BajaNomad - Look at the Dollar today!

Look at the Dollar today!

losfrailes - 10-2-2008 at 06:09 AM

According to XE.com the official exchange rate hit 11.1118 as of 0708 10/2/08.

Dollar stronger or peso weaker???

Diver - 10-2-2008 at 06:32 AM

Peso is weaker.

Remittances from relatives in the US to Mexico has declined.
Prices of import goods have increased.
Tourism and development funds from the US have dried up.
Oil revenues/values are down and decreasing further.

Bruce R Leech - 10-2-2008 at 06:34 AM

the dollar is taking a dive

Diver - 10-2-2008 at 06:43 AM

If the dollar was weakening as fast as the peso, the exchange rate would be dropping, not rising.

Was that another one of your tongue-in-cheek comments Bruce ?

losfrailes - 10-2-2008 at 08:30 AM

Not tung in cheek!

Bob and Susan - 10-2-2008 at 09:27 AM

"walk-in" rate at the bank yesterday was 10.87436

losfrailes - 10-2-2008 at 11:07 AM

BanaMex today 10.91. Less than Exchange Rate for their commission.

Woooosh - 10-2-2008 at 11:10 AM

When it hits 12 in a few weeks I'll be more excited.

flyfishinPam - 10-2-2008 at 01:53 PM

11.06 @ BBVA in Loreto at noon

oxxo - 10-2-2008 at 02:08 PM

I got 10.95 at American Express in San Jose at noon today. There are slightly better deals than this if you search around.

tjBill - 10-2-2008 at 02:22 PM

Do you think its a good time exchange lots of dollars to pesos? Or wait?

Bob and Susan - 10-3-2008 at 05:32 AM

let's do the math...

$10,000usa at 10 to 1 gets you $100,000 mx pesos
$10,000usa at 11 to 1 gets you $110,000 mx pesos

the differance is $10,000 mx pesos

now...

diesel is $2.25 usa a gallon right now
my gas tank takes 36 gallons
that's $81.00 to fill it or $891 mx pesos at 11 to 1

so....

with my extra $10,000 mx pesos i get 11 EXTRA tanks of fuel FREE :light:

think of how many times i can drive up and down the coast...YUK!!!

losfrailes - 10-3-2008 at 06:23 AM

XE.COM has it at 11.20 7:20 am 10/3/08. Poor peso!

Cajones - 10-3-2008 at 08:55 AM

Quote:

Originally posted by Bob and Susan
let's do the math...

$10,000usa at 10 to 1 gets you $100,000 mx pesos
$10,000usa at 11 to 1 gets you $110,000 mx pesos

the differance is $10,000 mx pesos

now...

diesel is $2.25 usa a gallon right now
my gas tank takes 36 gallons
that's $81.00 to fill it or $891 mx pesos at 11 to 1

so....

with my extra $10,000 mx pesos i get 11 EXTRA tanks of fuel FREE :light:

think of how many times i can drive up and down the coast...YUK!!!

Yeah, but the annual inflation rate in Mexico is 6%. Don't you have to deduct the extra 6% you are going to pay for everything this year?

:lol:

Bob and Susan - 10-3-2008 at 09:08 AM

where did you get 6% from???

this is talking about apples and oranges...

here we just want to know if it's time to exchange some dollars to pesos...

and...

it is :light:

[Edited on 10-3-2008 by Bob and Susan]

who is your economics coach?

thebajarunner - 10-3-2008 at 09:10 AM

Quote:

Originally posted by Bruce R Leech
the dollar is taking a dive

dollar is 1.38 to euro today

in July it was just short of 1.60

better check who/what is diving

tripledigitken - 10-3-2008 at 09:16 AM

You can look at it a different way.............

The dollar has strengthed against other currencies since mid July of this year by:

Canadian Dollar 5%
Mexican Peso 8.4%
Swiss Franc 9.4%
British Pound 12%
Euro 12.7%

Source Yahoo Currency Converter

Hook - 10-3-2008 at 09:31 AM

I'll just be happy with getting increased buying power when I convert dollars to pesos by using an ATM. Maybe the better strategy is to convert the pesos into real goods before the anticipated price increases.

"Flipping" dollars for pesos?????? :rolleyes:

Didnt the housing industry teach anyone anything?

Peso devaluations DO happen, and faster than you can convert them back, in most cases.

BTW, what will you be EARNING on all these converted pesos you have? You gonna stick it into a Mexican Bank? NO THANKS!!!

