British Pound slides to two-year low against the dollar

[CharlieH]

 

The pound has fallen to a two-year low against the dollar reflecting traders' increasing concerns about recession around the world as energy prices continue to soar.

But sterling is also weak because markets are worried about future UK economic growth, analysts said.

Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added.

London shares regained some ground on Wednesday following Tuesday's falls.

 

Full Story

Courtesy BBC News

[wombat]

It seems the old BoJo has irked the ire of the money people 

[RichardColeman]

Funny ,

Bad UK economic news - pound down

Bad US economic news- pound down

Bad Thai economic news - pound down.

 

I keep telling myself, I can live with £/45, then I can live with £/44, then maybe £/43 is still ok, then OK 42, no lower, then........................... 

[BritManToo]

3 minutes ago, RichardColeman said:

Funny ,

Bad UK economic news - pound down

Bad US economic news- pound down

Bad Thai economic news - pound down.

 

I keep telling myself, I can live with £/45, then I can live with £/44, then maybe £/43 is still ok, then OK 42, no lower, then........................... 

It's been bouncing around 38-44 since Brexit.

It's not as if the Oz/NZ/Canadian dollar is doing any better.

Edited July 6, 2022 by BritManToo

[RichardColeman]

18 minutes ago, BritManToo said:

It's not as if the Oz/NZ/Canadian dollar is doing any better.

Hard to blame that on Brexit !

[placeholder]

2 hours ago, BritManToo said:

It's been bouncing around 38-44 since Brexit.

It's not as if the Oz/NZ/Canadian dollar is doing any better.

Actually it is as if these currencies are doing better than the British pound. They may have declined but they have declined less

[arithai12]

All currencies(*) are losing against the dollar, they have been doing so for a while thanks to the sanctions on Russia which the USA ecomomy can live with but not their minions in Europe. And things have nose-dived with the new interest rates in the US.

The EUR is now almost 1:1 with USD, having lost about 20% in one year.

 

USA citizens may rejoice at this news, but if they look a little further than their nose they will realize that everything is more expensive at the end of the day also for them, since inflation is higher than the gain dollar/baht or whatever.

 

(*) except the russian ruble, again an illusion since things which are imported are now extremely more expensive in Russia.

 

Basically, a lose-lose for all, thanks to the genius leaders in the West.

 

[shackleton]

Living in Thailand  you have to accept the pound at whatever rate preferable above 40 baht 

I don't think Tourists who are here for a shorter duration will be that worried after forking out for airfares which is probably there biggest expense then hotels 

[peterfranks]

Brits made their bed by electing the lying clown in number 10, now they will have to lay in it

[earlinclaifornia]

1 hour ago, arithai12 said:

All currencies(*) are losing against the dollar, they have been doing so for a while thanks to the sanctions on Russia which the USA ecomomy can live with but not their minions in Europe. And things have nose-dived with the new interest rates in the US.

The EUR is now almost 1:1 with USD, having lost about 20% in one year.

 

USA citizens may rejoice at this news, but if they look a little further than their nose they will realize that everything is more expensive at the end of the day also for them, since inflation is higher than the gain dollar/baht or whatever.

 

(*) except the russian ruble, again an illusion since things which are imported are now extremely more expensive in Russia.

 

Basically, a lose-lose for all, thanks to the genius leaders in the West.

 

Hardly true for us Americans living here. Cost of living last year increased my exchange rate by 7400./mo And with the latest 36.10 add another 7000/mo. If the inflation rate holds at current I will have another increase of 7800/mo. Loving the extra spending thank you!

[chilly07]

6 hours ago, BritManToo said:

It's been bouncing around 38-44 since Brexit.

It's not as if the Oz/NZ/Canadian dollar is doing any better.

It was 51 before the ballot! Do not fear- will bounce back when Bozo is dragged kicking and screaming from Nos 10.

[Tropposurfer]

Its all Biden's fault ... hahahaha ????????

[Mac Mickmanus]

7 minutes ago, chilly07 said:

It was 51 before the ballot! Do not fear- will bounce back when Bozo is dragged kicking and screaming from Nos 10.

The Pound was over valued at the time and was due for a correction 

[RayC]

21 minutes ago, Mac Mickmanus said:

The Pound was over valued at the time and was due for a correction 

Absolute tosh.

