Author Topic: Just hit 3.30  (Read 18622 times)

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Offline thebillet

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Just hit 3.30
« on: November 27, 2013, 14:59:05 PM »
I have never seen this before, a new high (or low) depending on how you look at it. Wonder if it is the strength of sterling across the board or specific to TRY?



Offline Colwyn

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Re: Just hit 3.30
« Reply #1 on: November 27, 2013, 15:10:41 PM »
Just looking at today's markets the £ is up in relation to 41 of the 42 currencies on which the BBC Market Data site reports. The only major currency against which it has fallen is the Russian Rouble. But its rise against the TL is one of the largest ones. The US$ and € also strengthened significantly against TL.

Offline Rimms

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Re: Just hit 3.30
« Reply #2 on: November 27, 2013, 16:52:32 PM »
It looks like we've been at this all time high just once before in the past 12 months.


Offline usedbustickets

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Re: Just hit 3.30
« Reply #3 on: November 27, 2013, 20:34:24 PM »
Is 3.6tl to the £ on before the end of the year?  Or will it arrive when the yanks start switching off the dollar e-printing machines, or what is referred to in today's parlance as tapering!!

Great if you are coming over in holiday, not so good if you have TL accounts, in turkish banks especially as they are being constrained to by central bank or more likely government to keep interest rates lower than they should be in a country where the exchange rate is steadily collapsing

Offline thebillet

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Re: Just hit 3.30
« Reply #4 on: November 27, 2013, 22:48:51 PM »
The difficult bit is when you have both i.e. TRY accounts and sterling, the dilemma is whether to change more because it is a good rate but in so doing you expose yourself more to a currently depreciating currency. It goes without saying that these are only relative difficulties as there are those with real challenges in terms of income.

Offline usedbustickets

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Re: Just hit 3.30
« Reply #5 on: November 28, 2013, 07:00:28 AM »
. It goes without saying that these are only relative difficulties as there are those with real challenges in terms of income.
Your right Billet for most Turks this means a real fall in income as prices rise over time as a result of what has and continues to be a devaluation.  Don't think we will see the great one making an announcement like Harold Wilson about the value of the Lira in your pocket though!!

Offline stoop

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Re: Just hit 3.30
« Reply #6 on: November 28, 2013, 12:19:55 PM »
According to the paper today it's the relative strength of the UK economy that is causing the rise in Sterling. Great for us holidaymakers. Not so good if you play the Lira/Sterling market but that's a risky business anyway and those doing it should already be aware of the risks involved.


Offline thebillet

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Re: Just hit 3.30
« Reply #7 on: November 28, 2013, 15:14:46 PM »
Well I took the plunge and changed this months money into TRY. It feels a bit like hedging my bets; I can at least leave my TRY savings a little longer to compound upwards to offset some of the potential losses (obviously these losses will increase if the TRY weakens further).

By the way it is a bit of a rigmarole withdrawing sterling from an ATM and then putting it in the bank and then on line changing it to TRY so it can be withdrawn. The obvious benefit being an exchange rate of 3.29+ versus 3.21 in Dikmen. Not quite 3.3 but near enough.

Offline Colwyn

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Re: Just hit 3.30
« Reply #8 on: November 28, 2013, 15:34:36 PM »
Not so good if you play the Lira/Sterling market but that's a risky business anyway and those doing it should already be aware of the risks involved.
Today the £ is up against 40 out of the 42 BBC regular currency rates. The exceptions, where it is down, are against the Shekel and ... the Lira. But this will probably change by the time you read this. Dodgy game this currency speculation.

Offline stoop

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Re: Just hit 3.30
« Reply #9 on: November 28, 2013, 15:49:55 PM »
Next you'll be buying Bitcoins Colwyn  ;)




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