Say Bye Bye To Sterling

[bingobongo]

well, 1 British Pound is sitting at rate of $1.3795 (as of Friday Jan 23) and if support of $1.36 to 1 British Pound does not hold, parity with the $ will be next support (which means $1US = 1 British Pound)

and for those relying on interest income, well the attached chart should help you prepare accordingly, the double whammy of weakening pound with no return will cause much pain

and yes LOS will feel the effect in terms of tourist arrivals/retiring europeans dependent on interest income/ and exports to europe

Edited January 24, 2009 by bingobongo

[Owain]

The pound was worth $1.05 in Feb 1985 and a few months ago it was worth over $2.00 so I would not really worry about it. It goes up, it goes down, up, down, up down, all the time.

[britmaveric]

Currency rates are cyclic for the most part.

[Merangue]

What is with the earth shattering thread titles these days?

'Say bye bye to sterling' as if the UK is going to sink under the waves or as if some earth shattering news has just arrived.

Perhaps a better title would have been

'Nothing new here... please move on.....'

[thaimate]

it must be such an unhappy place bingobongo land ,always jam tomorrow never jam today.

[Chaimai]

it must be such an unhappy place bingobongo land ,always jam tomorrow never jam today.

I am not so sure that you even get jam tomorrow in Bingobongo land

[imaneggspurt]

I think the only way we will say " bye bye " to it is if its swopped for the euro, ( looks like the pound will drop below the euro any minute )

[jubby]

We couldn't swap it for the Euro if we wanted to as we don't meet the entrance criteria, especially now.

I'm not an optimist by nature but I can see that if the pound stays low it'll give us a huge advantage after the initial shock that the Euro states won't like at all.

The pressure and focus is on the Pound at the moment , It'll move somewhere else when the media get bored or some other country gets some interesting bad news.

[britmaveric]

No worries the Euro will be heading to Zero too.

[LivinLOS]

Was a hair from swapping a bunch of EUR into sterling at parity, only got to high 90's and I held out and missed it. but might get another shot..

Dollar too at risk from servicing Obamas 2 trillion in required bond auctions.. Any hint of a lack of desire to pick them up would spell deep issues to the USD.

[britmaveric]

Well good news is everyone is bankrupt and their currency is sh*te - so only place to go is up!!!

[bravingbangkok]

Considering that we are not in the Euro I am very proud of my nations currency and FTSE100 there will always be bad times and the proof of the pudding is survival and that is what we are tying to do and WILL DO and what Iceland have not done !

[thaimate]

I think the only way we will say " bye bye " to it is if its swopped for the euro, ( looks like the pound will drop below the euro any minute )

dont wish to be in the Euro,soon it will start to unravell,believe me its only a matter of time ,also we have had many better years outside than in.

[fred2007]

What is with the earth shattering thread titles these days?

'Say bye bye to sterling' as if the UK is going to sink under the waves or as if some earth shattering news has just arrived.

Perhaps a better title would have been

'Nothing new here... please move on.....'

[PattayaParent]

well, 1 British Pound is sitting at rate of $1.3795 (as of Friday Jan 23) and if support of $1.36 to 1 British Pound does not hold, parity with the $ will be next support (which means $1US = 1 British Pound)

and for those relying on interest income, well the attached chart should help you prepare accordingly, the double whammy of weakening pound with no return will cause much pain

and yes LOS will feel the effect in terms of tourist arrivals/retiring europeans dependent on interest income/ and exports to europe

Well the interest income I get on my US$ is 0.00% at the moment whereas I get 3.40% on the GBP.

So guess where all my US$ are going? Yes to GBP accounts where I'm also making 32% return on the excahnge rate 'cos I bought them at the high.

So I'm getting better interest on the GBP and a capital gain by buying them compared to the US$

So what was the point of your post again??

[spuey]

although the title of the thread seems a little harsh, with saying goodbye to sterling (although there is talk of britain going bust) i do think that bingobongo is right as far as uk expats relying on the GBP exchange rate dropping nearly 30 percent will feel the pain, and maybe if it does not rebound then some may not have the option but to return to uk, as far as exchange rates being cyclic i agree but this globally is a unique situation and the uk seems like its by far near the bottom of the pile concerning getting their act together to pull themselves out of ressesion....so who knows where the pound is gonna end...i think know one, and yes i agree with bingobongo, how cant it have an effect on tourism with the amount of gbp exchanged and spent in thailand in the past?

anyway....off too soi 8 now for a few beers...last thing on my mind will be the demise of the great gbp

[Rinrada]

We should have joined it YEARS ago......now me thinks its almost too late.....O NO it not..........

