 Poster: A snowHead
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ah now the Beeb have "Swiss Franc Soars" as the headline rather than "Euro Plummets but we'll conveniently forget about GBP and $ also plummetting at a rather coincidentally similar time"
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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EURGBP wont be affected by this.
The CHF announcement/peg removal affects CHF pairs only. THe swiss central bank have been deliberately selling CHF for a few years now to keep the exchange rate artificially low. They have now stopped doing that, i.e. removed the peg. The effect of this is that CHF (only) is now much stronger vs other currencies.
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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Wish I'd changed a bit more cash yesterday rather than planning on using my card when I got there!
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You need to Login to know who's really who.
You need to Login to know who's really who.
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@andy, its not the EUR plummeting, it's the CHF soaring. A consequence of that is that EUR is now weaker against the CHF. But EUR will not be significantly weaker against other currencies (GBP, USD, JPY, etc etc)
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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@alex99, i know - that's why I complained about BBC's (original) reporting of the story. Glad they corrected it.
EUR has been weakening vs GBP and USD recently due to other news. Indeed that has moved more over the last week than today.
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You'll need to Register first of course.
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You can get 1.3 chf to £1 with travelex rather than the 1.55 or so yesterday. Seems a pretty steep drop to me.
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I wonder if Kashya Hildebrand bought herself some more swiss property ahead of the news.....
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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@zikomo, I will take heed of what you say and wait until nearer the time to buy railway tickets, lessons and ski hire for my other half! 
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Excellent news!
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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Massive case of suppressed zero in that chart. Fair enough to see what's happening to the detail - but it doesn't give a fair overall impression. At a quick guess, the rise of the ChF is probably beneficial to the UK economy, though not to the skiing fraternity.
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And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
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| achilles wrote: |
Massive case of suppressed zero in that chart. Fair enough to see what's happening to the detail - but it doesn't give a fair overall impression. |
Yep, as my school Maths teacher said when he was explaining graphs to us "beware of the suppressed origin!" 
The £ seems to be settling today at around 1.50CHF, down from its previous value of 1.55CHF. So if that's maintained that's only a reduction of 3.2% - a bit of a pain but hardly a disaster for visiting Brits.
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I'm confused. Tend to get confused about currency rates, poor old brain.....  But how is this going to ease the problem of the Swiss being hurt by their strong currency?
My son was asking whether negative interest rates meant he could borrow 10 grand and be paid a little something every month?
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You know it makes sense.
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@Alastair Pink,
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The £ seems to be settling today at around 1.50CHF, down from its previous value of 1.55CHF
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not sure where you got that from but the rate is currently 1.33 ish. The GBP is 15% weaker vs the CHF, biggest daily move in several years.
Last edited by You know it makes sense. on Thu 15-01-15 15:37; edited 1 time in total
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Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
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| Alastair Pink wrote: |
The £ seems to be settling today at around 1.50CHF, down from its previous value of 1.55CHF. So if that's maintained that's only a reduction of 3.2% - a bit of a pain but hardly a disaster for visiting Brits. |
1GBP currently buys CHF1.33
http://www.fxstreet.com/rates-charts/currency-rates/
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Poster: A snowHead
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@pam w,
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My son was asking whether negative interest rates meant he could borrow 10 grand and be paid a little something every month?
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No unfortunately not, because his credit risk (no offense) would mean he's charged a significant premium to the "risk-free" rate offered by governments. In the same way that banks can borrow at close to zero percent now (from govts, central banks and other banks), but they don't lend out to people at zero percent, they apply a credit spread based on the risk of the loan.
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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| alex99 wrote: |
@Alastair Pink,
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The £ seems to be settling today at around 1.50CHF, down from its previous value of 1.55CHF
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not sure where you got that from but the rate is currently 1.33 ish. The GBP is 15% weaker vs the CHF, biggest daily move in several years. |
From the site http://www.xe.com/currencycharts/?from=GBP&to=CHF - when I checked and posted it was still showing the plateau at about 1.50CHF, since then there seems to have been a second plummet about 14:00 on the graph down to 1.33 as you say! 
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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On the upside, your great british pounds will get you 1.1 more cents of a euro than yesterday.
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You need to Login to know who's really who.
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| achilles wrote: |
Massive case of suppressed zero in that chart. Fair enough to see what's happening to the detail - but it doesn't give a fair overall impression. At a quick guess, the rise of the ChF is probably beneficial to the UK economy, though not to the skiing fraternity. |
I think much of the confusion is because the chart(s) like that above didn't update the 1.33chf=£1 rate until midday ?
Perhaps the rates weren't updated live.
My feeling is that 1.33chf will put brits off from skiing in CH.
Shame - a 71CHF day pass for Verbier for example is now £53
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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Marks and Spencer advertise that they stick with the same rate all day - this lunchtime were still offering 1.46, wonder if they have any left at that rate?
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This will hurt them at the WEF...
I should imagine that Chateubriand and Pomerol consumption will be decimated!
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@red 27, I had to google WEF....
