Sterling v Euro.

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05 Jan 2012 00:00 by sunnymim Star rating. 34 posts Send private message

Currently 1.21 and more to come methinks.........





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06 Jan 2012 00:28 by Padelfan82 Star rating. 5 posts Send private message

 It will be fascinating to see where this goes through 2012.....

Another change of 10-20% in the next 6-8 months seems feasible.

Right now all my wealth is in pounds, whilst my living costs are paid out in Euros (which is probably the same for most of those on this site!)... really nice to have your living costs drop without any effort on your part :)





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06 Jan 2012 00:45 by davmunster Star rating in Carvajal\Belfast. 843 posts Send private message

davmunster´s avatar

I agree it will be fastinating....living costs are 1 thing.. for others their investment in Spain could drop in value. 10-20% is probably the least of our worries! 50% is a real possibility.

The problem with all this is Germany trades in Euros so the lower the Euro goes the better value their exports so more British trains, cars etc will be built in Germany which is good news for them and bad news for us



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06 Jan 2012 14:03 by rod Star rating in Uk and Spain. 469 posts Send private message

One pound buys two euros buys 300 pasetas would be nice

EVERY CLOUD

Rod





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07 Jan 2012 00:37 by davmunster Star rating in Carvajal\Belfast. 843 posts Send private message

davmunster´s avatar

1.20 was just a dream a few months ago. It's 1.215 today - one way traffic at the moment! I'd be surprised if it goes to 2.00 but you never know!



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07 Jan 2012 05:24 by georgeh Star rating in condado de alhama sp.... 1462 posts Send private message

 1.25 is fair value. a few people now believe what I tell them and borrow euros  and invest in pounds. 1.40 is a maximum but v unlikely as .5% depo rate is here to stay  for 2 years so the fund managers cant afford to invest at this rate,



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07 Jan 2012 08:36 by johnzx Star rating in Spain. 5247 posts Send private message

I wish the pound were getting stronger rather than the Euro getting weaker. 

Let's not get too carried away,  it was 1.60 to the pound on Day One of the Euro in 2002.  That was around 260 ptas to the pound; today’s rate is about 200.  It would need to appreciate by about 30% to get back the 2002 level.

 
I am off to the Far East and it would have been nice to get more local currency for my pound. In 2006 there were 100 Filipino pesos to the pound now there are 68;  6.5 Malaysia Ringgits now 4.8,  so UK is still deep in the mire !
 





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14 Jan 2012 19:58 by Acer Star rating. 1427 posts Send private message

Is this a solution in the making ?...

The Axarquia proposes a unique way to solve the euro crisis

January 14, 2012 


The Axarquia proposes a unique way to solve the euro crisis

• IN DEMAND: The axarco coins have a ‘real’ value in the region

THE Axarquia has proposed a novel way to solve the euro crisis.

For the last 24 years the Malaga region has used its own currency which has its roots in the Arab heritage of the area and is worth its weight in silver.

Now its creators claim the ‘axarco,’ which is available in both silver coins and paper notes, could be expanded to replace the much weaker euro.

The aim of the Axarco Foundation, formed in 1988 by local politician Antonio Gamez Burgos, is to use ‘an economic resource of real value.’

“People trust the axarco and not the currency in circulation, as there are a lot of doubts about what will happen with the euro,” said Jose Luis Gamez, son of the founder and president of the foundation, who also believes it could boost tourism in the area.

Currently, the axarco is not supported by any government or central bank, but it does have an official value as it is made of real silver.

Indeed, the largest coin, equivalent to 30 euros, contains 20 grams of silver.

There are also 10-gram and four-gram coins, with the currency becoming popular among coin collectors due to its rarity.



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14 Jan 2012 21:16 by wodger Star rating. 28 posts Send private message

 So lets get this right then, if the euro is going to continue droping against the pound, dollar etc. then non euro zone customers will not buy expensive goods ( cars, boats ect. ),  or property in Spain or other euro countries until they consider that the euro has hit rock bottom. This is when they will get the best exchange rate possible. If this hypothisis is correct then luxury goods, property etc. will be very difficult, if not impossible to sell. Where will this all end? Will people ask  to be paid in $US or even sterling?





