IS ANYONE ELSE REALLY WORRIED ABOUT THE EXCHANGE RATE?

Last activity 07 November 2009 by lifeingalicia

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SimonGrayMember22 September 2009 13:36:07

I moved to Spain not too long ago and have seen a massive fall off in the Sterling. Is anyone else worried?!?!?!?!?!?!!

jeanoMember26 September 2009 21:02:57

Hi Simon,
Yes, my partner and myself are due to move over at the end of Oct and the rate just keeps getting worse by the day.
Wish it would go back to the 1.30 from many years ago. lol

lifeingaliciaMember07 November 2009 13:19:51

I wouldn't say worry as it is something I can influence.
I plan for parity Sterling / Euro in the not to distant future.

I use and used currency forward deals (12 month) to take any fluctuations out of larger sums I knew or know I have to transfer.
I works by fixing at a certain point e.g. 1,15 and buy forward e.g. 100.000 Euros 20% payable and transferred immediate, the rest within 12 month.
Thus I knew when buying and renovating a house the budget incl contingencies for the first year would cost me x Sterling regardless of what the fluctuations where.

It's not a good deal if one thinks it may go up - but will it ever again?

Martin

PS Smaller sums are possible as well but wire transfers may have to be taken into account.

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