
     
  2. Judge Mental

    Judge Mental Funster Deceased RIP

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    So much for the Tory economic miracle..They couldn't run a bath less an economy.

    you don't mention budget but spending £30K now gets you 3000 less € so hardly earth shattering..just negotiate harder
     
    Last edited: Jan 20, 2016
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  3. Bacchus

    Bacchus Funster

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    Not since I have had the right to vote have I been more dissappointed with a Government. I know they inherited a pig, but there should have been ample time to sort it out more than they have. (discussion for the lounge...)

    "3000 less € so hardly earth shattering" - a little bit less even than that, but still a lot of money to tear up and throw away for no tangible reason )c:
     
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  4. NickNic

    NickNic Funster Life Member

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    Come on, if you're going to try and have a pop at something at least try and be accurate.

    The rate has fallen back over the last few weeks to the place where it was this time last year when we were all quite happy with 1.30.

    It was never going to be consistently over 1.40. That would make the Euro even less viable as a currency than it is now and the ECB would have had to do something about it.

    It's still higher than at any time since the start of last year going back to 2011 (maybe longer, I can't find the data).

    The fluctuations over after the big jump last January over the course of 2015 to now are normal.

    Trying to make out it's at some kind of mega low is a little bit silly really.

    Screen Shot 2016-01-20 at 12.24.42.png
     
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  5. NickNic

    NickNic Funster Life Member

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    Back a little further with yearly averages:

    2007 was the last time it was higher and it had been in gradual decline since 2000.
    Screen Shot 2016-01-20 at 12.31.53.png
     
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  6. Yorick

    Yorick Funster

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    We're about to buy a house here and it's gonna cost 10% more than 2 weeks ago :(
     
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  7. Bacchus

    Bacchus Funster

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    I don't think anyone was making out that it was at some kind of mega-low, just a lot lower than it was three weeks ago.

    We have two large prospective purchases in Euros, and the exchange rate makes a huge difference.

    Even two weeks ago analysts were discussing a possibility of 1.45 with 1.40 being the expected average for q1, and with Carney's speech yesterday that doesn't now look likely.

    I suppose the frustration is that however hard one works or saves, external forces seem to find a way of changing the game.

    (Probably just depressed because it's tax return time! )
     
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  8. NickNic

    NickNic Funster Life Member

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    And in a fortnight it might cost 15% less. That's exchange rates for you (y)
     
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  9. Bacchus

    Bacchus Funster

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    There doesn't seem to be a "what a pain in the harris" icon in the new "likes", but what a pain in the harris!
     
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  10. Judge Mental

    Judge Mental Funster Deceased RIP

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    Its all bluff and bluster its unfortunate that the public falls for it..

    Right that van! If you get a bit more for yours and pay less then advertised price for the new van.. the loss negligible surely
     
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  11. NickNic

    NickNic Funster Life Member

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    Yes, definitely frustrating.

    I'm just glad I bought a load at 1.40+ during the autumn so we should be good for most of our travelling this year.

    It's trying to turn it into a party political issue that winds me up. If anyone wants to do that then the collapse from 1.64 in 2000 to 1.12 in 2009 should be the starting point of the conversation. I don't think that can sensibly be blamed on the government of the day any more than the current minor fluctuations can be blamed on the current one.
     
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  12. Bacchus

    Bacchus Funster

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    Absolutely - still a good deal I thiink, and certainly better than anything I have seen this side of the ditch (y)

    I did blame the dirty speculant bankers in my OP, and I would stick by that (c;


    Most analysts still seem to think that 1.40 ish is the natural home:-

    https://www.poundsterlinglive.com/euroforecast

    So chin up @Yorick and try to procastinate a little... (c:
     
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  13. Bacchus

    Bacchus Funster

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    Guessing you have a Euro account to keep it in? or can you do that with places like HiFX?
     
  14. NickNic

    NickNic Funster Life Member

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    Revolut (y)
     
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  15. Judge Mental

    Judge Mental Funster Deceased RIP

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    yes you can forward buy...just like the speculators!:D
     
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  16. Bacchus

    Bacchus Funster

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    Touché (c:
     
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  17. NickNic

    NickNic Funster Life Member

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    And if the rate falls too far shunt it all back to Sterling and make a few bob that way (y)
     
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  18. tonyl

    tonyl Funster

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    We've been putting money in a Euro account for our purchase but it has occurred to me that the one element that it's difficult to shelter from the exchange rate is the VAT on a new purchase. I presume this will be calculated by HMRC using whatever exchange rate they choose to use at the time you have to pay it. So, for instance, on a 50k€ (ex VAT) purchase it would be the equivalent of 10k€ in sterling when they write out your VAT bill. The difference between 1.40€ and 1.20€ just on the VAT would be nearly £1,200.

    You could protect it by exchanging 20% more than you need and the exchange it back to pay the VAT, OK if you can change that amount of money without much of an exchange penalty.

    I don't suppose it would ever make the difference between buying and not buying but it's not insignificant.

    Tony
     
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  19. Khizzie

    Khizzie Funster

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    I notice that its always the governments fault ,and never the global issues .but that's the problem nowadays .seems whichever political party is in power its their fault..:reel:
     
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  20. Judge Mental

    Judge Mental Funster Deceased RIP

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    what you describe is exactly what the Torys did to win the election, blaming Labour when it was Lehman brothers who brought the house of cards down.. and most of you feel for it...
     
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