Bajajorge - 10-4-2008 at 08:22 AM

:light:

This would be a good time to invest in "White Out".
Afterall, the Mexicans are using it by the gallon now to change the prices on all the menus. :lol:

Bob and Susan - 10-4-2008 at 11:30 AM

only for your menu jorge...

the rest of us get the "other" menu :lol:

Russ - 10-4-2008 at 11:55 AM

There are many sites that show the exchange rate. I like this one today:

10-4-08 Dol vs.png - 28kB

Baja-Brit - 10-4-2008 at 01:06 PM

Quote:

Originally posted by tripledigitken

The dollar has strengthed against other currencies since mid July of this year by:

Canadian Dollar 5%
Mexican Peso 8.4%
Swiss Franc 9.4%
British Pound 12%
Euro 12.7%

Yep, a lot of uncertainty and concern within the European economy, a number of countries officially already in recession including Italy and Ireland with a number of countries including the UK on the brink of recession.

This has helped the dollar gain ground on the £ and €

Still getting 19.90 peso's to £1 sterling though. :biggrin:

As you were.

losfrailes - 10-6-2008 at 07:16 AM

Todays XE.COM.

1.00 USD = 11.6649 MXN

Getting close to the 12 you wanted Wooosh

vandenberg - 10-6-2008 at 07:26 AM

Quote:

Originally posted by losfrailes
Todays XE.COM.

1.00 USD = 11.6649 MXN

Getting close to the 12 you wanted Wooosh

11.85 few minutes ago

flyfishinPam - 10-6-2008 at 07:48 AM

just exchanged USD to pesos online with BBVA and the rate was 11,57 to the peso at 09:14:02 DF time.

Woooosh - 10-6-2008 at 09:42 AM

It is 11.77 as I type. I'm holding out for 12. Given the current currency trend I should wait for 13. I don't know when the last time it was 13 though.

The Gull - 10-6-2008 at 09:51 AM

Quote:

Originally posted by Woooosh
It is 11.77 as I type. I'm holding out for 12. Given the current currency trend I should wait for 13. I don't know when the last time it was 13 though.

Before the last devaluation...early 90's?? and before that 1988.

Glad I spent most of my pesos last weekend with my buddies.

Woooosh - 10-7-2008 at 02:54 PM

well- the computer showed 12.43 but the bank gave me 12.11 per dollar.
Even still, a nice gain for just waiting since it was 9.5 early August to 12.11 today. No one on Wall Street made 17% profit in the the last five weeks!

Before I get jumped on for calling that a profit- I do undersand that it is simply more pesos for the dollar to spend on goods/service suspect to Mexico's increased inflationary trends.

I do think Mexican banks are somewhat insulated from the sub-prime market mess since they don't even have a prime market to foreclose on yet. I doubt Mexico was invited to the party when these abhorrent financial instruments were concocted by flawed CEO's that have already pocketed $millions more than you and I will ever see in our lifetimes. There is no shame on Wall Street apparently. Lehman's set aside $2.5 Billion in their bankruptcy for their own bonuses! Incredible.

Cypress - 10-7-2008 at 03:13 PM

Something about loving Baja etc. and rejoicing in the decline of the peso against the dollar doesn't compute.

Woooosh - 10-7-2008 at 03:16 PM

Hmmm. So it's OK if we've made the baja Real Estate market unaffordable to everyday mexicans where we live- but the Peso is somehow to be revered??

[Edited on 10-7-2008 by Woooosh]

tim40 - 10-7-2008 at 05:41 PM

Through the use of my currency exchange service, Oanda, I am getting 12.26 as the time of this typing. I consider this wonderful news....although a bit late for my last Mexican investment back in May where I got 10.11. For the amount of the investment, I lost a little over 20K for the exact transaction would it have been completed today. For most Mexicans that we know and converse with daily, the weakening Peso to dollar is a great thing as they buy mostly Mexican products and it draws more US spending to Mexico.

Devaluation aside, does the Mexican government have anything like FDIC insurance for private party bank deposits?

Hook - 10-7-2008 at 07:14 PM

Quote:

Originally posted by tim40
Through the use of my currency exchange service, Oanda, I am getting 12.26 as the time of this typing. I consider this wonderful news....although a bit late for my last Mexican investment back in May where I got 10.11. For the amount of the investment, I lost a little over 20K for the exact transaction would it have been completed today. For most Mexicans that we know and converse with daily, the weakening Peso to dollar is a great thing as they buy mostly Mexican products and it draws more US spending to Mexico.

Devaluation aside, does the Mexican government have anything like FDIC insurance for private party bank deposits?

