Pound is second-worst performing currency in the world

Holidaying abroad or maybe already an expat? Either way, your dosh is under the cosh

David Buckley 

 

 

The pummelled pound is going to continue to be battered in the short-to-medium term under either Boris Johnson or Jeremy Corbyn, says the chief executive officer of one of the world’s leading financial advisory organisations.

 

Nigel Green, the founder and CEO of the deVere Group*, spoke out after sterling dropped more than 4% on Tuesday in its worst month since October 2016 on an increasing probability of the UK leaving the EU on October 31 in a no-deal Brexit.

 

Green said: “The British pound is now the second-worst performing currency in the entire world. There is no end in sight to the embattled British pound’s plight with both the current Prime Minister Boris Johnson and the leader of the official opposition Labour leader Jeremy Corbyn promoting policies that will deliver fresh – and serious – blows to the currency.”

 

He continued: “Mr Johnson is ramping up no-deal preparations and it looks increasingly likely the UK crashes out of the EU in a no-deal scenario in October. Even though this has largely been priced-in by the markets, there can be no doubt that it has also intensified uncertainty and, in response, the already weak pound fell and continues to flounder.

 

“We can expect this to continue as the Johnson administration takes brinkmanship with the EU to a higher level, the closer we get to the Brexit deadline. Should the UK leave with no deal, the pound can be expected to remain weak for several years until the country and the bloc readjusts.”

 

Full story: https://londoninspire.co.uk/pound-is-second-worst-performing-currency-in-the-world/

 

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Which is the worst?

3 words: Shot, Foot & Brexit

But, but, the pound is weak only because the BOT keeps the Baht strong.  Nothing to do with Brexit.  It must be true, I read it on this very forum!

Not pleasant news, but not unexpected either. I think I, like most Brits are praying that something happens to make Brexit work and that one day, the bloody Pound will start to gather a bit of strength again. Before the Brexit vote it was 55, look at it now.

13 minutes ago, wgdanson said:

Which is the worst?

 

https://www.thelondoneconomic.com/news/pound-sterling-second-worst-performing-currency-in-the-world-today-pipped-only-by-the-madagascan-ariary/29/07/

Quote

Only the Madagascan Ariary performed worse than the British pound today as sterling slipped into free-fall.

 

13 minutes ago, wgdanson said:

Which is the worst?

The Madagascan Ariary, so you see when you think it can't get any worse, there is always someone worse off than you.

14 minutes ago, wgdanson said:

Which is the worst?

No disrespect to African "shItholes", but probably Venezuala.

That is the sort of company GBP Sterling keeps nowadays...

14 minutes ago, darksidedog said:

Not pleasant news, but not unexpected either. I think I, like most Brits are praying that something happens to make Brexit work and that one day, the bloody Pound will start to gather a bit of strength again. Before the Brexit vote it was 55, look at it now.

I have a sneaking suspicion that many of the Brits baying for hard Brexit and the damage that will do to the value of the pound have already been driven home by the exchange rate, their hope, others will be forced to follow them. 

13 minutes ago, wgdanson said:

Which is the worst?

This is more Project Fear and I suspect very selective in terms of time-range. I would take a story from deVere with a pinch of salt, anyway. The story does not even quote the supposed worst currency, which is probably the Venezuelan Bolivar right now. There are a few obscure currencies doing worse in Africa etc. Sterling is not the second worse in terms of depreciation globally but of course it is crap at the moment against all major currencies. 

I'm sure there are some that making a killing on this... 

1 minute ago, nauseus said:

This is more Project Fear and I suspect very selective in terms of time-range. I would take a story from deVere with a pinch of salt, anyway. The story does not even quote the supposed worst currency, which is probably the Venezuelan Bolivar right now. There are a few obscure currencies doing worse in Africa etc. Sterling is not the second worse in terms of depreciation globally but of course it is crap at the moment against all major currencies. 

It's the second worse MAJOR currency: https://www.thelondoneconomic.com/news/pound-sterling-second-worst-performing-currency-in-the-world-today-pipped-only-by-the-madagascan-ariary/29/07/ , not sure how they define MAJOR tho - madagascar doesn't sound to be major at all.

