sbaker8688 Posted April 9, 2005 Share Posted April 9, 2005 I had moved a good chunk of my USD into New Zealand Dollars a while back to avoid the losses I was getting in the dollar. Well, I just arrived in Thailand, and just logged into an internet shop computer to find that, to my utter horror, overnight I have lost about half the value of my NZD against the dollar. The NZD crashed vs. the dollar. I have lost tens of thousands. Then I checked the exchange of NZD against the Baht, to find that it is relatively unchanged. Then I checked the exchange of the Baht against the dollar to find it is relatively unchanged as well. In other words, it appears that I can move my NZD into Bahts (and then into USD if I want) and "avoid" the loss. How can this be possible? How can one avoid losses in this manner? I fear that there is some fundamental misunderstanding that I have regarding currency trading. Can someone who knows what is going on explain things to me, and sooner rather than later? I need help real quick. Thanks. Link to comment Share on other sites More sharing options...
chuchok Posted April 9, 2005 Share Posted April 9, 2005 (edited) Today NZD = THB28.1849 Today USD = NZD 0.7106 Edited April 9, 2005 by chuchok Link to comment Share on other sites More sharing options...
taxout Posted April 9, 2005 Share Posted April 9, 2005 The NZD has in fact been continually strengthening against the USD for some time. You've almost certainly confused the USD/NZD rate with the NZD/USD rate. Relax! Link to comment Share on other sites More sharing options...
OldAsiaHand Posted April 9, 2005 Share Posted April 9, 2005 The NZD was at .7174 bid against the USD as of Friday night, which is off a few pips from early March but consistent with the modest strengthening of the USD recently against most currencies. You "have lost half the value of your NZD against the USD?" If you're going to watch currency rates, mate, you'd better learn to read them first. Link to comment Share on other sites More sharing options...
chuchok Posted April 9, 2005 Share Posted April 9, 2005 The NZD was at .7174 bid against the USD as of Friday night, which is off a few pips from early March but consistent with the modest strengthening of the USD recently against most currencies.You "have lost half the value of your NZD against the USD?" If you're going to watch currency rates, mate, you'd better learn to read them first. <{POST_SNAPBACK}> I think it must be an exchange site that has cocked up.The graph above comes from the following URLx-rates It has the USD at 1.40726 today as opposed to .7106 from another site today.The graph is cocked up me thinks and has inverted the data...just have alook above. Link to comment Share on other sites More sharing options...
The_Moog Posted April 9, 2005 Share Posted April 9, 2005 Last data value in Graph erroneously shows the reciprocal. Link to comment Share on other sites More sharing options...
OldAsiaHand Posted April 10, 2005 Share Posted April 10, 2005 Last data value in Graph erroneously shows the reciprocal. <{POST_SNAPBACK}> Yeah,I think you're right. That's one for the books, isn't it? Link to comment Share on other sites More sharing options...
sbaker8688 Posted April 10, 2005 Author Share Posted April 10, 2005 (edited) Last data value in Graph erroneously shows the reciprocal. <{POST_SNAPBACK}> Yeah,I think you're right. That's one for the books, isn't it? <{POST_SNAPBACK}> What's going on? Are you guys saying that www.x-rates.com got it wrong, and that my NZD have spiked up against the dollar instead of down? That has to be wrong, unless news articles online also have it inverted. The news articles I read said that the NZD plunged against the dollar. Perhaps I am saying this wrong. I will word it another way. It seems that my NZD are now worth much less vs. dollars than they were worth before. In other words, I can now buy much less dollars with my NZD. The graph I saw (which some of you say was inverted) was backed up by some news stories I read to confirm the graph. What is going on? Any more comments? Thanks. Edited April 10, 2005 by sbaker8688 Link to comment Share on other sites More sharing options...
chuchok Posted April 10, 2005 Share Posted April 10, 2005 Last data value in Graph erroneously shows the reciprocal. <{POST_SNAPBACK}> Yeah,I think you're right. That's one for the books, isn't it? <{POST_SNAPBACK}> What's going on? Are you guys saying that www.x-rates.com got it wrong, and that my NZD have spiked up against the dollar instead of down? <{POST_SNAPBACK}> correct.just chect with asb.co.nz or bnz.co.nz. Link to comment Share on other sites More sharing options...
