The $US exchange rate

[bergeroo]

I have a load of money sitting in my $US Neteller account at the moment that I want to withdraw to my UK bank account - However the exchange rate is really bad at the moment!

Any financial experts on here? 

- Is it likely to get better - Or is it more likely to carry on going towards $2 to £1 - Should I just bite the bullet and withdraw - or hang on for a bit?

On a positive side - If I want to go to America soon - Quids in!

[TightEnd]

Financial experts are about as reliable as betting tipsters


That said, i expect the $ to weaken further with the US economy weakening, Bush in mid term trouble and continuing geopolitical risks

Just don't hold me to it!

[matt674]

If someone offers you £1 for $1.85 snap their hands off. It briefly touched $1.85 last week and the company where i work immediately exchanged some of our surplus dollars.

I cant see it getting any better that $1.85 for the next few months.

[Sheriff Fatman]

In terms of repatriating $ into £ the best rate I've seen is cashing out to a debit card via Party or Empire.  Takes 2 days or so to hit the account.

However, if you're planning to go to the US I'd look at options for getting the money over there in US$ without converting.  Neteller debit card is the obvious way but you'll still go through one exchange rate (they convert to Canadian $ when transferring onto the card).  Some of the sites also offer money transfer options (e.g Western Union) which have fees attached but might still prove cheaper than Neteller.

One option I've used in the past is to find a reliable US resident (or UK one just returning from a trip with $ in hand) who doesn't mind taking a transfer (e.g via Stars) in exchange for hard cash.

Sheriff

[ItsMrAlex2u]

USD/GBP has been trading in a range of 1.86 to 1.91 since august and although there is an almost 100% certainty of a 25 basis point UK Base rate hike by the MPC in November, this is already 100% priced in to the futures markets.

The technical outlook suggests that due to a recent support level beng broken at 1.86 suggests that it wont be long before we see a test of the next level of support at 1.83

In a nut shell though, unless North Korea decide to nuke the western world in the near future (which is a distinct possibility) we arent going to be seeing either 1.70 or 2.00 any time soon so unless you have bundles in Neteller keep an eye on it and if there is a week dip down towards 1.85 or so then grab it
(currently 1.8830)
P.S. I work for RBS Treasury (unfortunately)

[ItsMrAlex2u]

If someone offers you £1 for $1.85 snap their hands off. It briefly touched $1.85 last week and the company where i work immediately exchanged some of our surplus dollars.

I cant see it getting any better that $1.85 for the next few months.

Wot he said !

[TightEnd]

USD/GBP has been trading in a range of 1.86 to 1.91 since august and although there is an almost 100% certainty of a 25 basis point UK Base rate hike by the MPC in November, this is already 100% priced in to the futures markets.

The technical outlook suggests that due to a recent support level beng broken at 1.86 suggests that it wont be long before we see a test of the next level of support at 1.83

In a nut shell though, unless North Korea decide to nuke the western world in the near future (which is a distinct possibility) we arent going to be seeing either 1.70 or 2.00 any time soon so unless you have bundles in Neteller keep an eye on it and if there is a week dip down towards 1.85 or so then grab it
(currently 1.8830)
P.S. I work for RBS Treasury (unfortunately)

P.p.s   He's the expert...

[ItsMrAlex2u]

USD/GBP has been trading in a range of 1.86 to 1.91 since august and although there is an almost 100% certainty of a 25 basis point UK Base rate hike by the MPC in November, this is already 100% priced in to the futures markets.

The technical outlook suggests that due to a recent support level beng broken at 1.86 suggests that it wont be long before we see a test of the next level of support at 1.83

In a nut shell though, unless North Korea decide to nuke the western world in the near future (which is a distinct possibility) we arent going to be seeing either 1.70 or 2.00 any time soon so unless you have bundles in Neteller keep an eye on it and if there is a week dip down towards 1.85 or so then grab it
(currently 1.8830)
P.S. I work for RBS Treasury (unfortunately)

P.p.s   He's the expert...

P.P.P.S As per Tightys earlier post about "expert" opinion, watch out for USD trading at either 1.50 or 2.75 by about wednesday !!!