XE 1 EUR = 0.964134 GBP

Toiletroll · 27-12-2008 10:32AM #1

Woot!... Just bought myself a terrabyte drive for 93 euros inc VAT... Lovely exchange rate today!

How long do you think it will take to be par? I'd say if this trajectory continues we will see it before the end of jan.

My employer is a UK company. I guess they wont like the exchange rates. We are costing them a lot more now than 6 months ago!

On the positive side, we can save some money buying in the UK.

Negatively our own exports and consumage will be fcuked!

Terrontress · 27-12-2008 11:04AM

I'm sure there is a feel good factor in terms of buying consumer items at 70% or less of what they cost in the summer but the weakened sterling will not do the economy any good. 50% of Irish exports are to the UK, the VAT take in areas within an hour of the border will have dropped massively and the Northern drivers have stopped crossing the border to buy petrol and diesel.

The novelty of 24 cans of Guinness for €15 will wear off.

nobodythere · 27-12-2008 11:21AM

Terrontress wrote: »

I'm sure there is a feel good factor in terms of buying consumer items at 70% or less of what they cost in the summer but the weakened sterling will not do the economy any good. 50% of Irish exports are to the UK, the VAT take in areas within an hour of the border will have dropped massively and the Northern drivers have stopped crossing the border to buy petrol and diesel.

The novelty of 24 cans of Guinness for €15 will wear off.

STFU noob

niceirishfella · 27-12-2008 11:29AM

Toiletroll wrote: »

How long do you think it will take to be par? I'd say if this trajectory continues we will see it before the end of jan.

I think when the marketsw re-open properly and traders return from their xmas break, parity will be on the cards.
The euro then will go a long long way in the uk.
Think I'll take the missus on a nice weekend away in london!

kelle · 27-12-2008 12:22PM

My brother recently started a job in UK, but is finding the exchange rate a nightmare as he is paying off a e20000 BOI student loan - which he took out when the sterling was strong so it didn't go a long way for him then!!!
OTOH, I am visiting him next month and can't wait to go shopping!

m83 · 27-12-2008 12:44PM

Wooo! This is great in terms of going over to the UK to see football matches. Also great for someone like me who buys a ton of stuff on ebay, i used always avoid the pound but that's all about to change.

Terrontress · 27-12-2008 02:28PM

grasshopa wrote: »

STFU noob

I wouldn't know what you are talking about mate.

steviec · 27-12-2008 02:37PM

kelle wrote: »

My brother recently started a job in UK, but is finding the exchange rate a nightmare as he is paying off a e20000 BOI student loan - which he took out when the sterling was strong so it didn't go a long way for him then!!!
OTOH, I am visiting him next month and can't wait to go shopping!

I'm in the same position right now, the exchange rate is killing me. And I'd turned down a job in Ireland in Summer too, which was roughly the same wages as my current job at the time, I'd be earning so much more now though if I'd taken it. I really hope the sterling bounces back soon but there's no sign of it happening.

m@cc@ · 27-12-2008 02:38PM

The thing is though, the Euro isn't out of the woods yet. The true effects of a recession won't be felt unti June/July time. Until then though, happy days.

Tech3 · 27-12-2008 02:39PM

Obviously its bad for the economy with less tax intake for the government but if its cheaper for an individual to take a hour journey over the border why not. We are always encouraged the shop around.

However little towns like sligo now are starting to suffer for it. Many shops are rumored to be closing shortly as goods are a lot cheaper just under an hour away at enniskillen.

PeakOutput · 27-12-2008 02:45PM

i reckon this is temporary and the sterling will recover

it wont go back to 60-70pa euro though like it was i imagine it will hover in the mid 80's after just breaking threw parity but then i know nothing

and its not just because consumers are going to the north to buy stuff that makes this very very bad

our biggest export destination is the uk and this is making our exports very very expensive for them all of a sudden which means they will look elsewhere and irish jobs will be lost

m@cc@ · 27-12-2008 02:49PM

PeakOutput wrote: »

our biggest export destination is the uk and this is making our exports very very expensive for them all of a sudden which means they will look elsewhere and irish jobs will be lost

That depends on the products, as it may make raw materials cheaper and therefore exporters may be able to offer competitive prices.

Morrisseeee · 27-12-2008 02:51PM

I read somewhere recently that the UK are 'bumping' up their prices in the new year, ie. by 20% or so. So......take the bargains when you can !!!

m@cc@ · 27-12-2008 02:53PM

Morrisseeee wrote: »

I read somewhere recently that the UK are 'bumping' up their prices in the new year, ie. by 20% or so. So......take the bargains when you can !!!

Don't know your source, but that's the last thing that UK retailers will want to do at this time.

steviec · 27-12-2008 02:55PM

Morrisseeee wrote: »

I read somewhere recently that the UK are 'bumping' up their prices in the new year, ie. by 20% or so. So......take the bargains when you can !!!

