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Currency values

Community Veteran
Posts: 16,836
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Registered: 06-11-2007

Currency values

I often keep an eye on the value of the £ against the US $ .... out of curiosity.... (I`m not rich enough to invest in anything except the day to day needs!)
When I moved here to Portsmouth 3 years ago. the rates were roughly £1 = $1.95    today it is £1 = $1.56  (it has dropped 2cts in 24 hours since yesterday) 
I also recall, that the Euro was worth about 60p  Now £1 = 0.875 (euro)  (do they have cents? ? ?) 
I know that the price of a gallon of petrol/diesel is linked to the value of the $ against the £  and that it is bought and sold "in advance".... so on the current trend, there seems to be a price hike looming..... (apart from the normal government interference)
I wonder how long it will be before the £ and the $ are the same value...... and if the $ will overtake the £ .....
When I was a kid..... half a century or more ago. there were $6 to the £1...... !
44 REPLIES
pierre_pierre
Grafter
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Registered: 30-07-2007

Re: Currency values

Quote
  Now £1 = 0.875 (euro)
  that should be 1euro = £0.874
Community Veteran
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Re: Currency values

Quote from: shutter
When I was a kid..... half a century or more ago. there were $6 to the £1...... !

$4 I remember being referred to as the 1940's rate, but it was $2.80 for most of my youth dropping to $2.40 in 1967.
pierre_pierre
Grafter
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Re: Currency values

thats what I remember from the NCO club at Wethersfield 1 cent = 1 penny about 1970
Community Veteran
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Registered: 12-08-2007

Re: Currency values

If you wanted to buy currency this afternoon's tourist rates are as follows:
£1 = $1.524
£1 = €1.115
Yes, the euro is broken down into 100 centimos.
Community Veteran
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Re: Currency values

Quote from: pierre_pierre
Quote
   Now £1 = 0.875 (euro)
  that should be 1euro = £0.874

Yup... !  got em mixed up.... but you get my drift ! ! !  Cheesy
Community Veteran
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Re: Currency values

Quote from: artmo
If you wanted to buy currency this afternoon's tourist rates are as follows:
£1 = $1.524
£1 = €1.115
Yes, the euro is broken down into 100 centimos.

The exchange rate for "retail" may well be different..... but I use this site for my amusement ! ! !
http://www.xe.com/ucc/convert.cgi?Amount=1&From=GBP&To=USD&image.x=50&image.y=10&image=Submit
£1.00 = $1.5680  (16:26 GMT 07/02/2010)
Community Veteran
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Re: Currency values

If you look at forward buying rates then they are predicting a better rate for the £ against the $ and € in the next 6 months.  The best buy rate for the euro is in August when they forecast £1 = €1.17 and for the dollar it's in April at £1 = $1.65.
pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

Re: Currency values

if you have Win 7 you can have a widget on screen and watch it moving, only two currencies displayed, but most available
David_W
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Registered: 19-07-2007

Re: Currency values

Quote from: shutter
When I was a kid..... half a century or more ago. there were $6 to the £1...... !

I believe (but may need correcting) that the £>$ ratio was very high until the Government (UK) devalued the pound.
Ahh, found it:
Quote
In 1940, an agreement with the U.S.A. pegged the pound to the U.S. dollar at a rate of £1 = $4.03. This rate was maintained through the Second World War and became part of the Bretton Woods system which governed post-war exchange rates. Under continuing economic pressure, and despite months of denials that it would do so, on 19 September 1949 the government devalued the pound by 30.5% to $2.80. The move prompted several other currencies to be devalued against the dollar.
In the mid-1960s, the pound came under renewed pressure since the exchange rate against the dollar was considered too high. In the summer of 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Wilson government. Among the measures, tourists were banned from taking more than £50 out of the country, until the restriction was lifted in 1979. The pound was eventually devalued by 14.3% to $2.40 on 18 November 1967.

From Wiki (which is generally wrong, but there you go Tongue)
nadger
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Re: Currency values

Quote from: artmo
Yes, the euro is broken down into 100 centimos.
Got a bag full of the silly little coins that one never really uses - bit like the old half p.
Need a good healthy rise in interest rates to get the € exchange rate back up - runs and hides  Roll eyes
Community Veteran
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Re: Currency values

They're a bit like the pennies in the US, nobody wants them.  They are often left in trays on shop counters  for customers to take to make up their purchase price, or left for the next customer to do likewise.
Quote
The small cup or tray near a cash register is designated as a place for people to place pennies they receive as change if they do not want them. Then, customers who, for example, need one cent for a transaction can take one of the pennies to avoid needing one of their own or breaking a higher-denomination coin or bill. The tray can also be used by cashiers when dealing with amounts slightly less than others easier to work with; the cashier may take a penny (1 cent) from the tray and then give the customer, for example, one quarter (25 cents) instead of 24 cents (two dimes and four pennies, or six coins in all).
Community Veteran
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Re: Currency values

Quote from: nadger
Got a bag full of the silly little coins that one never really uses - bit like the old half p.

I just put the little brown coins in charity boxes; hope they don't mind.  Undecided
I notice when on holiday in Greece (our regular haunt) and you buy petrol (always cash where we go) they "aim" for a round amount in Euro notes - multiple tens or worst case 5. If your tank does fill and they stop filling at an inconvenient amount you'll get change to the nearest Euro, always rounded up in your favour I must say.  Smiley No small coins ever - too much like hard work (they don't do that much in Greece  Grin ).
Mind you, given the way the Greek economy is going I'm intrigued to see what it will be like on our next visit.  Cheesy
Community Veteran
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Registered: 12-08-2007

Re: Currency values

Yes, Greece is in a state isn't it?  Reading the papers it looks like Spain and Portugal are the same.  No wonder the euro is suffering.
I have friends in Spain and they are very upset with the conversion rates when their pensions arrive in their bank accounts. 
nadger
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Re: Currency values

Must be a lot of UK pensioners who are suffering from strong Euro.
We've cut down on our shopping trips to France and holidays there are very much on hold until Pound recovers - if ever.