 

Not sure what's it got to do with Project Fear tho - it's just reality that the UK is in the shitter currently...

Well done Boris.

You are doing a great job. ????

4 minutes ago, Chomper Higgot said:

I have a sneaking suspicion that many of the Brits baying for hard Brexit and the damage that will do to the value of the pound have already been driven home by the exchange rate, their hope, others will be forced to follow them. 

Is that your own personal story and mindset? very strange

20 minutes ago, darksidedog said:

Not pleasant news, but not unexpected either. I think I, like most Brits are praying that something happens to make Brexit work and that one day, the bloody Pound will start to gather a bit of strength again. Before the Brexit vote it was 55, look at it now.

Before the EU became a gravy train and let in countries with extremely low GDPs and very poor economies,between 2004 and 2007, it was 76.

Keep it dropping, great for us that only use the pound when going to visit family and friends.

1 minute ago, stillhereandlovinit said:

Keep it dropping, great for us that only use the pound when going to visit family and friends.

Yeah it's the same for EURO tho, just not so extreme - my europe holidays each year get cheaper and cheaper. I like it.

Great idea this Brexit lark its made the UK cheap for foreigners houses cheap for foreigners and goods cheap for foreigners whilst leaving the expat community on ventilators

and more good news is we are going to do it faster and with more vigour and possibly with a new bus slogan make Brittan great again for foreigners   ???? 

It hurts, but so does major surgery, and the surgery was essential for our future survival as a sovereign nation.

21 minutes ago, fishtank said:

Well done Boris.

You are doing a great job. ????

Boris and Corbyn are sure killing off the two party system, but if they continue it will revert back to a two party system LibDems v Brexit Party.

1 hour ago, webfact said:

Pound is second-worst performing currency in the world

 

Thank god for that. We can at least gloat over someone else.

Imagine being the worst. Humiliating.

26 minutes ago, puchooay said:

Before the EU became a gravy train and let in countries with extremely low GDPs and very poor economies,between 2004 and 2007, it was 76.

Well, an actually significant figure is how the pound was faring against the dollar during those years. You wanna blame that on the EU as well?

 

 

Just now, Denim said:

 

Thank god for that. We can at least gloat over someone else.

Imagine being the worst. Humiliating.

For the time being...

15 minutes ago, bristolboy said:

Well, an actually significant figure is how the pound was faring against the dollar during those years. You wanna blame that on the EU as well?

 

 

Yes. What currency you use to compare to is not relevant. The point is the falling pound.

Rule Britannia?

25 minutes ago, anterian said:

It hurts, but so does major surgery, and the surgery was essential for our future survival as a sovereign nation.

Major surgery is painful and should only be undertaken when necessary. Prior to the referendum result the country was coasting along quite happily as part of the EU. No surgery was required!

56 minutes ago, nauseus said:

This is more Project Fear and I suspect very selective in terms of time-range. I would take a story from deVere with a pinch of salt, anyway. The story does not even quote the supposed worst currency, which is probably the Venezuelan Bolivar right now. There are a few obscure currencies doing worse in Africa etc. Sterling is not the second worse in terms of depreciation globally but of course it is crap at the moment against all major currencies. 

What's 'project fear' got to do with it. The collapse in the value of Sterling is happening NOW. It's not something that might happen. It's for real! 

11 minutes ago, sniggie said:

Prior to the referendum result the country was coasting along quite happily as part of the EU.

I must have missed that bit.

11 minutes ago, sniggie said:

Major surgery is painful and should only be undertaken when necessary. Prior to the referendum result the country was coasting along quite happily as part of the EU. No surgery was required!

Most diseases are easier to cure if caught early, you don't wait until it's life threatening.

 

You think it's tough to leave now? Just wait until the federalists have a tighter grip and the projects like the EU Army are in full swing. I'm just glad we didn't join the Euro or it might have been too late already. Time to extricate ourselves from the United States of Europe. Sure they'll try and kneecap us for leaving their gang, that's the nature of the protectionist racket that the EU has become, but fortunately most of the country has the balls to stand on our own 2 feet and get out.

Madagascan Ariary worst than Venezuela? Now that's bad.