Pound slumps to all-time low against dollar

[Chomper Higgot]

15 minutes ago, JonnyF said:

You keep bringing up Labour, then when they are rightfully derided you want the subject changed ????.

 

If you don't want to discuss Labour, Brexit etc. then stop bringing it up.

I look forward to discussing Labour when Labour are the topic of the thread.

 

[placeholder]

16 minutes ago, JonnyF said:

You keep bringing up Labour, then when they are rightfully derided you want the subject changed ????.

 

If you don't want to discuss Labour, Brexit etc. then stop bringing it up.

Responding to deflections that invoke Labour is not the same thing as bring the subject up in the first place. What don't you get about that?

[JonnyF]

1 minute ago, Chomper Higgot said:

I look forward to discussing Labour when Labour are the topic of the thread.

 

Or when you once again bring them into a thread about the UK government.

[nigelforbes]

Western markets are not open yet but if GBP/THB is anything to go by, the value of the Pound has increased this morning, against THB it's up to 42.61 at Kasi. in Thailand. It appears the market may have fallen back in love with Sterling, aww, how sweet.

[BritManToo]

4 minutes ago, nigelforbes said:

Western markets are not open yet but if GBP/THB is anything to go by, the value of the Pound has increased this morning, against THB it's up to 42.61 at Kasi. in Thailand. It appears the market may have fallen back in love with Sterling, aww, how sweet.

I changed at 43.06 on Friday, down to 42.84 now.

[nigelforbes]

2 minutes ago, BritManToo said:

I changed at 43.06 on Friday, down to 42.84 now.

I can only tell you what I see and what Kasikorn shows me, according to them it jumped this AM.

 

[Chomper Higgot]

12 minutes ago, BritManToo said:

I changed at 43.06 on Friday, down to 42.84 now.

Well yes, the idiot Budget has been ditched.

[ExpatOilWorker]

[puchooay]

4 hours ago, placeholder said:

Responding to deflections that invoke Labour is not the same thing as bring the subject up in the first place. What don't you get about that?

You mentioned Labour, not in reply to a deflection, first. A long way back on 28th September. You then wrote a long post comparing the leading parties in Parliament on 2nd October. 

[kwilco]

7 hours ago, ExpatOilWorker said:

Can you explain the point you are trying to make with this graph?

 

[kwilco]

4 chancellors in 4 months! And a nearly 100% turnaround by the new chancellor on the PM’s policy on which she was elected about a month ago..

 

Today sees one of the biggest U-tuns in British history!

 

There are pros and cons for a cheap pound but beyond this there is the reputation of the UK - and this as been smashed thanks to successive Tory admins culminating in the extreme and predicted stupidity of Lz Truss - who's dogma-based decisions will mean she will be booted out , probably by the end of the week - but this still won't fully repair the UK's international reputation.

...

The Bank of England stated last week that before this government, the UK was regarded internationally as financially as secure as the USA and Germany, now they are regarded on the same level as Italy and Greece – except the UK doesn’t have the might of the EU to back them up.

 

Until 2016 the pound was buying the dollar between 1.60 and 1.40. After 2016 it has fallen steadily until today with the chancellor’s announcement of a 100% U-turn, it has RISEN – to a level of 1.13, still way below its pre-Brexit level.

[kwilco]

9 hours ago, nigelforbes said:

I can only tell you what I see and what Kasikorn shows me, according to them it jumped this AM.

 

It seems many people on this thread are trying to make a poin but don't know what that point is, or maybe they just don't know how to read a graph?

[nigelforbes]

1 hour ago, kwilco said:

It seems many people on this thread are trying to make a poin but don't know what that point is, or maybe they just don't know how to read a graph?

I don't know either, if you figure it out will you please PM me? ????

[thaibeachlovers]

20 hours ago, JonnyF said:

Actually we already tried that. It was going OK until power hungry politicians started empire building so we left the failed Federalist project following a Democratic vote to do so ????.

Had they left it as the EEC, the UK would probably still be in it today. Too many power hungry politicians with an eye for becoming a bigger fish in the political pool.

[Scott]

Troll post and reply removed.

 

[Advocate]

Brexit is a time machine that only moves backward.

 

Next stop Dickensian poor houses.

 

[Mac Mickmanus]

2 minutes ago, Advocate said:

Brexit is a time machine that only moves backward.

 

Next stop Dickensian poor houses.

 

Course you can, get to the back of the queue at the food bank and get some more , as much as you like .

 

[Advocate]

On 11/3/2022 at 6:32 PM, Mac Mickmanus said:

Course you can, get to the back of the queue at the food bank and get some more , as much as you like .

 

Thanks for holding a place for me at the back of the queue.

 

The queue is full of UK people. Everybody knows that in the UK queues have no end because of the love of Englishmen for queuing.

[kwilco]

In the G7, only UK is in recession.... why? Because only UK has BREXIT!

[placeholder]

On 10/17/2022 at 6:03 PM, kwilco said:

Can you explain the point you are trying to make with this graph?

 

Lots of people believe that currencies are analogous to stock shares. So if the value of the currency, like the pound, declines vis a vis a major currency like the dollar, that means that UK citizens are worse off. But that's not the case. It depends on how many of those pounds a citizen earns and/or holds and what can be purchased with them. 

