Pound now at 6 month low against Euro !!

Skopzz

Now is a good time to buy more British Pounds.

http://www.reuters.com/article/idUSLDE69K1BP20101021

The GBP-EUR rate at the moment is good for all you people heading up north to avoid being ripped off down south. X-mas shopping up north won't be too far away for you bargain hunters!

It would be advisable to get your sterling as soon as possible in case the rate unexpectedly goes back up. AIB appear to offer one of the best exchange rates, and I will be buying there tomorrow.

davo10

Skopzz wrote: »

Now is a good time to buy more British Pounds.

http://www.reuters.com/article/idUSLDE69K1BP20101021

The GBP-EUR rate at the moment is good for all you people heading up north to avoid being ripped off down south. X-mas shopping up north won't be too far away for you bargain hunters!

It would be advisable to get your sterling as soon as possible in case the rate unexpectedly goes back up. AIB appear to offer one of the best exchange rates, and I will be buying there tomorrow.

Is that not an oxymoron?, the fact the the exchange rate is changing means the cost of goods is changing, if the exchange rate got worse would the cost of goods not be better down here relative to the north even though the prices have not changed?. No rip off just currency fluctuations. Is this a shill for AIB currency exchange?

Skopzz

davo10 wrote: »

Is that not an oxymoron?, the fact the the exchange rate is changing means the cost of goods is changing, if the exchange rate got worse would the cost of goods not be better down here relative to the north even though the prices have not changed?. No rip off just currency fluctuations. Is this a shill for AIB currency exchange?

No, it's being forced to buy down here because of a poor exchange rate. Now that's reversed and it becoming more cheaper to buy GBP in order to shop up north. The north is cheaper anyways on food and clothing. Even more so now after the added advantage of a weak pound. Perfect time before x-mas.

91011

Skopzz wrote: »

The north is cheaper anyways on food and clothing. .

No its not and I was up in Banbridge & Ballycastle about 2 weeks ago and decided to drop into tesco & there was fcek all difference on an averag shop. Some items were glaringly more expensive, some were cheaper, but overall not worth it at all. - Spent just £23 on items that I couldn't get down here as I simply wasn't arsed to buy other stuff that had no price difference.

the reason this has happened is the uk has had food price inflation of 9% in the past 20 months whereas Ireland has had food price defaltion of 12%.

As for the exchange rate - do you have qualifications for giving currency advice? - IMO, sterling will go to 92p pre xmas. I have no experience but I do purchase reasonable amounts of sterling (about 300k a year) for business use.

borderlinemeath

davo10 wrote: »

Is that not an oxymoron?, the fact the the exchange rate is changing means the cost of goods is changing, if the exchange rate got worse would the cost of goods not be better down here relative to the north even though the prices have not changed?. No rip off just currency fluctuations. Is this a shill for AIB currency exchange?[/QUOTE]

The OP certainly has mentioned buying currency in the past from AIB on a good few posts so I think you're spot on there!!

Skopzz

91011 wrote: »

No its not and I was up in Banbridge & Ballycastle about 2 weeks ago and decided to drop into tesco & there was fcek all difference on an averag shop. Some items were glaringly more expensive, some were cheaper, but overall not worth it at all. - Spent just £23 on items that I couldn't get down here as I simply wasn't arsed to buy other stuff that had no price difference.

the reason this has happened is the uk has had food price inflation of 9% in the past 20 months whereas Ireland has had food price defaltion of 12%.

As for the exchange rate - do you have qualifications for giving currency advice? - IMO, sterling will go to 92p pre xmas. I have no experience but I do purchase reasonable amounts of sterling (about 300k a year) for business use.

I'm no currency expert but in my experience, the pound sometimes strengthens unexpectedly anytime I decided to wait for it to weaken!! That happened me back in April before the Greek crisis. The Euro then took a steady nosedive and the subsequent rate would have made anyone sick. Now, it's certainly going back in the right direction from our perspective. I don't agree with experts predicting the exact rate it may head for - that's a gamble. There are lots of potential pitfalls along the way. I mention AIB because having priced around, AIB offer the best exchange rate for GBP. I buy GBP from the Banks before I go up north. Using your credit card or paying through EUR at the tills in the north will cost much more because they set their own exchange rates.

deelite

But when I used to go to the north it was nearly always pound for euro (Sainsburys used to give 93 pence for the euro)

davo10

Skopzz wrote: »

I'm no currency expert but in my experience, the pound sometimes strengthens unexpectedly anytime I decided to wait for it to weaken!! That happened me back in April before the Greek crisis. The Euro then took a steady nosedive and the subsequent rate would have made anyone sick. Now, it's certainly going back in the right direction from our perspective. I don't agree with experts predicting the exact rate it may head for - that's a gamble. There are lots of potential pitfalls along the way. I mention AIB because having priced around, AIB offer the best exchange rate for GBP. I buy GBP from the Banks before I go up north. Using your credit card or paying through EUR at the tills in the north will cost much more because they set their own exchange rates.