 

If the pound was over-valued prior to the referendum, then it had been for more than 15 years! The drop in the value of the pound following the referendum result was a quantifiable measure of the currency market's loss of confidence in the UK economy.

 

Link showing value of pound vs. Euro since 2000. Similar story for pound vs. dollar. 

https://www.statista.com/statistics/1034391/monthly-exchange-rate-gbp-eur-worldwide/

 

[Mac Mickmanus]

1 minute ago, RayC said:

Absolute tosh.

 

If the pound was over-valued prior to the referendum, then it had been for more than 15 years! The drop in the value of the pound following the referendum result was a quantifiable measure of the currency market's loss of confidence in the UK economy.

 

Link showing value of pound vs. Euro since 2000. Similar story for pound vs. dollar. 

https://www.statista.com/statistics/1034391/monthly-exchange-rate-gbp-eur-worldwide/

 

I am not a currency expert, I just recall at the time the currency experts were saying that the Pound is over valued and is due a correction .

   The drop in the Pounds value after Brexit was beneficial for UKs exports and making Countries even more eager to sign trade deals with us  

[Denim]

7 hours ago, RichardColeman said:

Funny ,

Bad UK economic news - pound down

Bad US economic news- pound down

Bad Thai economic news - pound down.

 

I keep telling myself, I can live with £/45, then I can live with £/44, then maybe £/43 is still ok, then OK 42, no lower, then........................... 

Get some Bitcoin. Safe as houses.

[John Drake]

20 hours ago, CharlieH said:

The pound has fallen to a two-year low against the dollar

You can always tell who Asean Now publishes their news stories for. Instead of the above, why don't we see "The US dollar surges to a two-year high against the British pound?"

Edited July 7, 2022 by John Drake

[RayC]

28 minutes ago, Mac Mickmanus said:

I am not a currency expert, I just recall at the time the currency experts were saying that the Pound is over valued and is due a correction .

Any links?

 

28 minutes ago, Mac Mickmanus said:

   The drop in the Pounds value after Brexit was beneficial for UKs exports and making Countries even more eager to sign trade deals with us  

Once again, a statement not supported by the data. The UK is currently running a record Balance of Payments deficit.

[CharlieH]

46 minutes ago, John Drake said:

You can always tell who Asean Now publishes their news stories for. Instead of the above, why don't we see "The US dollar surges to a two-year high against the British pound?"

Takeit up with the BBC its merely reproduced here NOT written here as with all World news.

[John Drake]

18 minutes ago, CharlieH said:

Takeit up with the BBC its merely reproduced here NOT written here as with all World news.

But it is the story selected. There is a much bigger story that this one hides. That is the fact that the US dollar is surging across the world against all currencies. That is the story. Instead, the piece selected focuses, as usual, on the problems for the UK, a relatively minor country off the mainland of Europe with a marginal effect on the rest of the world. Maybe look for a source other than the BBC for the true importance of what is going on. And, btw, I didn't say it was "written here," I said it was "published" here.

Edited July 7, 2022 by John Drake

[Mansell]

2 hours ago, Denim said:

Get some Bitcoin. Safe as houses.

Would that be the houses the Russians are shelling?

[bert bloggs]

On 7/7/2022 at 2:46 PM, RayC said:

Any links?

 

Once again, a statement not supported by the data. The UK is currently running a record Balance of Payments deficit.

Exports to the EU are at record highs

[RayC]

30 minutes ago, bert bloggs said:

Exports to the EU are at record highs

There's a reason for that

https://www.google.com/amp/s/www.cityam.com/boost-for-global-britain-as-uk-exports-to-eu-defy-brexit-challenges-and-hit-highest-level-ever/%3famp=1

 

[Sametboy2019]

Dollar is rising as all currencies are losing value.

All the ships are sinking..... people are jumping on the one that is sinking the slowest.

 

[candide]

1 hour ago, RayC said:

There's a reason for that

https://www.google.com/amp/s/www.cityam.com/boost-for-global-britain-as-uk-exports-to-eu-defy-brexit-challenges-and-hit-highest-level-ever/%3famp=1

 

Interesting. I wasn't aware of it. 

Quote from your source for lazy members:

“Due to a lack of LNG import terminals in Europe, the UK is a key global importer of the fuel which it then exports to Europe via pipeline, particularly given small storage capability in the UK.”