Whatever about exchange rates, British retailers make most of their sales to British people. And nobody's getting a 20% salary jump so I don't see how they can bump up their prices like that.

Certainly imported goods are going to get a bit more expensive but in general the weak sterling can't impact on prices too much because nobody will be able to afford to buy anything.

copacetic · 27-12-2008 02:57PM

Morrisseeee wrote: »

I read somewhere recently that the UK are 'bumping' up their prices in the new year, ie. by 20% or so. So......take the bargains when you can !!!

you 'read' somewhere that the 'UK' is 'bumping' up their prices by 20%? Jeepers you would have thought they would have kept it quiet.

I read somewhere that there is a mod conspiracy and all AH idiot posters will be 'bumped' off in the new year. Get some posts in while you can.

Time Magazine · 27-12-2008 03:00PM

Morrisseeee wrote: »

I read somewhere recently that the UK are 'bumping' up their prices in the new year, ie. by 20% or so. So......take the bargains when you can !!!

http://www.rte.ie/business/2008/1216/britain.html wrote:

Earlier, Bank of England Governor Mervyn King told the British government the country's inflation rate could fall below 1% next year. His letter to the government was to explain why prices were rising by more than double the official target.

Are you mixing up "less than 1%" with "20% or so" again?

I do it all the time.

Morrisseeee · 27-12-2008 04:09PM

Jeepers, everyone's a comedian all of a sudden.
I was just trying to give general advice, as I was reading an article about electronic devices (etc) and that their prices are going to be revised in the new year as the current exchange rate is 'gone awol'. 20%.....mmmm...well maybe !

ongarite · 27-12-2008 04:16PM

Morrisee is correct. Electronics prices are going to go up significantly for Japanese, Asian sourced products.
Sterling has lost 40% of its value Vs yen in the last year causing Sony, Panasonic to make a loss on every product made even before they are sold.
Sony have already come out and said prices are going up in '09.

kaisersose77 · 27-12-2008 04:17PM

yep read the same in a few places as I'm checking out new tv's to buy

if sterling is gone to crap then the manufacturers are going to want more money for there products

example here

http://whathifi.com/Review/Yamaha-RX-V1900/

Yamaha amplifier is £900 now

"However, one note of warning: Yamaha is planning to raise the price of the RX-V1900 to £1000 from January 1st 2009 as we reported here, so if you want to get one at £900, you'd better move fast."

Think I read Sony will be doing the same thing. So any new tv model's that are released will probably cost a lot more in sterling than people think.

So now is the time to buy!

And probably why there are so many bargains with dixons, currys etc atm. There making money while they can, as new stock is going to be a lot dearer.

Time Magazine · 27-12-2008 04:45PM

If Sony and Panasonic think they can profitably raise prices by 20% in the current economic climate they're mad.

Preset No.3 · 27-12-2008 05:08PM

xe.com may quote 96p to the euro, but try going into a bank and see what rate you get. My local PTSB was quoting 91p to the euro, then there is the commission charge as well.

phasers · 27-12-2008 05:13PM

I was in Dunnes earlier and I think they were giving 94p to the euro

copacetic · 27-12-2008 05:15PM

Preset No.3 wrote: »

xe.com may quote 96p to the euro, but try going into a bank and see what rate you get. My local PTSB was quoting 91p to the euro, then there is the commission charge as well.

when exactly? the rate was 94.5 last week and BOI were offering 93. You should be able to get with 1.5 or 2 pence of the rate, you would have to be an idiot to take a rate like PTSBs.

Sangre · 27-12-2008 05:18PM

Preset No.3 wrote: »

xe.com may quote 96p to the euro, but try going into a bank and see what rate you get. My local PTSB was quoting 91p to the euro, then there is the commission charge as well.

If you buy with a credit card you'll get an excellent exchange rate.

m5ex9oqjawdg2i · 27-12-2008 05:19PM

Bad for economy,

Good for consumer.

Preset No.3 · 27-12-2008 05:21PM

Sangre wrote: »

If you buy with a credit card you'll get an excellent exchange rate.

I always was told the credit card exchange rate was crap.

Savman · 27-12-2008 05:25PM

Kenny Tight Sparkler wrote: »

Bad for economy,

Good for consumer.

Kinda contradicting statements dontcha think? Without consumers, there's no economy anyway.

Ckal · 27-12-2008 06:29PM

Is this bad for the UK economy? If so, can't they just devalue their currency?

Biggins · 27-12-2008 06:46PM

Preset No.3 wrote: »

I always was told the credit card exchange rate was crap.

I use mine frequently on the net and haven't noticed a dramatic difference.
(although there might be indeed a rip-off! I hope not.)

m@cc@ · 27-12-2008 06:48PM

Ckal wrote: »

Is this bad for the UK economy? If so, can't they just devalue their currency?

wtf are you talking about?

XE 1 EUR = 0.964134 GBP

Comments