Never seen it higher since the new peso came out.Woooosh - 10-23-2008 at 11:41 AM
Some peoloe got 14 to 1 yesterday.
The rates seem to go up on Fridays. Don't wait until too late Mexico City time though- as they tend to get cautious at the end of the business day.
The peso's going to go to 20
geobas - 10-23-2008 at 11:58 AM
The peso's going to go to 20. The Mexican central bank sold US$1 billion today to try to stabilze it and all the got it to do was drop 40 centavos.
I feel it is going to get very ugly in Mexico soon.vandenberg - 10-23-2008 at 12:22 PM
Quote:
Originally posted by geobas
The peso's going to go to 20. The Mexican central bank sold US$1 billion today to try to stabilze it and all the got it to do was drop 40 centavos.
I feel it is going to get very ugly in Mexico soon.
And....we have a "new" one.Riom - 10-23-2008 at 03:05 PM
Quote:
Originally posted by geobas
The peso's going to go to 20.
Depends a lot on what happens in Iceland. (really)
Over the past couple of weeks, Icelandic banks (heavily involved in risky lending in the UK and Northern Europe) have folded one by one, causing major
problems with the Icelandic currency, and meaning the entire country (Iceland) is in serious risk of going bankrupt, if it isn't already.
This moves the risk on from banks (that was last month) to entire countries, and especially the currencies of minor countries. So people have been
selling off their Australian dollars, Hungarian Forints, MX Pesos, whatever, and buying - US dollars.
Rather short sighted, but at the moment it's the country/currency that is less likely to go bankrupt (since it's the one country that can just print
more dollars to pay any debts).
It's not just the Peso going down. That has a bit to do with it (since Mexico is going to get less remittances, less tourists, and less oil money)
but it's mainly the US dollar gaining strength against ALL other currencies.
For example, the UK Pound has moved from buying $2 a few months ago to $1.62 now, most of that move in the last few weeks. Over a similar period the
Hungarian Forint has gone from 150 to the dollar to 220, the Aust dollar from 1.05 to 1.55 (both a bigger slide than the Peso). Similar with many
other currencies.
When the smoke has cleared and it's clear which countries are going to default on their debt and which are not (yet), it'll be time to buy other
currencies again. But at the moment it's too risky, safest to just buy dollars, so the dollar is going up.
Robgeobas - 10-23-2008 at 03:23 PM
Quote:
Originally posted by vandenberg
Quote:
Originally posted by geobas
The peso's going to go to 20. The Mexican central bank sold US$1 billion today to try to stabilze it and all the got it to do was drop 40 centavos.
I feel it is going to get very ugly in Mexico soon.
And....we have a "new" one.
I don't understand. A new what? A new peso?Bruce R Leech - 10-23-2008 at 05:07 PM
ill keep my gold for nowRiom - 10-23-2008 at 07:28 PM
Quote:
Originally posted by Bruce R Leech
ill keep my gold for now
Gold is just another currency. Which is why it's had a sharp "fall" in price in US$ over the past few weeks (from $910 to $720 per ounce) - it now
takes less of the (currently) more valuable dollars to buy each ounce.Woooosh - 10-23-2008 at 11:48 PM
The Canadian dollar has takena pounding. Down to $.79 today with the winter olympics just around the corner.The Gull - 10-24-2008 at 06:25 AM
Quote:
Originally posted by Bruce R Leech
ill keep my gold for now
No matter how low it goes.Von - 10-24-2008 at 06:39 AM