I dont know, but even if they did, it wouldnt insulate you from a devaluation of the peso.

bajabound2005 - 10-7-2008 at 09:26 PM

as of this moment:
1 USD = 12.3105 MXN

DianaT - 10-7-2008 at 09:31 PM

Quote:

Originally posted by bajabound2005
as of this moment:
1 USD = 12.3105 MXN

Gees, Costco in Chula Vista is usually very good---today, it was a flat 11 for buying.

It was, however, 11.7 for selling.

Wed . 0648 hrs

CaboRon - 10-8-2008 at 05:49 AM

13.72 !!!

Hook - 10-8-2008 at 07:06 AM

Back down a full peso to 12.66 at 0706.

bajalou - 10-8-2008 at 07:24 AM

820 CDT - 12.90

Woooosh - 10-8-2008 at 09:11 AM

13.25 at 9am !!

Mexico Peso Has Biggest Intraday Decline Since 1994 Devaluation

tripledigitken - 10-8-2008 at 09:33 AM

Went above 14 briefly this morning.

http://www.bloomberg.com/apps/news?pid=20601086&sid=aqOn...

tripledigitken - 10-8-2008 at 09:51 AM

Holding out for some level of peso to jump in on?

Do so with extreme caution, IMHO.

Buying at 12:1 two days ago would be showing a 14% loss or more today. All the while the dollar is on a 7 month high against most western currencies.

Ken

gnukid - 10-8-2008 at 11:17 AM

Quote:

Originally posted by tripledigitken
Holding out for some level of peso to jump in on?

Do so with extreme caution, IMHO.

Buying at 12:1 two days ago would be showing a 14% loss or more today. All the while the dollar is on a 7 month high against most western currencies.

Ken

For those who are paying local labor and services, please be kind, generous and patient with your payments to Mexicans. This is a very stressful circumstance for everyone on limited budgets and it doesn't pay to be a harsh enforcer of exchange rates in your local community, especially since the changes are in our favor at least they appear to be, for your daily purchases any rate in the general range would be fair.

Woooosh - 10-8-2008 at 11:44 AM

If it hits 14 again clear the streets! I don't want anyone in the way when I'm driving to the bank that fast! lol

gnukid - 10-8-2008 at 01:21 PM

Tis a good chance to buy a few cases of beer for your pals! Wahooo peso devalu/hurricane party 2008!

Cypress - 10-8-2008 at 01:41 PM

Does this mean that my Mexican friends pesos buy less? Or only that the good 'ole US dollar buys more?

Cajones - 10-8-2008 at 02:24 PM

When the peso hit 14:1 today, the Bank of Mexico intervened by selling $2.5 billion of US greenbacks and buying pesos to stabilize the peso. That's why the peso fell from 14 to 12 within a few minutes. I don't know how long or how often they can do that, as they are peeing away their foreign reserves.

Baja-Brit - 10-8-2008 at 04:20 PM

1.00 GBP = 21.1434 MXN

Happy Days! :biggrin:

As you were.

Tiomiguel - 10-8-2008 at 05:26 PM

Interesting that the rest of the world currencies are falling, like Canada and Mexico, Brazil is really bad, including UK and Euro but the US dollar is rising.

Part of Canada and Mexico problem is that our dollars are to a large extent petro dollars, so when oil gets back down to where it should be, ie. $85 to $90, it has an impact on our dollar.

This is not all the explanation for why the US dollar,( in the admittedly in troubled economy of the US), should increase so much against more fiscally responsible countires, ie. Canada, Germany etc. Seems like when the US catches a cold, some of us catch pneumonia.

The rest of the story may be that the American financial institutions, hedge funds, investors etc. need to bring their foreign investments back to the US to shore up their own financial situation. This means that money is flooding out of other countries back to the US to protect their position in the US. This demand for US dollars and selling of other currencies is part of the reason why the other currencies are falling. Our American friends need their money back at home now and are pulling out of the markets around the world.

When the dust settles, it makes more sense for the US dollar to decline relative to the other currencies somewhat when everyone realizes the huge deficits that the war and financial propping up in the US gets tallied up. So maybe now is a pretty good time to buy the Peso, as their subprime problem is pretty much non-existent and the people live more day to day. Who Knows.

slimshady - 10-8-2008 at 07:57 PM

I consider this whole financial adjustment a necessary evil for all the american homebuyers who bought homes they could barely afford or lied on loans to get. I also feel that in my many visits to mexico the last couple of years people began to assume that we americans were multibillionaires. gold. Its time for a reality check and financial hardships that will bring things to a more realistic levels. I will be buying pesos and will spend my pesos when i go down this month.