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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The issue with the differing exchange rates (people thinking it was still 1.5ish CHF/GBP and not getting updated) is probably because people weren't able to get updated rates from central banks - they essentially froze pricing for most brokers. It is currently sitting at just under 1.37CHF/GBP and climbing. As was pointed out earlier the SNB have been selling CHF every time the CHF became too strong Vs the Euro since the beginning of 2011 but I think with the looming QE from the ECB (which would weaken the EURO) they decided enough was enough. Just for interest, prior to the SNB's intervention in 2011 the rate (CHF per GBP) hit 1.145 at its lowest.
This has no effect on the EURGBP rate - that was heading in the right direction for UK travellers anyway.
M&S should be cleaned out of CHF at that rate!!
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I just bought a £1000 of Swiss Francs for 1.51 on the internet with a large reputable company only for the company to ring me an hour later and offer 1.30 or I could cancel! I cancelled.
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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hmmm, I've just order a similar amount from a travel agent.... will be interesting to see what happens.
Seems that anyone using Travelex as a 'white label' forex service is unable to transact CHF.... fingers crossed.
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And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
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@DixieDean, if you had already genuinely bought the CHF at 1.51 then you should have told them politely where to stick their offer to cancel (assuming you had a valid contract!?).
If it wasn't a valid contract then unfortunately cancelling will do little to help your problem, assuming you need the CHF. The rate is 1.33 ish and unlikely to move anywhere close to 1.50 for a while!
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Just found £1000 at my local Marks at 1.46 - so off to get it now
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You know it makes sense.
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@alex99, It was in their Terms and Coonditions that they could refuse for any reason. Off to Marks now
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Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
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@DixieDean, I think some high street operations/travel agents only fix a rate at the start of the day and stick with that through the course of the day, I think they aren't set up to deal with sudden large changes like we've seen today (unless head office sends out a special instruction!). So if you are quick then you could well benefit from their lack of real time adjustments. 
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Poster: A snowHead
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Glad I went over the border to Switzerland to do my shopping a few days ago
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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Russia should be cheap for skiing a the moment.
Imagine if Scotland had got independence and they're own currency (The Smackerooney) . With the oil price slump it would be worth nothing now and we could all get 1000 Smackeroonies to the pound and the lift passes up there would almost seems reasonable.....
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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| cameronphillips2000 wrote: |
| Imagine if Scotland had got independence and they're own currency (The Smackerooney) . |
No, I would much prefer the Scottish currency be to the Muckle (with 100 Mickles in a Muckle). Haven't you heard the phrase "Mony a mickle maks a muckle."? 
(Even though as the reference says the phrase is (strictly speaking) incorrect).
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You need to Login to know who's really who.
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| DixieDean wrote: |
| @alex99, It was in their Terms and Coonditions that they could refuse for any reason. Off to Marks now |
i'd still give them hell. threaten to report them to the FCA
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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@Arno, definitely
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You'll need to Register first of course.
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| cameronphillips2000 wrote: |
Russia should be cheap for skiing a the moment.
Imagine if Scotland had got independence and they're own currency (The Smackerooney) . With the oil price slump it would be worth nothing now and we could all get 1000 Smackeroonies to the pound and the lift passes up there would almost seems reasonable..... |
^ Cock
Aren't we grateful that the UK spent all £300 billion of the north sea oil money (....and didn't set up an oil fund for the invetiable rainy day)
Either way oil is only a bonus to Scotlands economy.
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I reckon the Scottish currency should be the dram
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| Haggis_Trap wrote: |
| cameronphillips2000 wrote: |
Russia should be cheap for skiing a the moment.
Imagine if Scotland had got independence and they're own currency (The Smackerooney) . With the oil price slump it would be worth nothing now and we could all get 1000 Smackeroonies to the pound and the lift passes up there would almost seems reasonable..... |
^ Cock
Aren't we grateful that the UK spent all £300 billion of the north sea oil money (....and didn't set up an oil fund for the invetiable rainy day)
Either way oil is only a bonus to Scotlands economy.
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If only this were true. When the price has slumped like this before, Scotland suffered terribly (I remember Aberdeen in the late 80's) I now live in Norfolk (The other energy base) and we're feeling it already. I see BP has laid off 4000 this week.
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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^ I grew up in Aberdeen - so well aware of the effect that oil price slumps have on the local economy.
BP have laid off just 200 people from their Aberdeen total of 4000. (100 of them were contractors).
The north sea is no stranger to boom and bust. No doubt the current slump will be a challenge for the industry.
However Scotland will survive just fine (see GDP figures above) as it did in the 1980s.
http://www.bbc.co.uk/news/uk-scotland-scotland-business-30817678
The real question is what action will the UK government take now to support the industry ?
Surely tax breaks now make sense ? So that we still have viable and buoyant oil industry when the prices inevitably rise in 2-3 years time ?
After all the oil has under written entire UK economy for the past 30 years.
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I am US based, and was looking to do three weeks in Switzerland over next Christmas, but adding 12% or so to what was already going to be expensive trip makes it out of the question. On the other hand, the euro vs the USD looks to have come down a bit, so this is looking like maybe Austria or France for the holidays.
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FAQ