Digger Posted April 10, 2005 Share Posted April 10, 2005 I had moved a good chunk of my USD into New Zealand Dollars a while back to avoid the losses I was getting in the dollar. Well, I just arrived in Thailand, and just logged into an internet shop computer to find that, to my utter horror, overnight I have lost about half the value of my NZD against the dollar. The NZD crashed vs. the dollar. I have lost tens of thousands.Then I checked the exchange of NZD against the Baht, to find that it is relatively unchanged. Then I checked the exchange of the Baht against the dollar to find it is relatively unchanged as well. In other words, it appears that I can move my NZD into Bahts (and then into USD if I want) and "avoid" the loss. How can this be possible? How can one avoid losses in this manner? I fear that there is some fundamental misunderstanding that I have regarding currency trading. Can someone who knows what is going on explain things to me, and sooner rather than later? I need help real quick. Thanks. <{POST_SNAPBACK}> What on earth made you choose the NZ Dollar in any case. Hardly a safety net currency for anyone and I struggle to understand how its value has increased so much, other than its somehow being swept along with the rises in the Aussie dollar over recent times. Link to comment Share on other sites More sharing options...
chuchok Posted April 10, 2005 Share Posted April 10, 2005 (edited) I had moved a good chunk of my USD into New Zealand Dollars a while back to avoid the losses I was getting in the dollar. Well, I just arrived in Thailand, and just logged into an internet shop computer to find that, to my utter horror, overnight I have lost about half the value of my NZD against the dollar. The NZD crashed vs. the dollar. I have lost tens of thousands.Then I checked the exchange of NZD against the Baht, to find that it is relatively unchanged. Then I checked the exchange of the Baht against the dollar to find it is relatively unchanged as well. In other words, it appears that I can move my NZD into Bahts (and then into USD if I want) and "avoid" the loss. How can this be possible? How can one avoid losses in this manner? I fear that there is some fundamental misunderstanding that I have regarding currency trading. Can someone who knows what is going on explain things to me, and sooner rather than later? I need help real quick. Thanks. <{POST_SNAPBACK}> What on earth made you choose the NZ Dollar in any case. Hardly a safety net currency for anyone and I struggle to understand how its value has increased so much, other than its somehow being swept along with the rises in the Aussie dollar over recent times. <{POST_SNAPBACK}> What, do you mean having a record budget suplus,high employment,highish interest rates and low inflation..makes the NZD bad It's gained against the AUD as well.....I suppose it is just being swept along.. Edited April 10, 2005 by chuchok Link to comment Share on other sites More sharing options...
alex100 Posted April 10, 2005 Share Posted April 10, 2005 Both the AUS and NZ Dollar will be bolloxed when the Chinese float their currency coming soon. Link to comment Share on other sites More sharing options...
chuchok Posted April 10, 2005 Share Posted April 10, 2005 Both the AUS and NZ Dollar will be bolloxed when the Chinese float their currency coming soon. <{POST_SNAPBACK}> Why? Link to comment Share on other sites More sharing options...
ArtfulD Posted April 10, 2005 Share Posted April 10, 2005 Both the AUS and NZ Dollar will be bolloxed when the Chinese float their currency coming soon. <{POST_SNAPBACK}> Not so, for one there are ripple effects throughout all currencies not just picking on Aus/NZ, also China will only slowly open up the float on their currency, gradually increasing the peg range...giving you ample time to survey the changes as they occur and re-evaluate your positions. China knows they cant simply let things float free in one go as it will be far too violent a reaction in world markets affecting China and the world as a whole adversly. Link to comment Share on other sites More sharing options...
simcity Posted April 11, 2005 Share Posted April 11, 2005 'bolloxed' not in my hard copy dictionary or in word ! must be a slang .. will you explain .. Link to comment Share on other sites More sharing options...
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