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Exchange Rates

 
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  #1  
Old
Member
Join Date: January 18th, 2005
Location: UK
Posts: 94
I was shocked today when I discovered how bad the US to UK exchange rate has become. My bank (Barclays) used a rate of 1.7726 for the cheques I paid in a few days ago!

I'm wondering about holding some of the bigger Christmas cheques until things improve.

Does anyone know what's causing the changes and what's likely to happen in the future? I don't have a clue where to look for info on this sort of thing. All I managed to find was the scary graph at exchangerate.com

Riatsala
  #2  
Old
ABW Ambassador
Join Date: January 18th, 2005
Posts: 1,463
Yeah - it's been heartbreaking recently.

I try to take some consolation in it making some of my costs cheaper, but my profit's in dollars so it hurts.

Problem is, everything other than paying the cheques in when they arrive is pure speculation and a gamble - who knows where rates will go?

All other things being equal (costwise) this may be a reason to keep some kind of dollar account and only exchange money when you have to or rates seem good.

[edited to add: the other problem is these are pretty long-term trends - I don't think I've had better than 1.6 in early 2003 and the rate has meandered it's way upwards over that kind of timescale. ]
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  #3  
Old
ABW Adviser Panel
Join Date: January 18th, 2005
Location: Opposite the Slough of Despond
Posts: 5,465
And the great thing is when you have a UK merchant on CJ.. it gets converted from sterling to dollars and then back again a couple of months later, losing a chunk of value along the way.

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  #4  
Old
Full Member
Join Date: January 18th, 2005
Posts: 277
Not that long ago I was banking cheques at 1.43, so 1.77 is a 19% cut in income. Some of my site is subscription based so I increased my USD prices to compensate. The affiliate income is rising so overall I am surviving.

I have put up notices to encourage my UK and European visitors to buy from US merchants and gain the discount. It is working especially on the specialist suppliers where the US has a larger selection to choose from. So far this week 37 buyers were US and 7 European.

If I can move some expenses over to US$ then that may help but I am reluctant at the moment to use the US for hosting, just in case of a problem.

'I am not young enough to know everything.'
- Oscar Wilde
  #5  
Old
ABW Ambassador
Join Date: January 18th, 2005
Location: Winterpeg, the Mosquito Capital of Canada
Posts: 2,299
Us in Canada feeling the crunch too

Were getting close to 1.60 Canadian per US $ this spring.
Our dollar has sstrengthened against their money.
Finally creeped back up to 1.30 yesterday
Losing almost

Lowest was aprox 1.27
Even for a smaller amounts it still adds up over time

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  #6  
Old
ABW Ambassador
Join Date: January 18th, 2005
Posts: 509
reading the financial paper the other day...experts reckon the $ will rise this year..so maybe holding onto those cheques will pay off. 1.7 is about right (i have exchange rates on site if you need a quick look) foreign exchange rates

I've been discussing getting a $ bank account...so you pay $ cheque into it..and it stays in $ until you decide its time to exchange to sterling..be it in a month or a year...but like shares..it's still a gamble.

Malc
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  #7  
Old
Full Member
Join Date: January 18th, 2005
Posts: 277
Update - it has dropped nearly 10c in under 30 days - another 5% drop when converted to sterling.

'I am not young enough to know everything.'
- Oscar Wilde
  #8  
Old
Member
Join Date: January 18th, 2005
Posts: 160
Here's the latest

1.00 GBP United Kingdom Pounds =
1.85200 USD United States Dollars

  #9  
Old
ABW Ambassador
Join Date: January 18th, 2005
Posts: 509
there's a good post on here about UK Dollar bank accounts...just spoken to Royal Bank of Scotland.......it's $5000 minimum balance at all times in their NON-interest paying account.

Halifax Bank Standard Bank = £10 per cheque over $30.

Let's hope google AdSense UK do direct payment..cos at the moment...the exchange rate sux !!

Malc
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  #10  
Old
ABW Ambassador
Join Date: January 18th, 2005
Location: UK
Posts: 539
i am feeling sick!! i just got 1.86 for my latest check, it is too depressing to even think about!!

*** And people say I'm just a housewife!!! ha ha ***
  #11  
Old
Member
Join Date: January 18th, 2005
Location: UK
Posts: 94
Looks like the trend may finally have reversed!

There's a long way to go, but the changes on the graph for the last few days give me hope!

Riatsala
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