[Mac Mickmanus]

3 hours ago, kwilco said:

In the G7, only UK is in recession.... why? Because only UK has BREXIT!

As he keeps positing this nonsense, it needs to be stated that four of the seven members  of the G7 Countries are not even in the .E.U 

   Only three G7 member Countries are also members of the E.U 

[nigelforbes]

16 minutes ago, placeholder said:

Lots of people believe that currencies are analogous to stock shares. So if the value of the currency, like the pound, declines vis a vis a major currency like the dollar, that means that UK citizens are worse off. But that's not the case. It depends on how many of those pounds a citizen earns and/or holds and what can be purchased with them. 

In fact, using the example you cited, the decline of GBP against USD would indeed make UK citizens worse off. Why? USD is the international settlement currency for imports and exports globally. A drop in value of GBP would make imports more expensive and this would be passed on to the consumer. Plus the US is the UK's third largest source of imports hence the cost of those goods would also increase. Finally, oil is priced in USD, as the value of Sterling falls, the price of oil and refined petroleum products increases and this increase is once again passed on to the consumer.

[placeholder]

5 minutes ago, nigelforbes said:

In fact, using the example you cited, the decline of GBP against USD would indeed make UK citizens worse off. Why? USD is the international settlement currency for imports and exports globally. A drop in value of GBP would make imports more expensive and this would be passed on to the consumer. Plus the US is the UK's third largest source of imports hence the cost of those goods would also increase. Finally, oil is priced in USD, as the value of Sterling falls, the price of oil and refined petroleum products increases and this increase is once again passed on to the consumer.

But over the mid to long term what counts is the purchasing power of the British consumer. So while a resident of the UK even if each pound is worth less in dollars, what matters is how mamy of those pounds they hold or earn. The pound is worth about a third of what it was worth 100 years ago relative to the dollar. Does that mean the the average resident of the UK is poorer than they were then?

[thaibeachlovers]

On 11/13/2022 at 2:22 AM, nigelforbes said:

In fact, using the example you cited, the decline of GBP against USD would indeed make UK citizens worse off. Why? USD is the international settlement currency for imports and exports globally. A drop in value of GBP would make imports more expensive and this would be passed on to the consumer. Plus the US is the UK's third largest source of imports hence the cost of those goods would also increase. Finally, oil is priced in USD, as the value of Sterling falls, the price of oil and refined petroleum products increases and this increase is once again passed on to the consumer.

Ah the shame of the UK laid bare.

 

The UK used to export to the world and if only they hadn't wasted all that North Sea oil.

[nigelforbes]

On 11/12/2022 at 8:30 PM, placeholder said:

But over the mid to long term what counts is the purchasing power of the British consumer. So while a resident of the UK even if each pound is worth less in dollars, what matters is how mamy of those pounds they hold or earn. The pound is worth about a third of what it was worth 100 years ago relative to the dollar. Does that mean the the average resident of the UK is poorer than they were then?

The people of the wiemar republic in Germany during the 1920s needed a million marks to buy a loaf of bread, they earned lots of money but were very poor. The fact is that the value and volume of cash work hand in hand to create  monetary value. 

 

 

 

 

[placeholder]

1 hour ago, nigelforbes said:

The people of the wiemar republic in Germany during the 1920s needed a million marks to buy a loaf of bread, they earned lots of money but were very poor. The fact is that the value and volume of cash work hand in hand to create  monetary value. 

And how does that contradict the false belief that if a unit of currency has declined in value, that is proof that the economy has declined? Which is what some posters apparently believe. Moreover it's not nearly so simple as the volume of currency affects prices. In 2010 QE was instituted in the US and it was widely predicted by those on the right to cause inflation. Had no effect at all on inflation.

[nigelforbes]

6 hours ago, placeholder said:

And how does that contradict the false belief that if a unit of currency has declined in value, that is proof that the economy has declined? Which is what some posters apparently believe. Moreover it's not nearly so simple as the volume of currency affects prices. In 2010 QE was instituted in the US and it was widely predicted by those on the right to cause inflation. Had no effect at all on inflation.

A currency often declines in value because the current account has gone into deficit, case on point, Thailand

Thatusually happens because of the balance of trade, eg lower exports than imports, something that is indicative of a slowing economy.

[Mavideol]

On 11/12/2022 at 8:03 PM, Mac Mickmanus said:

As he keeps positing this nonsense, it needs to be stated that four of the seven members  of the G7 Countries are not even in the .E.U 

   Only three G7 member Countries are also members of the E.U 

and yet Only the UK is in recession 555

[placeholder]

36 minutes ago, Mavideol said:

and yet Only the UK is in recession 555

I think most of the developed nations in the EU are headed that way. But there are recessions and then there are RECESSIONS!  The outlook is that the UK is headed for the latter.

[Mac Mickmanus]

2 hours ago, Mavideol said:

and yet Only the UK is in recession 555

Yes, from a list of Countries that only include three Countries in the E.U

One of those Countries is heading into a recession and another one of those Countries seems to have been saved from recession by its tourist industry