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Rates of exchange

Discussion in 'Comments on the latest newsletter' started by At home in NZ, Mar 24, 2020.

  1. At home in NZ

    At home in NZ Guest

    In the newsletter of 23 March 2020 Peter says:

    However, it's worth noting that if you live overseas the cost of anything you buy that's priced in pounds is likely to be a lot cheaper this week than it was a month ago - because the pound sterling has fallen sharply against most major currencies.

    That is not correct, I have looked at what it cost me to pay for my Lost Cousins sub of £10 compared with last year.
    In Feb 2019 it cost NZD18.92 but in Feb 2020 it cost NZD20.61.

    Furthermore:
    on 14 Jan 2020 I spent £7 at the GRO, the rate of exchange was .5065 i.e NZD13.28

    on 5 Mar 2020 the rate of exchange was .4839, £7 would have cost NZD14.46

    today's rate at the same bank is .4797, £7 would cost NZD14.59
     
    At home in NZ, Mar 24, 2020
    #1
  2. peter

    peter Administrator Staff Member

    What I wrote is correct. Even if you consider the New Zealand dollar a major currency (which Wikipedia doesn't) I said most major currencies.
     
    peter, Mar 24, 2020
    #2
    • Agree Agree x 1
  3. At home in NZ

    At home in NZ Guest

    Can you please explain why, thanks.
     
    At home in NZ, Mar 24, 2020
    #3
  4. peter

    peter Administrator Staff Member

    Because the pound has crashed in recent weeks, reaching the lowest level for 35 years against the US dollar.

    I imagine the NZD has also fallen sharply - I notice the stockmarket was down over 12% at one point on Monday morning. According to XE.com the NZD is now worth US0.58 compared with US0.67 on 1st January.

    Countries that are doing most to help their citizens are having to borrow money to do it, and this scares investors.
     
    peter, Mar 24, 2020
    #4
  5. At home in NZ

    At home in NZ Guest

    I think you are using the wrong formula for conversion.

    Using your rate of of .67 I needed NZD 1.49 to buy USD1.00 i.e 1 divided by .67

    What I can currently see on XE.com I need NZD 1.71891 to buy USD 1.00 i.e. 1 divided by the given rate.

    As demonstrated in my first post and now in this one, the lower the rate goes the more it costs me.

    upload_2020-3-25_11-17-17.png
     
    At home in NZ, Mar 24, 2020
    #5
  6. peter

    peter Administrator Staff Member

    Absolutely - that is the point I was making.
     
    peter, Mar 24, 2020
    #6
  7. At home in NZ

    At home in NZ Guest

    the point you raised in the newsletter said everything would be cheaper, the point I am making is, it is NOT cheaper.
     
    At home in NZ, Mar 25, 2020
    #7
  8. peter

    peter Administrator Staff Member

    Please re-read what I wrote. I didn't say in the newsletter that it would be cheaper for everyone - I used the word 'likely', and I referred to 'most major currencies'.

    But as it happens, according to XE.com, GBP did fall slightly more than NZD in the month preceding the publication of the newsletter, so even without the provisos, what I wrote still applies to members in New Zealand. But members in South Africa aren't so lucky.
     
    peter, Mar 25, 2020
    #8

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