"right direction from our perspective"?, are you mad? little lesson in economics, the UK is the main buyer of our exports and right now because of the exchange rate it is expensive for them to buy from us so exports are down and GDP is down therefore companies are suffering, businesses are closing etc. Coupled with this is the exchange rate against the dollar which is great if you want to buy clothes in New York but is decimating the tourist industry. So just because it is cheaper for you to buy your beer and cheese in the North, does not mean it is good for us as a country.

By the way, i have no doubt that someone doing your job in the North is being paid less than you, will you volunteerily take a pay cut to come in to line? and are your wages here a rip off compared to the North and eastern Europe?

Skopzz

davo10 wrote: »

will you volunteerily take a pay cut to come in to line?

When Merchants lower their prices.

Tigger

That article states a further three point fall which mean it's too soon to but pounds

I have bought at 92 sold at 87 for the last year and made a few euros doing it

Decent rate is imortAnt too

Skopzz

Tigger wrote: »

That article states a further three point fall which mean it's too soon to but pounds

I have bought at 92 sold at 87 for the last year and made a few euros doing it

Decent rate is imortAnt too

If the Pound continues to slide against the Euro, it may look like another exodus of shoppers just like before!! A weak pound would of course benefit Irish consumers after all the discreet price rises over the last 4 months down south!

borderlinemeath

Skopzz wrote: »

When Merchants lower their prices.

Missing the point entirely...or deliberately avoiding the obvious.

Skopzz

borderlinemeath wrote: »

Missing the point entirely...or deliberately avoiding the obvious.

one would think by your very forceful comments that you DO know the truth about all these currency fluctuations. You wise one, can you maybe enlighten the rest of us about these 'obvious' facts? And while you're at it can you explain how exactly someone can take a pay cut while food and clothes prices are now going up?

91011

Skopzz wrote: »

If the Pound continues to slide against the Euro, it may look like another exodus of shoppers just like before!! A weak pound would of course benefit Irish consumers after all the discreet price rises over the last 4 months down south!

Have you shopped in the North recently????

Food price inflation in the UK from March 2009 to September 2010 was in excess of 10% (UK gov statistics)

Food price Deflation in Ireland for the same period was almost 14% (CSO)

The recent CAI branded price report on top 100 branded grocery items compared with identical brands / varieties in UK supermarkets showed that Irish supermarkets were 2.4% CHEAPER than the combined lowest UK supermarkets based on prices supplied by mysupermarket.co.uk - The sterling rate at the time was 85.6p

Sorry, to disapoint you - but the saving are not to be had in NI anymore on a general shop. The prices there have increased substantially. Comparing everyday pricing there's little or no savings in spirits, wines, beer, toiletries, general foods or dairy.

VERY easy for everyone to compare - just check the web.

kelly1939

def a good time to buy Pounds, i know ill be in england at some stage next year.

borderlinemeath

Skopzz wrote: »

one would think by your very forceful comments that you DO know the truth about all these currency fluctuations. You wise one, can you maybe enlighten the rest of us about these 'obvious' facts? And while you're at it can you explain how exactly someone can take a pay cut while food and clothes prices are now going up?

So definately missing the point entirely..

Very forceful comments where?

Skopzz

91011 wrote: »

Have you shopped in the North recently????

Food price inflation in the UK from March 2009 to September 2010 was in excess of 10% (UK gov statistics)

Food price Deflation in Ireland for the same period was almost 14% (CSO)

The recent CAI branded price report on top 100 branded grocery items compared with identical brands / varieties in UK supermarkets showed that Irish supermarkets were 2.4% CHEAPER than the combined lowest UK supermarkets based on prices supplied by mysupermarket.co.uk - The sterling rate at the time was 85.6p

Sorry, to disapoint you - but the saving are not to be had in NI anymore on a general shop. The prices there have increased substantially. Comparing everyday pricing there's little or no savings in spirits, wines, beer, toiletries, general foods or dairy.

VERY easy for everyone to compare - just check the web.

Don't worry: those NI late december/january sales will beat them all on price!

Tesco and co have been discreetly increasing the prices on all big brand names here. I've seen it first hand. 30% of our imports/exports are the UK which means the UK inflation would logically push prices UP in Ireland, infact it has already! Everything has continued to go up in price here since that survey on deflation you mention. Prices here are always more than the UK. I would buy the own brand products (which seem considerably cheaper). I'm not brand loyal and in the Republic we don't really have much choice but big brand names. I will be shopping in the north next week and will get back to you on this. I bought GBP in the hundreds and now is an even better time to buy british Pounds for anyone wanting to travel north.

