exchange rate!!

Anyone else hating this spike between the pound and us dollar dropping!! argh!!!  not good!

I'm not checking...not checking...*checks anyway*

Eeeeep. I'm usually fine with it if it stays below $1.65 to GBP. It might drop after this royal wedding fun is over?

Those of us who get paid in pounds are thrilled to be honest - I can pay off my university loans more quickly and buy more from the US.  It has nothing to do with the wedding - more to do with the fall of the US dollar recently...and it will either stay the same or get worse this summer according to what I'm reading.

Those of us who get paid in pounds are thrilled to be honest - I can pay off my university loans more quickly and buy more from the US.  It has nothing to do with the wedding - more to do with the fall of the US dollar recently...and it will either stay the same or get worse this summer according to what I'm reading.

Ditto!

unfortunately i am not making the pound, rather still converting money over! when it was down to 1.54 to 1.59 i exchanged a good amount, but now its back up to 1.66 and i dont know if i should continue to wait for it to go back down or just cash in as much as i can now.. its hard to say!!argh!

Just keep a close eye on it for a while, and look for a pattern--is it just fluctuating or is it steadily increasing. Fluctuations in rates are completely normal, I think I remember the rate being about 1.65 to every pound around this time last year, but it fell back to 1.55 in autumn.

Ive got an app on my andriod phone that tells me the exchange rate.  Lucky for me I got all my $$$ transfered to GBP while the exchange rate was below $1.60 per GBP, just checking it now its at $1.67...YUCK!

Ive got an app on my andriod phone that tells me the exchange rate.  Lucky for me I got all my $$$ transfered to GBP while the exchange rate was below $1.60 per GBP, just checking it now its at $1.67...YUCK!

oh man!!! thats  really bad news!! how is it spiking so high at such a fast rate... i am screwed i tell ya! I dont want to trade any money in at this point, might have or may still be shooting myself in the foot. Should have got rid of more awhile ago, but wanted it to go back down, instead shot up and fast!! 

When we moved in the summer of 2008, it was up over 2:1.  Completely gruesome when trying to sort out flat deposits and all manner of crap needed to set up a new home.  And at that point, it was completely impossible for me to not mentally calculate 2x the marked price -- it was just automatic.      It's great for people paid in pounds with debts in the US.  Not so great for the folks who still get paid in $$ or need to transfer their money from the US.

For those paid in Pounds Sterling, the exchange rate to the US Dollar was 1.43 on 26 May 2010. On 30 April 2011, it was 1.67. According to the IRS, you have had a massive 16% increase in your pay in less than a year.

So, my question is: what are all of you doing with this huge increase in pay? Are you saving it, spending it on the high street, or using it to buy a new car or house?

Take heart Syntax30, in the early 80’s it was near 1.05. In 2007, it was over 2.06. Enjoy the roller coaster ride in the dark.

If you are getting paid in pounds and living in the UK and paying for things in pounds, how is the exchange rate having any effect on your standard of living?

It would only affect you if you are using money from one country to pay for something in the other country.

(This is in response to theOAP's post).

Syntax, I totally feel you! I'm one of the ones that moved here as a student in 2008 where I do painfully remember the 2:1 rate. I had to take out so much money in student loans because of that.

If you are getting paid in pounds and living in the UK and paying for things in pounds, how is the exchange rate having any effect on your standard of living?

You know, that’s something I always wondered about. But come tax time, Uncle Sam will say it’s true and charge us accordingly. Could it be we didn’t really get that 16% increase? Nahhh, Uncle Sam wouldn’t do that to us, would he? Especially since there’s income thresholds involved.

The IRS would rarely tax you on money earned in the UK anyway, because of the foreign earned income exclusion and foreign tax credits.

Also, when filing US taxes you can use either the rate applicable when you earned the money or the rate applicable when filing, whichever method is more favourable.