I am particularly speaking of the real estate/ construction market of southern baja where prices are made based on the customers tolerance for pain. I feel for the average person on the street.

11.5 pesos

BajaRob - 10-8-2008 at 07:58 PM

to the dollar at 2

o PM in Calexico today. I hope that the trend continues. Go US Dollar.

shari - 10-8-2008 at 08:12 PM

Boy was I smart to wait to exchange my hard earned US dollars till today...I got 12.62 at BAncomer!!! yupppie.

gnukid - 10-8-2008 at 10:30 PM

Quote:

Originally posted by slimshady
I consider this whole financial adjustment a necessary evil for all the american homebuyers who bought homes they could barely afford or lied on loans to get. I also feel that in my many visits to mexico the last couple of years people began to assume that we americans were multibillionaires. gold. Its time for a reality check and financial hardships that will bring things to a more realistic levels. I will be buying pesos and will spend my pesos when i go down this month.

I am particularly speaking of the real estate/ construction market of southern baja where prices are made based on the customers tolerance for pain. I feel for the average person on the street.

The amount of money which accounts for loans which are being defaulted upon is about 100 billion and in no way represents the main issues of this crisis. As you recall the amount in the false bailout has already exceeded a trillion and is unlimited and shall exceed 1000 trillion. Banks sold loan securities as investments and bet on the futures of these to a degree which was capitalized 50:1 meaning the bankers were way over leveredged far more than individual average home owners loans.

Furthermore, the treasury and the fed reserve combined over the last 10-50 years to fuel the market with money based on nothing-no assets-no gold, as they have since they created the federal reserve-which is a private bank that sells debt as dollars to consumers.

Consider looking into with more than a cursory main stream media perspective. Investigate the credit market, fractional banking and the dollar and you'll be very surprised to find out what the dollar is-its debt.

I do not have a horse in this race so do not blame it on me, I do not have a bad loan or mortgage. I do not work in banking. But clearly these guys are crooks, they are going for broke, the actions of the fed and the large banks amount to fraud and theft from you.

They are flooding it to themselves and offering it as debt to you while they gather the title to your assets.

We are seeing inflation at a rate which is never before seen, the true cost of living is double from a year ago. Inflation is a tax on you.

Its time to wake up.

Here is a new video called Zeitgeist Addendum-while I do not agree with its conclusions it does shed light on the Federal reserve and US Dollar banking as a point of discussion. Good luck.

http://video.google.com/videoplay?docid=7065205277695921912

Cajones - 10-8-2008 at 10:47 PM

Quote:

Originally posted by Tiomiguel
This means that money is flooding out of other countries back to the US to protect their position in the US. This demand for US dollars and selling of other currencies is part of the reason why the other currencies are falling. Our American friends need their money back at home now and are pulling out of the markets around the world.

I'm afraid you got that analysis wrong Tio. What you are witnessing today is called a "flight to quality" In times of uncertainty, people take their money out of risky securities and put them where they are considered safer. They will also take their money out of risky countries and move it to safer countries. Right now, the entire world is moving into dollars.

You can tell by looking at the Treasury Yield Curve. Today, 1-month Treasuries are yielding 0.23% (that is about 1/4 of 1%). It is not that our American friends need their money back home, it is that everybody considers US Treasury debt the safest place in the world.

Cajones - 10-8-2008 at 11:06 PM

Quote:

Originally posted by gnukid
We are seeing inflation at a rate which is never before seen

No we are not. During the last two years of Jimmy Carter's administration, inflation was hitting 14%. Current inflation is around 5%.

gnukid - 10-8-2008 at 11:33 PM

Quote:

Originally posted by Cajones

Quote:

Originally posted by gnukid
We are seeing inflation at a rate which is never before seen

No we are not. During the last two years of Jimmy Carter's administration, inflation was hitting 14%. Current inflation is around 5%.

Keep telling yourself lies, accept the gov economic numbers, refuse to acknowledge the reality. If it feels good. Are you convincing yourself yet?

For me my cost of living doubled, gas went up, travel costs, milk, eggs, cereal, bread are nearly double from just over a year ago.

The true numbers for unemployment, inflation, goods etc has nearly doubled in a about a year while the gov published numbers do not reflect the reality.

This is hardly our biggest concern in light of other issues such as the increase in military spending budgets and its cost of life, the militarization of of world, the introduction of GMO, loss of diversity, increases in prisons and incarcerated people, failure of education to create critical thinkers who graduate.