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14 Jan 2012 22:15 by georgeh Star rating in condado de alhama sp.... 1462 posts Send private message

 the euro aint going anywhere- ask the bookies



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15 Jan 2012 01:20 by johnzx Star rating in Spain. 5247 posts Send private message

Wodger

Interesting idea about transactions being made in a currency which those concerned have more faith.

 

George

As for what the bookies think:  They work on people placing bets, so if a majority where to think the euro will disappear the odds would be very low against.  That would not reflect the realty of the situation.  Like if punters decided to bet on a three legged  horse, it would be the favorite in the booking with very short odds, even if it in realty it had no chance.





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15 Jan 2012 14:02 by wodger Star rating. 28 posts Send private message

Looking at it from the point of view of someone whose income is in sterling

 What I think is as follows:

If I was asked to pay say €1000 refundable security deposit on house/boat/car  etc. rental, I would much prefer to hand over £830.00 & get back £830.00, rather than risk the euro "throwing a wobbly".

Do you think that this is reasonable, acceptable & advisable ?

 

 



This message was last edited by wodger on 15/01/2012.



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15 Jan 2012 15:05 by wizzard2 Star rating in Costa Blanca. 32 posts Send private message

If 1000 people backed the Euro to collapse each betting 10 euro on it,it would not be favorite to collapse,because it would only take one wise man to bet 100000 Euros on it not collapsing,and he would of backed the favorite.

Also people keep on referring to the strengh of the pound,The pound is weak comparing to most other currencies,it is that at this moment in time it is not as weak as the Euro. 





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16 Jan 2012 01:58 by johnzx Star rating in Spain. 5247 posts Send private message

I am very aware of the weakness of the pound.  I am at present in Philippines and getting 64 pesos.  In 2006 I was getting just on 100.
 
As regards the relative strength of the pound to the euro. On the first day the Euro came into effect (Feb 2002 ?) it was 260 to the pound

 

Thanks Wizzard for explaining how the people placing the bets affect the odds not reality (unless the majority get it right, but in most racing the majority get it wrong of course, thats why the bookies never lose.





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16 Jan 2012 07:13 by guslopez Star rating in Lorca, Murcia.. 745 posts Send private message

" As regards the relative strength of the pound to the euro. On the first day the Euro came into effect (Feb 2002 ?) it was 260 to the pound "       Err, 1,60= £1.



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16 Jan 2012 08:00 by johnzx Star rating in Spain. 5247 posts Send private message

opps.   Yes ,  as you say,  I should have said  1.60 € / around 260 pesetas to the pound





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16 Jan 2012 11:01 by Acer Star rating. 1427 posts Send private message

It's a while since I studied Economics at school (never anything more).  And I'm happy for someone who knows to tell me otherwise - but I don't follow some of the comments here.   

The current weakness of the UK pound is said to some extent being caused by it being dragged down by the current Euro problems.   The UK economy is weak, but in general terms it's still better and more under control than most other EU countries. 

The UK pound is highly unlikely to be devalued.  Whereas if and when the crunch comes and Spain reverts to the Peseta most commentators believe it will effectively be devalued between 30% & 50% of it's current Euro value.  So the UK pound will immediately be worth comparatively more than the Spanish currency.  Furthermore the action in the Euro countries will be good news for the UK pound, which is likely to be stronger, at least in the short term.  So surely the UK pound represents a better home for Euro deposits at present.



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16 Jan 2012 11:38 by wizzard2 Star rating in Costa Blanca. 32 posts Send private message

The pound is weak,like it or not,The pound is being devalued,In 2007 I got 1. 5250 Euros to the pound ,today I would struggle to get 1.20 which means than in 5 years it has been devalued by 20%,against the Euro,and even more with currencies that have stayed fairly strong.The difference in thinking is that it happened over years and not overnight.

I dont know what the other contributers had in mind with some comments,but mine was to say,why take the choice of picking the best from two weak currencies,why not change both of your weak currencies,and invest in the best,which doesnt have to be a currency,although some are making good ,what is wrong with looking to put spare cash in gold,or other metals or commodities.

At the moment it seems the thieves in G.B. are making the most out of this by stealing Lead and other irons left right and centre,probably because it is easier than robbing banks,and possibly Lead is easier to sell





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