Skopzz

borderlinemeath wrote: »

So definately missing the point entirely..

Very forceful comments where?

So definitely, so this, so that, it didn't, I said, and this is where you are totally confused. If you can find that anywhere in my post, I'll give you a prize, sweetie. (Clue: I didn't mention it...because that's not the argument I'm making.) It's interesting that the keenest proponents for pay cuts appear to be from merchants themselves!

borderlinemeath

I shouldn't have to spell out the abcs of economics for you. Cost of exports go up as the euro strengthens, businesses/tourist industry fails, more on dole queues, less tax take, cuts in public spending, higher deficit...

As Davo10 has pointed out - if you are going to give out about the cost of items compared to the UK/North you need to understand that your wages/social welfare/benefits are far higher than theirs coupled with a far higher cost base for business in the south.

So if every wage/benefit/pension was cut to equal the UK - then the prices will come down to reflect the lower cost across the board.

Is that really too hard for you to follow? I don't think so - you were really just trying to avoid it.

I was in Newry yesterday - very quiet, no traffic, half the shops closed. (not a bank holiday in the north yesterday) while I'm sure there is cross border shopping going on- it seems to me that the value isn't to be had any more. Prices have risen there as well (just like they crept up in the south)

davo10

Plus pending VAT increase in UK in 2011

91011

Skopzz wrote: »

Don't worry: those NI late december/january sales will beat them all on price!

Tesco and co have been discreetly increasing the prices on all big brand names here. I've seen it first hand. 30% of our imports/exports are the UK which means the UK inflation would logically push prices UP in Ireland, infact it has already! Everything has continued to go up in price here since that survey on deflation you mention. Prices here are always more than the UK. I would buy the own brand products (which seem considerably cheaper). I'm not brand loyal and in the Republic we don't really have much choice but big brand names. I will be shopping in the north next week and will get back to you on this. I bought GBP in the hundreds and now is an even better time to buy british Pounds for anyone wanting to travel north.

that survey was september 2010 - e.g. last month.

I was in tesco banbridge on 6th october - e.g. - 3 weeks ago

I really don't think prices have changed much in 3 weeks. in any case you can compare prices in real time on internet. On a regular shop, there will not be a dicernible price difference between NI & ROI.

FACT

Skopzz

91011 wrote: »

that survey was september 2010 - e.g. last month.

I was in tesco banbridge on 6th october - e.g. - 3 weeks ago

I really don't think prices have changed much in 3 weeks. in any case you can compare prices in real time on internet. On a regular shop, there will not be a dicernible price difference between NI & ROI.

FACT

We'll see when I go up north: I'll get back to you on that. I will find out for myself.

91011

Skopzz wrote: »

We'll see when I go up north: I'll get back to you on that. I will find out for myself.

you don't need to go up to find out - just check the web and all the information is there to be seen.


have you even noticed the toy adverts on tv? £49.99 / €59.99 £99.99 / €119.99 etc.

there's about 3% saving on those prices - whoo

borderlinemeath

Weak euro boosting Irish exports

Updated: 07:50, Wednesday, 27 October 2010







The Irish Exporters' Association says the value of goods and services exported in the third quarter of this year was €40.4 billion, up 9.3% on the same time last year.
1 of 1 [URL="javascript:void(0)"][/URL][URL="javascript:void(0)"][/URL]Exports - 9% increase seen in third quarter


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Figures from the Irish Exporters' Association show that the value of goods and services exported in the third quarter of this year was €40.4 billion, an increase of 9.3% on the same period last year.
The association's CEO John Whelan said exports of goods rose by 12.8% to €22.9 billion, as growth broadened out across most of Ireland's main trading partners. Export growth for services was a more modest 4.9% after a strong start to the year.
The IEA says total exports for the first nine months of the year are 4.4% ahead of a year earlier, and it has raised its forecast for the full year to 5.8% growth.
Mr Whelan said the euro's average exchange rate against the US dollar in the period was 10% below the same period last year, helping Irish manufactured goods exports to the US to jump by 32% in value.
Mr Whelan said the euro-sterling exchange rate also weakened compared with the third quarter of last year, helping exports to the UK to rise at an annual rate of 4%. But he warned that a return to sterling weakness in October could claw back the gains made in the third quarter.
The IEA report shows strong growth in the agri-food sector, with export sales rising at an annual rate of 14%. The largest export category - chemicals and phamrmaceuticals - grew by 22%, while medical devices exports jumped by 38%.
It says exports to the BRIC countries (Brazil, Russia, India and China) rose at an annual rate of just 2% in the third quarter.
'As these economies did not go into recession and have been growing very rapidly through 2009 and on into the first nine months of 2010, the growth in Irish merchandise exports must be seen as below potential and indicate a loss of market share,' the IEA warned, adding a new trade strategy for Asia was urgently needed.

gurramok

Food prices are indeed the same, I used to shop up north and don't anymore. Only worth going for big branded goods or filling up the car with spirits as beer is the same price too.

