Pound on the slide - A good time to change your TL ??

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 10:19

Experts are predicting a serious slump in the value of the pound. For those who like a 'dabble' on the exchange rates, the next few weeks could be a good time to change your TL to sterling, make a few quid and then wait for the 'bounceback'.



Current exchange rate at Creditwest (TL to Sterling) is 2.28, down 0.02 already today.



Paul

NCMan



Joined: 19/09/2009
Posts: 670

Message Posted:
06/10/2010 10:25

Do you not mean £1 = TL 2.28

0maintenance


Joined: 22/09/2010
Posts: 2179

Message Posted:
06/10/2010 10:26

what an excellant post keep us informed could do we an extra few quid

Texas


Joined: 22/09/2009
Posts: 634

Message Posted:
06/10/2010 10:31

Well, it's now £1 = 2.2598.



http://uk.finance.yahoo.com/q/bc?s=GBPTRY=X&t=5d&l=on&z=m&q=l&c=

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
06/10/2010 10:32

Or you could make sure you have money in both currencies and hedge your bets....

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 10:35

NC Man



You will get a different exchange rate dependant on which direction you are exchanging your currency. changing



Based on current exchange rates at Creditwest:



If you want to change TL to sterling, it would cost you 2.28 TL to buy £1.



If you wanted to change sterling to TL, it would cost you £1 to buy 2.225 TL.



The difference between the two is the 'spread' and is how Bureau de Change make their money.



Hope this clears it up .



Paul

NCMan



Joined: 19/09/2009
Posts: 670

Message Posted:
06/10/2010 10:41

I just got @ Money exchange Karakum TL2.28 For the £

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 10:45

Groucho



I am an 'all in' sort of bloke so prefer to maximise my use of the better TL interest rate and then shift the whole lot to sterling when a decent rate is available. Admittedly, you have to pick the right time to change and balance this against the loss of interest whilst your dosh is in sterling, but so far I have been happy with my choices. It keeps me in 'beer tokens' .



Paul

LOvegod


Joined: 22/03/2009
Posts: 161

Message Posted:
06/10/2010 11:18

who are these 'Experts' ?

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
06/10/2010 11:38

Strange that the pound is strengthening against the dollar, which the TL is usually tied to.

Geoff1131MK11


Joined: 04/04/2009
Posts: 396

Message Posted:
06/10/2010 11:51

Thought exactly the same Vaughan. Pound strenthening against both the dollar and the Euro would suggest that it is the Lira that is getting stronger and not the pound getting weaker.

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
06/10/2010 11:53

http://www.advfn.com/p.php?pid=qkchart&symbol=FX^GBPTRY

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 12:00

Geoff/Vaughan



Agreed, current situation is probably due to a strong TL rather than a weakening pound. However, some believe that the pound is in for a rough time in the coming weeks/months.



http://money.uk.msn.com/investing/articles.aspx?cp-documentid=154854675



Potato/potatoe - As long as TL continues to strengthen against sterling it's good enough for me. Just have to hope that once I do make the jump back to sterling, the pound makes a relatively quick 'bounceback'.



Time will tell, but worth keeping a close eye on.



Paul

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 12:20

NC Man



The exchange shops always give a better rate than the banks, but you got a very good deal this morning



Paul

Geoff1131MK11


Joined: 04/04/2009
Posts: 396

Message Posted:
06/10/2010 12:57

fiendishpaul, re mssg 13. I thought you already had your cash in sterling, as per your post on 19/02/2010 when you said you were getting out of lira and into sterling as soon as the rate was lower than 2.25 which it was in May this year. I cant keep up with all you financial wizards.

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 14:09

Geoff



Have you been checking up on me



I changed back to sterling in mid May at 2.24 and changed back to lira about 6 weeks later at 2.34, just after the UK budget. Have stayed in lira since as the rate has remained pretty steady for the past few months.



Would never profess to being a financial wizard, a rank amateur in fact, but always keep an eye on the exchange rates just in case an opportunity arises.



Paul

Geoff1131MK11


Joined: 04/04/2009
Posts: 396

Message Posted:
06/10/2010 14:59

Paul, no not checking up on you. Just very impressed by the way you and a few others on here always get in and out of sterling at exactly the right time. Into lira when the rates are at their highest and then back into sterling at the bottom of the curve. I just wish i had the crystal ball that you all must use. I do my own thing and make a little but if i had your insight i could do an awful lot better. I mean what made you go back into lira when the rate hit 2.34? from a starting position of 2.24 it would hardly be a massive profit.

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 15:15

Geoff



I have to confess that I don't always get it right. Changing down at 2.24 was at its lowest point, but when I changed back up at 2.34, I actually went too early and could have achieved 2.36 or even 2.37. :-(



Insight......I don't know the meaning of the word. I just watch the rates and if they get to a number that I think is worth a punt, then I give it a go.



As for why did I change at 2.34.........I didn't think it would go much higher (wrong), it seemed a nice round figure and gave me a tidy profit - you don't want to be too greedy.



As for a massive profit - it depends on how much you have exchanged, but in effect it gave me a 4% return on my 'investment' in the space of 6 weeks



Regards



Paul

Geoff1131MK11


Joined: 04/04/2009
Posts: 396

Message Posted:
06/10/2010 15:26

Nice one Paul, as i said i am impressed. Can you give me a clue as to when you are going to go back into sterling???

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 16:38

Geoff



I will probably change again if the rate hits 2.24 or maybe 2.22.



Paul

Geoff1131MK11


Joined: 04/04/2009
Posts: 396

Message Posted:
06/10/2010 16:44

Get your finger on the button then Paul the rate at the moment is 2.25

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
06/10/2010 17:03

Still 2.28 at Creditwest :-(

LOvegod


Joined: 22/03/2009
Posts: 161

Message Posted:
06/10/2010 17:59

2.249 now on ADVFN.Com

Jefferson


Joined: 17/05/2010
Posts: 360

Message Posted:
06/10/2010 18:21

Pound not on slide so if you are going to change be aware of this.

Evilo


Joined: 06/10/2010
Posts: 9

Message Posted:
06/10/2010 18:30

Didn`t realise there was such a difference.

LOvegod


Joined: 22/03/2009
Posts: 161

Message Posted:
07/10/2010 12:11

above 2.25 and slowly climbing have u changer tday paul

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
07/10/2010 12:20

Lovegod



Nope, still in TL. 2.28 at Creditwest.



Still confident that it will go lower though. Hopefully in a couple of weeks time and just after my TL accounts reach their monthly maturity date



As for the pound on the slide, maybe not against USD but it is having a hard time against the Euro (1.146 as I type).



This is Cyprus, so no real rush to do anything LOL



Paul

flawww


Joined: 12/09/2010
Posts: 52

Message Posted:
07/10/2010 12:23

Oh man... where are my pounds!!!!!! "smack" :(

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
07/10/2010 13:01

pound climbing back