Turkish lira on the rise?

sloan



Joined: 24/02/2009
Posts: 808

Message Posted:
16/10/2009 06:03

The TL seems to be rising again ... and long may it continue!

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
16/10/2009 07:30

Thanks god for that Wednesday got 2.28ytl

Thursday 2.31 so slowly slowly as they say here

sloan



Joined: 24/02/2009
Posts: 808

Message Posted:
16/10/2009 07:51

xe.com now showing at over 2.36 TL

sloan



Joined: 24/02/2009
Posts: 808

Message Posted:
16/10/2009 10:48

Over 2.37 now!

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
16/10/2009 11:00

All because the Bank of England said that the £175bn spent on quantitative easing might have worked (Telegraph). Or because too many traders were gambling for the fall and so they cashed in and gambled on the reverse (Reuters). Or it might be because New Labour is rubbish (The Sun).

Mal

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
16/10/2009 11:02

Sloan - XE show the mid price...



Lower rate if converting £ to TL, higher price if converting TL to £....

HAPPY FEET


Joined: 18/07/2008
Posts: 416

Message Posted:
16/10/2009 11:04

Why does it seem to rise when the holiday season is over, it happened last year ?

tattlad


Joined: 13/12/2008
Posts: 479

Message Posted:
16/10/2009 12:36

Msg 7, it's half term in Britain, Brit's will be pouring in, it's no coincidence when it's holiday time the £ goes up.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
16/10/2009 12:42

msg 8, "it's half term in Britain, Brit's will be pouring in"

Wrong way round! That's when more sterling is being sold in exchange for TL and so you get less TL/£. TL is in demand so you have to pay more for it which is not good for us. The current trend is supposedly because bad news, lower inflation (recession), has been replaced by good news, quantitative easement is working. But really it's currency speculators becoming millionaires whilst messing with the cost of a pint of Efes!!!

Mal

sloan



Joined: 24/02/2009
Posts: 808

Message Posted:
16/10/2009 12:43

It is not half term in most English schools for another week. I hope the values do go up then, as I am arriving on the 24th. I understand that xe shows the mid value, but as it can be refreshed by the minute, it is fascinating to watch it move. The value that I log is from LSE (London South East Currency Converter) which is showing 2.35 today. I have noticed that when we use the exchanges in Girne, we invariably get about 0.2 TL less than the values shown by the converters.

tattlad


Joined: 13/12/2008
Posts: 479

Message Posted:
16/10/2009 12:47

Msg 9, why is it then you always get the best rate for Stirling when it's British holiday time ? and it's happened year after year.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
16/10/2009 17:07

Msg 11, tattlad said, "why is it then you always get the best rate for Stirling when it's British holiday time ? and it's happened year after year."

Teachers have so many holidays it just looks like it! Oct 2006 it was on the way down from a May high as it was in Oct 2007. It was only last year than there was a surge because of the problems the AKP party were having in Turkey. I could compare other school holidays but there are far too many!

Mal

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
16/10/2009 17:08

You can see all this on http://www.google.co.uk/finance?q=GBPtry

Mal

jinyx


Joined: 21/08/2009
Posts: 161

Message Posted:
16/10/2009 20:02

Been told by someone " in the know" who deals in london to expect the pound to hit 2.50 at least within the next month!

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
16/10/2009 21:10

do we not mean the pound is rising and or the ytl is falling

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
16/10/2009 21:13

TL sank today



Richard

jacktheladett


Joined: 01/07/2008
Posts: 528

Message Posted:
16/10/2009 21:16

Sterling has risen against the euro and dollar today

Tootie


Joined: 28/08/2008
Posts: 2037

Message Posted:
16/10/2009 21:19

re msg 14...



been told by someone in the know who deals in london? 2.50 within the next month!

Not really putting there neck out are they?



What do they deal?



Tootie

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
17/10/2009 09:24

If you believe that TL will be 2.5 then I'd get in there quick and buy at 2.37. You'll make 5% in a month, you'll be a millionaire.... If only. Perhaps we should make this post a "guess what the xe.com rate will be by next Saturday 0900 GMT" post. I think it'll be 2.43. Come on pundits, makes your choice before the weekend is out.

Mal

jinyx


Joined: 21/08/2009
Posts: 161

Message Posted:
17/10/2009 12:29

re: msg 18 ... you know, the usual things they deal in in london........ "DRUGS!"....... no actually works for a major bank in the city in this field. Been correct most of the time so far !. Its all an educated guess, who knows? As been said, If everbody was right all of the time, we would all be millionares, perish the thought.

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
17/10/2009 14:10

Malsancak,



Re: your msg 19 - Have you not got that the wrong way around, don't you make money if you buy at 2.50tl and sell at 2.37tl.



By my calculations based on £1000 at 2.37 tl/£1 you will get 2,370tl and at 2.50tl/£1 you will get 2,500 tl which means you are losing 130tl per £1000 if you convert at 2.37tl!



Or maybe my maths is up the wall!!!

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
17/10/2009 14:19

Hi....quite simply......buy YTL at 2.50 or more, sell YTL at around 2.30.....do this 3 times a year...you will make over 20% ps gains made by foriegn exchange deals are TAX FREE



Those who followed my advice earlier this year will of made 20% already!

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
17/10/2009 14:24

Thanks Stewart, I was thinking that my maths wasn't up to much when i read msg 19, I had a feeling it was the wrong way around.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
17/10/2009 15:55

sorry, buy sterling at 2.39 - £100,000 buys 239,000TL then sell at 2.5 and get 250,000TL back. Profit of 11,000TL. That's what comes of living here, you buy in TL!

Mal

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
17/10/2009 16:01

Dear mal....still not quite right...almost there..should read....239,000 ytl buys £100,000, sell 100k gbp at 2.5ytl...profit of 11k ytl

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
17/10/2009 17:19

you make some money them? Don't know why I got involved really, so is the answer DRUGS???

Mal