For The Love Of Port

Roy, did you see today's action in the Euro?

An amazing plunge! I might actually be able to buy some wine in Portugal

1.29606 at the moment... wow!

The Pound is down to 1.63153 as well. That'll help pay our hotel bill in London!

Even better now: 1.27539 at the moment.

1.23079 the lowest exchange rate vs the U$D in a very long time.

I suspect the Euro will drop below 1.20 in the next few weeks. Considerable global slowdown and not much positive news in the international economy. Plus, the I think the USD will continue to strengthen near term which will put further pressure on the Euro and overseas investment in general.

Heading in that direction: 1.22849

Seems to be that the Euro is back on the rise, likely due to Wall Street tanking this week with the announcement of much lower barrel prices for crude oil, (low-mid $60/barrel).

Right now: 1.23899

Whilst I keep an extremely close watch on the €/£/$ rates (at least daily) I do not profess any expertise in foreguessing the markets - and there have been shenanigans over fixing the rates due to the amount that can be skimmed off by traders on behalf of their banks. At the same time, I do not expect any great change in the near future. Long term is anybody's guess. I have seen the £, currently around €1.25:£1, fluctuate from about €1.60 when I moved here to a low of near €1.05.

If you are buying or selling with a foreign currency you need to take a chance on the date you do the deal and live with the consequences. Unless you are making extremely large deals, a couple of cents here or there should not affect your long term finances, even 5c will not break you on a few thousand $$$s or £££s. Do a calculation on present rates, and a swing in both directions on the amount of any transaction you are likely to undertake and see how small the difference is. Is that difference on say a case of VP going to make you risk losing the case if you do not buy now?

As an example say your order is €6000 with the € at $1.22, it will cost you $7320. A swing of 5c makes a difference of $300 either way.

1.25078 is a fairly major correction in such a short period of time.

Roy Hersh wrote:1.25078 is a fairly major correction in such a short period of time.

Because you keep talking about it. Every time you do it goes back up. Please stop

And where were you Velebil while I was talking it down to 1.22?

Roy Hersh wrote:And where were you Velebil while I was talking it down to 1.22?

Doing this

And now this ... 1.20098 ... wowowow!!!

Roy Hersh wrote:And now this ... 1.20098 ... wowowow!!!

Wow! That's the lowest I've seen in years!

I read an article predicting $1.10 in the next two years.

We all know what predictions are worth, but we can keep our fingers crossed.

Euro at a nine-year low:
http://time.com/3653428/euro-greece-ecb/

1.19179 currently, and that's actually a rebound from the early-morning low of 1.1864!

People are saying it may get close to parity in a year or two depending on what Germany does.

While European friends are not loving this ... I am enjoying watching the "affordability" factor increasing for those of us here on the other side of the pond.