 Poster: A snowHead
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Should I buy my les arcs lift pass now or risk another 4 weeks of sterling decline?
Tux
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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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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If anyone knows the real answer to that, they could make a lot of money. I suppose what you are asking for is someone to make a caluclated guess for you. Institutional investors now realise that our country is in a worse state than anywhere else, which could make sterling slide further as funding dries up. If there is a weighted direction, then it's still down (gulp..!) Sorry to be of little help, but I was going to buy our passes back in November - stupidly let it slip and it's now cost me considerably more. 
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if i knew i would be taking a far bigger punt than the cost of a lift pass
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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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You'll need to Register first of course.
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well my mortgage has gone down more than the cost of my skiing has gone up.
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pam w, Same here ... I know quibling over 30 quid or so on a 15 day pass isnt worth it as my mortgage is going down by 200 quid a month.
So I got my pass online 10 mins ago.
DAM! beer is going to be pricey!
Tux
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| Quote: |
Institutional investors now realise that our country is in a worse state than anywhere else,
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I'd say we're not as bad off as America is, and it looks like things are due to get a whole lot worse for them today. Europe is going to get hit like the rest of us somewhere down the line.
I'm off skiing in just over a week, haven't bought any euro's yet though 
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You'll get to see more forums and be part of the best ski club on the net.
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| pam w wrote: |
| well my mortgage has gone down more than the cost of my skiing has gone up. |
I keep reminding myself of that whenever I look at the exchange rate! I suppose the silver lining for me is that owning property in the Eurozone means it is appreciating in value against sterling should I ever decide to sell.
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I think there is a fundamental here in that a lot of the Eurozone countries are still hiding their true economic picture (& perhaps politicians and their central banks are a bit more canny than our numbsulls who seem to feel duty bound to talk down the country & facilitate runs on the £ at any opportunity). Eventually the information on individual economies must be consolidated but if Uk interest rates have been pushed further into the toilet by then there may not be much to rebound to & parity will become an everyday reality. Worst case scenario is we are forced into the Euro as a defensive measure at an depressed rate.
For the cost of holiday spends its not worth sweating too much - howver there's a risk we (or sterling savers at least) become the real poor men of Europe.
Now if only alpine property would depreciate more than the £ has moved and there might be a hedge available.
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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| pam w wrote: |
| well my mortgage has gone down more than the cost of my skiing has gone up. |
Your equity is going down quicker though. No winners this side of the channel. (bar the Italian shoppers I saw today!)
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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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| Quote: |
Your equity is going down quicker though.
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I'm not bothered about that as I have no intention of moving. Just as I wasn't too excited when it went up. Both equally meaningless movements if you're not selling. What matters to me is how much it costs me to live here, which is now usefully less than it was a year ago.
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You know it makes sense.
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| pam w wrote: |
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Your equity is going down quicker though.
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I'm not bothered about that as I have no intention of moving. |
I have money in a bank that I have no intention of withdrawling. Still do not want it to go down though 
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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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Chappers, I think it's a bit different with house values which are never real till you come to sell - and people who convince themselves otherwise and borrow big money on the strength of a theoretical increase in value are, to put it no more strongly, a bit daft. I bought my house for £140K and it's now worth (very similar one sold this week on our estate) about £475K. 330% in 16 years - madness. Money in the bank is nice to have but isn't actually doing anything for you, is it? It's only purpose is to increase in value, so if it doesn't, it's not doing it's job. But my house's job is to keep a roof over our heads for a reasonable net sum. Which it does much better now my mortgage rate is 2.75%. 
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Poster: A snowHead
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I thought this was a ski forum!!!!!!!!!!!!!
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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Chappers, Are you Robert Peston 
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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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You need to Login to know who's really who.
You need to Login to know who's really who.
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mfamily2, this thread is about the impact of the weakness of sterling on ski holidays, and the arguments for hedging currency transactions. 
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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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Oh well saved a few £'s. I usually buy our lift passes in resort at xmas in case there's not much snow. We book appt through Erna Low, on checking with them yesterday they converted at 1.20 apparently the rate they agreed a few months ago. It all helps towards the more expensive beer. 
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You'll need to Register first of course.
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| Quote: |
they converted at 1.20 apparently the rate they agreed a few months ago.
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Excellent. The advantages of hedging!
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gsb, are you saying that, after booking with Erna Low earlier, they let you go back and pay a fixed price for the lift passes at this stage, or did you do it as part of the initial booking?
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sproggski, Yes. I booked appt about 3 weeks ago but got an email last week about not forgetting I could book equipment / ski school and passes through them. They said some resorts they got discounts. For Flaine where I am going they could convert at 1.20 
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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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sproggski, Glad to be of help.
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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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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patrick318, FWIW I agree with your more sanguine view, the Euro now looks overvalued, the recession is going to hit hard there too, may even precipitate the partial disintegration of the currency union if the prudent countries can't/won't agree to bail out the more profligate.
But it is probably an 'unknown unknown' that will determine the outcome, a la Rumsfeld!
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You know it makes sense.
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I have bought some Euro cash now for my trip in two weeks, but will still use my card in France for some transactions, so I will hopefully have hedged my bets which ever way it goes. Everything is just going to cost more, glad I am in catered
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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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I live and work in France and run a French company... The banks here are telling interesting stories. Apprently the UK was hit badly due to trading in the sub prime (60% of UK bank profit is from trading in debt). In France however (which is often laughed at for having a 1% growth rate), the banks make 90% of profits from high street banking services. Doesn't make them any good, mine is often really rubbish... But the upshot is they were much less touched by the whole sub prime market issues as they never dealt in as much debt in the first place. So in France atleast they are doing a very good Ostrich impression and saying were fine mate (appart from as usual having very high un-employment and stupid tax and employment laws), a bit like when Chernobyl exploded and France claimed that the wind was blowing the other way that day... Anyway it seems that French banks are still lending and the economy is still going to be ok for the mean time so don't expect a good rate of exchange for a while (which is an back bottom as it is making our holidays seem more expensive to the UK market).
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Poster: A snowHead
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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I found out that my dad had bought about 5k in Euros several months ago when the rates first began to dip. I'll have to be extra nice to him 
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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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You need to Login to know who's really who.
You need to Login to know who's really who.
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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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Sky News today:
"The Sterling/euro price that traders see on their screens may not yet have reached parity.
But when exchanging money at foreign exchange kiosks, some travellers have already been getting less than one euro for every pound they hand over.
Retail margins and commission have already tipped the balance for them."
"Ouch for some.....!" 
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You'll need to Register first of course.
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I was talking to a rep last week in St. Anton - he said try to buy your lift pass with your holiday, as a lot of holiday companies have the euro/sterling rate set at the time of publishing their brochures - several months ago.
Hope this helps
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| Quote: |
The cost to me was 1.12 euro per pound.
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things seem to be improving!
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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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ON our first ski holiday in 1995 the pound v the franc was disastrous , but our pre-booked beginners packs (which included a full lift pass for Grand Massif) proved to be a bargain. It was however the only occasion we were that fortunate.
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FAQ