Skopzz

gurramok wrote: »

Food prices are indeed the same, I used to shop up north and don't anymore. Only worth going for big branded goods or filling up the car with spirits as beer is the same price too.

I guess I could settle with 2 bottles of Scotch in Asda for GBP 12.00 each (EUR 13.74). I haven't bought Scotch in a while down here, but I think Tesco are selling it here for around EUR 20.00 each. That's a good saving in itself and that's not even counting my other grocery items like healthcare supplements, toiletries or fridge frozen food. I'm also looking for some clothing, a pair of shoes and definitely some stationery. I'll do a pricing here and compare when I go up there.

Terrontress

You might get a single variety of beer down here cheaper than the average price up North. The bottom line is that the duty on alcohol North of the border is much less than here so you'll get a much wider range of cheap beer there. Nothing the retailers can do to compete. Same with wine. Much dearer south of the border.

Anywhere there is an international border, the people living close to it can take advantage. Whether it be for cheaper items or services, like the Finnish crossing into Estonia for vodka or dentistry, or if it is for prohibited items, people crossing to get fireworks, or even for legislative reasons where people in ROI cross in to NI because there has not been a limit on store sizes up there so bigger stores with bakeries, better selections.

Canny consumers know what to cross for. It is why Morgan Fuels own fuel stations 50m either side of the border.

Skopzz

Terrontress wrote: »

You might get a single variety of beer down here cheaper than the average price up North. The bottom line is that the duty on alcohol North of the border is much less than here so you'll get a much wider range of cheap beer there. Nothing the retailers can do to compete. Same with wine. Much dearer south of the border.

Anywhere there is an international border, the people living close to it can take advantage. Whether it be for cheaper items or services, like the Finnish crossing into Estonia for vodka or dentistry, or if it is for prohibited items, people crossing to get fireworks, or even for legislative reasons where people in ROI cross in to NI because there has not been a limit on store sizes up there so bigger stores with bakeries, better selections.

Canny consumers know what to cross for. It is why Morgan Fuels own fuel stations 50m either side of the border.

'Canny consumers' ? More like bargain hunters - I'm never so quick to spend more when I don't have to. Now that this option exists, the only complainants seem to be largely from those trading down here. The shopping experience down here would make anyone sick. The merchants were able to match the northern prices; take Centra. Their 'northern price match' really hit home that these Merchants can really compete when they are forced to. All I can say is thank you northern Ireland!

91011

Terrontress wrote: »

You might get a single variety of beer down here cheaper than the average price up North. The bottom line is that the duty on alcohol North of the border is much less than here so you'll get a much wider range of cheap beer there. Nothing the retailers can do to compete. Same with wine. Much dearer south of the border.

not anymore. difference in beer duty is pence, difference in spirits is about 1.50 / bottle, wine about 60c.

beer north / south is almost identical. spirits difference is about 1.50 / 2.00 difference, wine less than euro.

obviously offers on both sides can make a difference - e.g. tesco newbridge was cheaper for absolut vodka than tesco banbridge, but not on martell brandy where banbridge was about €2 cheaper.

- but the big €10- €15 difference are well gone

davo10

Skopzz wrote: »

'Canny consumers' ? More like bargain hunters - I'm never so quick to spend more when I don't have to. Now that this option exists, the only complainants seem to be largely from those trading down here. The shopping experience down here would make anyone sick. The merchants were able to match the northern prices; take Centra. Their 'northern price match' really hit home that these Merchants can really compete when they are forced to. All I can say is thank you northern Ireland!

Don't feed the troll

Skopzz

91011 wrote: »

not anymore. difference in beer duty is pence, difference in spirits is about 1.50 / bottle, wine about 60c.

beer north / south is almost identical. spirits difference is about 1.50 / 2.00 difference, wine less than euro.

obviously offers on both sides can make a difference - e.g. tesco newbridge was cheaper for absolut vodka than tesco banbridge, but not on martell brandy where banbridge was about €2 cheaper.

- but the big €10- €15 difference are well gone

I don't just take someone's word without checking it out for myself. I wouldn't be that naieve to doubt there are some potential traders on this forum trying to over-exaggerate things! Given all the complaints I regularly hear about the higher prices down here, I would think there are reasonable savings on most items up in NI. I won't be going to Tesco either. Either Lidl or Asda. But you're right in pointing out it's the offers that really add up. Non-branded goods are also savers. Who needs big luxury brand names anyway? Down here, it's no choice. Doubt anything will change here because it's a monopoly like the DAA.