Shorting Sterling

[Kwasaki]

7 minutes ago, Chomper Higgot said:

Wandering off topic again are we?

Financial experts talking on radio stations are saying,  Brexit, Covid, Ukraine war, and this mini buget has to do with the mess UK finds itself in.

Hence the bad exchange rate. 

 

Edited September 26, 2022 by Kwasaki

[nigelforbes]

1 minute ago, JayClay said:

They literally just did that.

 

I don't even think there was a dead-cat bounce in response.

They effectively increased the interest rate the government has to pay on foriegn debt (by weakening the Pound) but they haven't increased the key lending rate that will attract inwards investment and capital inflows, a big difference.

[Kwasaki]

6 minutes ago, JayClay said:

Why?

Because the war will soon be over, loads of rich people will be going to UK to save money and invest. 

It will be 45 by December. 

[Chomper Higgot]

8 minutes ago, Kwasaki said:

Because the war will soon be over, loads of rich people will be going to UK to save money and invest. 

It will be 45 by December. 

Pinned.

[Kwasaki]

1 hour ago, Chomper Higgot said:

Pinned.

Up to 40•19 already. ????

[OJAS]

3 hours ago, nigelforbes said:

Wait until the FTSE opens, that should be fun!

Seems to have stabilised in early London trade - against the USD at least:-

 

https://www.reuters.com/markets/europe/sterling-plunges-all-time-low-fiscal-plan-spurs-investor-exodus-2022-09-26/

 

I had also been expecting a further dramatic plunge when the London markets opened. Still plenty of time today for that to happen, though, of course.

 

[nigelforbes]

3 minutes ago, OJAS said:

Seems to have stabilised in early London trade - against the USD at least:-

 

https://www.reuters.com/markets/europe/sterling-plunges-all-time-low-fiscal-plan-spurs-investor-exodus-2022-09-26/

 

I had also been expecting a further dramatic plunge when the London markets opened. Still plenty of time today for that to happen, though, of course.

 

I was looking for a plunge in the FTSE (not Sterling) but it seems to already be priced in on US markets. A large number of shares in the FTSE100 have US earnings and are listed on the US exchanges. The value of those shares fell by around 2% in US trading, after UK trading had ceased. 

[theoldgit]

6 hours ago, OJAS said:

Correction: this refusal only appears to apply to transfers of £5,000 and above, and not to those of £4,999 and below.

This is now showing for a £1,000 transfer

 

Not guaranteed rate

For this transfer, the exchange rate isn’t guaranteed — Wise will use the exchange rate at the moment of receiving your money.

[CharlieH]

If you have money in your wise account.....

 

 

[Kwasaki]

2 hours ago, nigelforbes said:

I was looking for a plunge in the FTSE (not Sterling) but it seems to already be priced in on US markets. A large number of shares in the FTSE100 have US earnings and are listed on the US exchanges. The value of those shares fell by around 2% in US trading, after UK trading had ceased. 

Whats the deal here many people getting money over by one way or another don't that much to worry about the difference between 40 to £ or 45 to £ is not a lot. 

[Chris.B]

Won't be many British tourists at this exchange rate!

☹️

[Chomper Higgot]

13 minutes ago, Kwasaki said:

Whats the deal here many people getting money over by one way or another don't that much to worry about the difference between 40 to £ or 45 to £ is not a lot. 

I met with a friend this afternoon, an English guy who has been retired here for over 15 years.

 

He tells me he’s very worried about the exchange rate fall.

 

Just an ordinary guy trying to enjoy his last years after a life time of hard work.

 

The policies being enacted by this government are negatively impacting very many people, while helping the already wealthy.

[Kwasaki]

Just now, Chomper Higgot said:

I met with a friend this afternoon, an English guy who has been retired here for over 15 years.

 

He tells me he’s very worried about the exchange rate fall.

 

Just an ordinary guy trying to enjoy his last years after a life time of hard work.

 

The policies being enacted by this government are negatively impacting very many people, while helping the already wealthy.

Well my ciber buddy ???? jokes apart I wish I had the money to help friends and I'm sorry for your friends situation not a fun thing at all. 

If I was rich I would help him out but I have to take of one-self and my wife. 

[Chris.B]

10 minutes ago, Chomper Higgot said:

The policies being enacted by this government are negatively impacting very many people, while helping the already wealthy.

Now we have it! A Party Political broadcast by the Labour party...☹️☹️

 

[Kwasaki]

3 minutes ago, Chris.B said:

Now we have it! A Party Political broadcast by the Labour party...☹️☹️

 

Well whatever you think buddy I'm glad I'm here in Thailand instead of the UK at my time of life. ????????

[Chomper Higgot]

19 minutes ago, Chris.B said:

Now we have it! A Party Political broadcast by the Labour party...☹️☹️

 

My observation is factually correct.

[Seppius]

13 minutes ago, Kwasaki said:

Well whatever you think buddy I'm glad I'm here in Thailand instead of the UK at my time of life. ????????

Totally agree

[Mac Mickmanus]

1 hour ago, Kwasaki said:

Whats the deal here many people getting money over by one way or another don't that much to worry about the difference between 40 to £ or 45 to £ is not a lot. 

Yes, if you spend  £50 a day in Thailand , if that's you budget , then it just means you will have 250 Baht a day less to spend .

