Remember the Euro ...

[Dutto]

In December 2008 the pound was 1.02 to the euro ..long before brexit.... Although im sure some remoaners would try to tie the 2 together

I remember it well. :lol:

We bought a boat over in Holland in 2003 for 40,000 GB Pounds when one GB Pound equalled about €1.60 (i.e. we paid €64,000).

We sold the same boat in 2010 during the financial crisis with a loss of €19,000.

However, as we needed to bring the money back to the UK the €45,000 that we got for the boat converted at €1.05 to the GB Pound and we brought back over 42,000 GB Pounds. :lol: :lol:

Lucky? You bet! :thumb: :thumb: :thumb:

BTW

At that time, the exchange fluctuations were being caused by a worldwide financial crisis.

Canadian friends of ours turned down an offer on their boat and shortly thereafter the Canadian Dollar collapsed against the Euro and they took a horrible beating on the sale of their boat.

This time, there has been a history in the UK of the media condemning the Euro as an unstable and non-sustainable currency and yet the GB Pound has become progressively weaker against it and the American Dollar.

If your looking for good news, the GB Pound is holding its own against the Malaysian Ringgit. :thumb:

 

[Duxuk]

An over valued pound was never good for exporters. It's at a decent level now.

 

[Tau]

I wouldn't worry too much about the euro I'm absolutely sure it will fall as soon as yet another member country has to be bailed out. Lets face it Greece will always need to be bailed out, they've been bankrupt at least 4 times since reforming. Spain, Portugal, Italy and some of the new countries often need bailing and stumble every now and again fiancially so it will drop in value at some point brexit or no brexit.

 

[Covrich]

I remember it well. :lol:

We bought a boat over in Holland in 2003 for 40,000 GB Pounds when one GB Pound equalled about €1.60 (i.e. we paid €64,000).

We sold the same boat in 2010 during the financial crisis with a loss of €19,000.

However, as we needed to bring the money back to the UK the €45,000 that we got for the boat converted at €1.05 to the GB Pound and we brought back over 42,000 GB Pounds. :lol: :lol:

Lucky? You bet! :thumb: :thumb: :thumb:

BTW

At that time, the exchange fluctuations were being caused by a worldwide financial crisis.

Canadian friends of ours turned down an offer on their boat and shortly thereafter the Canadian Dollar collapsed against the Euro and they took a horrible beating on the sale of their boat.

This time, there has been a history in the UK of the media condemning the Euro as an unstable and non-sustainable currency and yet the GB Pound has become progressively weaker against it and the American Dollar.

If your looking for good news, the GB Pound is holding its own against the Malaysian Ringgit. :thumb:

That was effectively a form of Arbitrage

 

[Dutto]

That was effectively a form of Arbitrage

I only hope that the whizz kids in the City don't crap themselves as much as we were doing. :lol: :lol:

I guess it's different when your playing with someone else's money, but when your putting your life savings into something abroad and intend coming back home sometimes in the future, the currency exchange rate fluctuations can take over your life.

The Good News is that we recovered what we put in and had eight glorious years living on the canals of Europe! :thumb:

 

[Covrich]

There will always be volatility when trading with something across a currency boundary..

I don't trade forex but I trade sports exchange markets but the principal is the same in places, positions change and move over time and never move in a straight line, positions can be manipulated aswell..

Like I say I am not a city trader but throughout time, markets will move and if you get spooked by movements you will get burnt.

I am not saying the current rate is good or bad but to suggest its the end of the world is bonkers as there will be ups and downs. The US dollar was nearly 2 to the pound in the mid 2000s.

 

[Braufather]

actually two years ago it was as high as 1.42 euro to the pound- so its even more pronounced!

 

[Gerryjo]

There will always be volatility when trading with something across a currency boundary..

I don't trade forex but I trade sports exchange markets but the principal is the same in places, positions change and move over time and never move in a straight line, positions can be manipulated aswell..

Like I say I am not a city trader but throughout time, markets will move and if you get spooked by movements you will get burnt.

I am not saying the current rate is good or bad but to suggest its the end of the world is bonkers as there will be ups and downs. The US dollar was nearly 2 to the pound in the mid 2000s.

Funny we went to Florida for a wedding in 2008 and the exchange rate was $1.98 to £1.
Certainly worked a treat for us.
With the Euro at the minute some traders in the city just take like for with us being minutes from the border and some big supermarket chains have their best turnaround here due to cross border trade.

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