But keep telling yourself, its fine, we are fine. No problem-even on a day when the peso fluctuated 25% in one day, no problem. 5% yearly inflation-repeat-5% yearly inflation-repeat-5% yearly inflation-repeat. I feel good.

fishbuck - 10-9-2008 at 02:18 AM

So anybody catching any fish anywhere. How about cold beer. Anybody know where to get cold beer?

woody with a view - 10-9-2008 at 06:26 AM

Quote:

Anybody know where to get cold beer?

Hook - 10-9-2008 at 06:57 AM

Ballena sighting................no where near San Ignacio!

Cajones - 10-9-2008 at 12:51 PM

Quote:

Originally posted by gnukid
Keep telling yourself lies, accept the gov economic numbers, refuse to acknowledge the reality. If it feels good. Are you convincing yourself yet?

For me my cost of living doubled, gas went up, travel costs, milk, eggs, cereal, bread are nearly double from just over a year ago.

You live in Mexico and are talking about Mexican prices and inflation, right? You need to meet with oxxo. He insists Mexico, specifically Cabo, is cheap. You two need to get on the same page.

BajaGringo - 10-9-2008 at 02:03 PM

Quote:

Originally posted by Cajones
It is not that our American friends need their money back home, it is that everybody considers US Treasury debt the safest place in the world.

Safe until China decides to start dumping a few trillion that they hold. T-Bills is not something that I would personally recommend right now based on the current state of financial affairs...

Friday's peso still dropping

CaboRon - 10-10-2008 at 05:30 AM

13.61 !!!!

Cajones - 10-10-2008 at 08:21 AM

Quote:

Originally posted by CaboRon
13.61 !!!!

Bank of Mexico sold $3 billion this morning to prop up the peso. Mexico has already spent 10% of its US dollar foreign reserves to prop up the peso in the last 3 days.

tripledigitken - 10-10-2008 at 08:30 AM

THIS IS GETTING VERY UGLY

BajaGringo - 10-10-2008 at 08:35 AM

If this was a regional crisis I would not be overly concerned. The fact is that it is a global crisis bordering financial chaos.

I am afraid that it is going to get much uglier Ken...

Tiomiguel - 10-10-2008 at 10:56 AM

Cojones
Its going to be interesting to see and impossible to tell who is right on this matter but right now it makes no sense, the Canadian dollar is down from 1.05 to 84 cents US. Our banks are not in trouble, our country does not currently have a deficit, were not spending that much on the war, our real estate never did the huge increase and has not and is not likely to drop huge in prices. Oil is way down in price which was why our dollar increased so much, but still we are getting killed because the US economy is so sick and we are your biggest trading partner.

Mexico is not as healthy for sure, and its fall is the same reason, their biggest trading partner is the US. If this is a flight to quality driving up the US dollar and security, it's a very weird reaction. Basically it's the only game in town and it's hurting everybody just like when times were good the US was helping everybody. Interesting times for sure and retiring to Mexico in the long run may be the only place some of us can afford to retire too.
Cheers.

Baja-Brit - 10-10-2008 at 10:38 PM

1 GBP = 22.2447 MXN

At least the £Pound whilst falling against the Dollar, is holding it's own against the Peso. :biggrin:

As you were.

[Edited on 11-10-2008 by Baja-Brit]

bajalou - 10-28-2008 at 02:07 PM

Today I payed my Telnor bill for phone and DSL internet - 311 pesos. Online used debit card and was debited $23.37 for this payment. On Oct 1st it was $27.94 for the same peso amount. Aug. 26, it was $30.76.

I was just thinking about our Canadian friends...

geobas - 10-28-2008 at 04:44 PM

As the high season starts in Baja I was just thinking about our Canadian friends. Last year at this time $1US bought $.93Canadian. Now, one year later, $1US is close to $1.30Canadian. So the Canadian dollar has devalued almost 40% in one year against the greenback.

Since so many things in Baja are priced off the US dollar, those Canucks are going to have sticker shock! I suspect some will find Baja is no longer a cheap place to hide from the snow.

tripledigitken - 10-28-2008 at 04:49 PM

Quote:

Originally posted by geobas
As the high season starts in Baja I was just thinking about our Canadian friends. Last year at this time $1US bought $.93Canadian. Now, one year later, $1US is close to $1.30Canadian. So the Canadian dollar has devalued almost 40% in one year against the greenback.

Since so many things in Baja are priced off the US dollar, those Canucks are going to have sticker shock! I suspect some will find Baja is no longer a cheap place to hide from the snow.

Orrrrrrrrrrrrr, very good for those of us Americans that like to visit Canada!

Ken