   Just having two less prostitutes per month  should cover the loss

[Kwasaki]

16 minutes ago, Mac Mickmanus said:

Yes, if you spend  £50 a day in Thailand , if that's you budget , then it just means you will have 250 Baht a day less to spend .

   Just having two less prostitutes per month  should cover the loss

I'm a married man my 2 Mia noi's are not a great cost when you have the means and the time over the years to develop secret relationships they pay the bill sometimes because they luv me. ????

 

[Mac Mickmanus]

24 minutes ago, Kwasaki said:

I'm a married man my 2 Mia noi's are not a great cost when you have the means and the time over the years to develop secret relationships they pay the bill sometimes because they luv me. ????

 

If you have two Mia nois that pay your bills , now that the Pound has dropped, you will have to go and find some more Mia Nois to compensate for the fall .

   Every time the Pound drops by 5 % , you will have to get another Woman to pay for the short fall 

[Denim]

1 hour ago, Chomper Higgot said:

I met with a friend this afternoon, an English guy who has been retired here for over 15 years.

I thought you had moved back to the UK for the sake of your childrens education ?

[JeffersLos]

The main cryptos are going to rebound a lot faster and higher. ???? 

[Chomper Higgot]

32 minutes ago, Denim said:

I thought you had moved back to the UK for the sake of your childrens education ?

Over a decade ago.

 

But thanks for keeping notes.

[kickstart]

9 hours ago, nigelforbes said:

Currency exchange rates rarely make big moves and stay there forever, at some point the markets will see the Pound is oversold and it will rebound. That may well be a dead cat bounce, unless the UK economy starts to see some tangible benefit to the tax cuts that caused all of this. The other reason it will improve is because the BOE will have to increase interest rates at some point, that will make the Pound more attractive or rather I should say, less unattractive.

After last week's budget the government said it was budgeting on the economy improving by 2.5%,with that figure all the tax cuts etc should pay for its self,odds of that happening now is getting slimmer by the week

Raising interest rates might  make the pound more attractive ,but it will not do the  economy any good ,making vital imports ,more expensive ,ie oil,and raw ingredients to make things.

[Kwasaki]

1 hour ago, Mac Mickmanus said:

If you have two Mia nois that pay your bills , now that the Pound has dropped, you will have to go and find some more Mia Nois to compensate for the fall .

   Every time the Pound drops by 5 % , you will have to get another Woman to pay for the short fall 

Nah you really do not understand my situation, there's no short fall.

[Mac Mickmanus]

1 minute ago, Kwasaki said:

Nah you really do not understand my situation, there's no short fall.

I do realise that you are very handsome and popular and females adore you and you are an amazing all round guy , but if the currency devalues further , another lucky lady will be able to be another one of your bits on the side 

[Denim]

2 hours ago, Chomper Higgot said:

Over a decade ago.

 

But thanks for keeping notes.

Sorry , but when you said you had met with a friend here , retired for 15 years , that ' here ' was a bit ambiguous, here being the UK not Thailand. So ...if he doesn't travel not so bad , whereas the expats actually living here, who have to change money at a rate that has just gotten a lot worse must be very upset.

 

 

Edited September 26, 2022 by Denim

[Chomper Higgot]

9 hours ago, Denim said:

Sorry , but when you said you had met with a friend here , retired for 15 years , that ' here ' was a bit ambiguous, here being the UK not Thailand. So ...if he doesn't travel not so bad , whereas the expats actually living here, who have to change money at a rate that has just gotten a lot worse must be very upset.

 

 

It’s not ambiguous at all, I met a friend here (Thailand) who has been retired here (Thailand) for over 15 years.

 

Your personal notes on what I did over a decade ago confused you.

 

It seems I must update you more often.

[Denim]

11 minutes ago, Chomper Higgot said:

It’s not ambiguous at all, I met a friend here (Thailand) who has been retired here (Thailand) for over 15 years.

 

Your personal notes on what I did over a decade ago confused you.

 

It seems I must update you more often.

Ah , so you are back in Thailand. Very wise decision 

 

Yes.....the updates idea is excellent and I thank you in advance should you ever decide to wander off somewhere again.

 

As for your concerned friend I have some sincere advice that will help him claw back some of his losses on the exchange rate.

Stop shopping at Big C and Tesco and start using the local market and older shops in town. The price differences are well worth the effort.

 

Example

 

3 in 1 coffee Big C price ....155

same thing in market       130

 

Pickled Garlic Big C           79

Market ( same Brand )      47

 

And these savings apply to everything in the dry goods line.

Don't even start me on vegetables

 

Only use Big C for bacon and chatting up the cashiers now.

 

Total savings per month comes to about 2000 baht yet eating all the same things as before.

[Chomper Higgot]

2 hours ago, Denim said:

Ah , so you are back in Thailand. Very wise decision 

 

Yes.....the updates idea is excellent and I thank you in advance should you ever decide to wander off somewhere again.

 

As for your concerned friend I have some sincere advice that will help him claw back some of his losses on the exchange rate.

Stop shopping at Big C and Tesco and start using the local market and older shops in town. The price differences are well worth the effort.

 

Example

 

3 in 1 coffee Big C price ....155

same thing in market       130

 

Pickled Garlic Big C           79

Market ( same Brand )      47

 

And these savings apply to everything in the dry goods line.

Don't even start me on vegetables

 

Only use Big C for bacon and chatting up the cashiers now.

 

Total savings per month comes to about 2000 baht yet eating all the same things as before.

Perhaps he was there for the free a/c.