Exchange rate (again)....

[Michaelinland]

Just how low could it actually go?? GBP.EUR

Very worrying for a lot of people...

[oliveview01]

What is the rate tonight then Michaelinland? Just to depress me! How much to the pound? or should I say how little?

[Anonymous]

Current rate is a shade over 1,15 (just over 86 pence to a euro) Parity is on the horizon!

[Bongtrees]

I think it was 1.19 euros earlier today

[Beachcomber]

You can keep track here:

http://www.xe.com/

It seems to be dropping by the minute!

[oliveview01]

Just think I will go and hibernate till the crisis is over Scary. Well we will just have to learn to be even more careful with our money. Why is it something always crops up when you say you need to go careful?

[tjtops]

Current rate is a shade over 1,15 (just over 86 pence to a euro) Parity is on the horizon!

Is that tourist £/E or 'posh' rate?! whichever...it's desperate.
PS.Found some papers (while looking for something else, as you do) and when I bought my house, only four and a half years ago, I got 1.52......scary indeed!

[oliveview01]

Same here tjtops, we got just over 1.5€ when we bought our house. Must say, it does worry me now as we are on a limited budget, which is getting smaller every month/week/day! Friends still come out and think we can ´live it up´ all the time- they are in for a surprise come Christmas!! They are welcome to live it up, as long as we stay at home in peace, counting the pennies

[Beachcomber]

Today's news about the German economy will probably have a knock-on effect throughout Europe which may well reverse the trend to some extent but if the Bank of England reduces interest rates again, who knows?

[Jool]

1.16 tonight...............is it a secret plan to get it to one GBP to the euro so the UK can join.....???

[tjtops]

Many, many much more learned people than me have said that Jool...it certainly wouldn't surprise me! After all, if the UK powers-that-be are adamant that the UK is part of Europe, then obviously it should take on board the euro....

[Kathy]

Looks like its the lowest for 12 years.

http://www.reuters.com/article/ukPoundR ... 8120081113

[masterob]

...............is it a secret plan to get it to one GBP to the euro so the UK can join.....???

Even if there was parity it doesn´t follow that the UK would wish or even need to be part of the Eurozone. Membership entails more than just adopting the Euro currency.

After all, if the UK powers-that-be are adamant that the UK is part of Europe, then obviously it should take on board the euro....

What´s obvious about it? As I said above, there is far more at stake in joining the Eurozone than just adopting the Euro currency.

[oliveview01]

There is nothing we can do about it except ´go careful´ again! Maybe my El Gordo ticket will be a winner? I´ll buy you all a drink if I get the big one!

[princess peach]

rate just over the Gib border and in all of Gib yesterday was E1.13 to the pound.
on Weds in was 1.15 -im sure the bureaux(spelt wrong) de change shops make the rate worse as pay day approaches knowing they will make a few bucks on the workers changing the money up.
They have forecast one for one before xmas.

[Michaelinland]

Something I have just read on Bloomberg...

The U.K. currency may rally to 73.91 pence per euro, if it manages to end a week stronger than 0.77 pence, according to technical analysts led by Tom Fitzpatrick at Citigroup Global Markets Inc. in New York. The euro may decline as slowing economic growth prompts the European Central Bank to accelerate the pace of interest rate cuts, they wrote in a note today.

``Yes the ECB cut rates, but firstly they had to reverse their hike in the summer and even still they sound relatively hawkish and confusing as they continue to disappoint,'' the analysts wrote. ``We are increasingly convinced the euro will trade lower in coming months'' against the pound.

[costakid]

i not sure that even the experts know anymore. We forward buy euros in bulk for our import business and were told 2 months ago that as soon as they knew who the next us president would be the pound will strenghen against the euro. WRONG.

Also when i bought a property as the gulf war started the rate went from 1.51 to 1.39, again i asked the experts when the rate would rise and i was told that as soon as the war was won (not over) but that the americans anounced they were in control the rate would rise. Goerge Bush made his speech and the rate dropped every day for the next 2 weeks. They are all guessing.

[jwc]

There are no experts in this otherwise we would not be in the mess we are in!

[tjtops]

The U.K. currency may rally to 73.91 pence per euro, if it manages to end a week stronger than 0.77 pence, according to technical analysts led by Tom Fitzpatrick at Citigroup Global Markets Inc. in New York. The euro may decline as slowing economic growth prompts the European Central Bank to accelerate the pace of interest rate cuts, they wrote in a note today.

``Yes the ECB cut rates, but firstly they had to reverse their hike in the summer and even still they sound relatively hawkish and confusing as they continue to disappoint,'' the analysts wrote. ``We are increasingly convinced the euro will trade lower in coming months'' against the pound.

Erm...please could someone translate this into English (as opposed to finance-speak) so we less knowledgeable mortals (assuming there are some more out there!) can relate it to our lives and pockets??!!

[Jool]

Basically it means that once the European Central Bank get real and start to decrease interest rates in the euro zone then the exchange rate of sterling to euro will improve.......the recent cut last week only really removed the increase they put in over the summer, and more cuts are needed, and anticipated as the euro is trading artificially high at present.