[Chaimai]

Well the interest income I get on my US$ is 0.00% at the moment whereas I get 3.40% on the GBP.

So guess where all my US$ are going? Yes to GBP accounts where I'm also making 32% return on the excahnge rate 'cos I bought them at the high.

So I'm getting better interest on the GBP and a capital gain by buying them compared to the US$

PP - can you please sent your post to all the financial editors of newspapers in the UK and USA. You might just become the reason for the start of the rebound

[mommysboy]

well, 1 British Pound is sitting at rate of $1.3795 (as of Friday Jan 23) and if support of $1.36 to 1 British Pound does not hold, parity with the $ will be next support (which means $1US = 1 British Pound)

and for those relying on interest income, well the attached chart should help you prepare accordingly, the double whammy of weakening pound with no return will cause much pain

and yes LOS will feel the effect in terms of tourist arrivals/retiring europeans dependent on interest income/ and exports to europe

A truly moronic posting.

[syd barrett]

This week it should rise above 1.40 a good time to get in and sell sterling, because the next low will be 1.30

[Naam]

Well the interest income I get on my US$ is 0.00% at the moment whereas I get 3.40% on the GBP.

So guess where all my US$ are going? Yes to GBP accounts where I'm also making 32% return on the excahnge rate 'cos I bought them at the high.

So I'm getting better interest on the GBP and a capital gain by buying them compared to the US$

???:D?

[mot2102]

This week it should rise above 1.40 a good time to get in and sell sterling, because the next low will be 1.30

how do you know this? or why do you think this? reason i ask is i have been reading a so called expert and they said the doolar will go to 1.444. am just wondering if that's a general feeling ecconomists have or was she just talking nonsense.

[binnsy]

Its no good whingeing about the state of the pound it will do you no good at all if its 37 baht or 70 baht you just have to carry on and drink more

[syd barrett]

This week it should rise above 1.40 a good time to get in and sell sterling, because the next low will be 1.30

how do you know this? or why do you think this? reason i ask is i have been reading a so called expert and they said the doolar will go to 1.444. am just wondering if that's a general feeling ecconomists have or was she just talking nonsense.

Nobody knows anything for sure, but currencies go up and down like a yo-yo and last week was a bad week for the pound, early today touching 1.35 but today back up to 1.39 right now. Should break 1.40 this week sometime.

[mot2102]

yeh i see what you mean syd , it has done good today and may break the 1.40 barrier later. i have been looking at charts from years past and after a big slump against the usd the trend is a 50c + rise or maybe i am dreaming too much for that.

[PattayaParent]

Well the interest income I get on my US$ is 0.00% at the moment whereas I get 3.40% on the GBP.

So guess where all my US$ are going? Yes to GBP accounts where I'm also making 32% return on the excahnge rate 'cos I bought them at the high.

So I'm getting better interest on the GBP and a capital gain by buying them compared to the US$

? ? ? ?

Sorry, you're right, it's more like 50% capital gain.

[Naam]

Well the interest income I get on my US$ is 0.00% at the moment whereas I get 3.40% on the GBP.

So guess where all my US$ are going? Yes to GBP accounts where I'm also making 32% return on the excahnge rate 'cos I bought them at the high.

So I'm getting better interest on the GBP and a capital gain by buying them compared to the US$

? ? ? ?

Sorry, you're right, it's more like 50% capital gain.

don't worry my friend. small maths problems are not life endangering. i do hope you are feeling alright otherwise? regular pulse? average body temperature? no breathlessness?

[PattayaParent]

Well the interest income I get on my US$ is 0.00% at the moment whereas I get 3.40% on the GBP.

So guess where all my US$ are going? Yes to GBP accounts where I'm also making 32% return on the excahnge rate 'cos I bought them at the high.

So I'm getting better interest on the GBP and a capital gain by buying them compared to the US$

? ? ? ?

Sorry, you're right, it's more like 50% capital gain.

don't worry my friend. small maths problems are not life endangering. i do hope you are feeling alright otherwise? regular pulse? average body temperature? no breathlessness?

Quite fine old chap, thanks for asking.

You a doc?

[EnqueaIstarion]

Ah!... the arrogance of youth. for one so young to predict the demise of one so old. in your lifetime has not your sterling always been betwix one and three?

[PattayaParent]

Or more accurately 1.38 and 2.4.

Unless your as old as me Dad and still call a half crown a half dollar????