Pound drops to lowest level since 1985

[Grouse]

18 minutes ago, SgtRock said:

 

Here we have the classic example of the highly educated remainer, who berates and tries to ridicule others, levels accusations of being uneducated at anyone who happens to support a Brexit.

 

But does not have the required amount of brain cells needed to work out the difference between Europe and the EU.

 

Just for your info. Sterling has been on a downward slide against the $ since 2007. 

 

I took a hit then when it was $ 2 = £ 1 without whinging about it. I am loving it now. Swings and roundabouts.

 

No sorry, you're wrong yet again. You REALLY think I don't know which countries are in the various areas? Now you are being silly!

 

I appreciate and enjoy reasoned discussion and that includes your input on DB.

 

Yes I get exasperated with numptyish comments.

 

What I don't understand, to repeat, is your obvious schadenfreude if anything goes wrong in the EU or elsewhere in Europe. Why is that? Are you Islamic? I think we should be told ?

[Grouse]

43 minutes ago, Khun Han said:

 

Eh??? It might be an idea to read a post properly before replying to it. In the first post you quoted, I was condensing and paraphrasing the remainer stance. That's what the colon was for .

 

The rest of your reply isn't worth a response. There's more than enough of that type pf silliness coming from other posters on here. I expect posters of a certain ilk will now chime in to offer their support for your personal attack. Some people are just like that.

 

I will note, though, that you think that Grouse likes to push other posters' buttons. It's called trolling - something that I've already identified in him .

Both wrong. I don't really care what anyones sensitivities are. I'm from Yorkshire.

[Grouse]

35 minutes ago, Khun Han said:

 

And on they go with the condescension and insults. My point was that they confidently present speculation about how things are going to pan out as established fact, and then want to take the discussion 'forward' from there.

 

Present some compelling facts that the speculation is going to come to fruition, and we have the start of a discussion.

https://outlook.live.com/owa/?realm=hotmail.com&path=/mail/inbox/rp

 

Hot off the press...

 

I have no desire to insult anyone or be condescending. I say it as I think fit........

[Grouse]

35 minutes ago, Khun Han said:

 

You speak with condescension and insults. That's not a good way to generate quality debate.

 

Its many years since I left primary school

 

I can't be bothered with sillyness

 

Funnily enough, I was listening to a Richard Dawkins debate last night. He can't abide silliness either!

 

Now you at least seem to be well informed, is it your goal to save all the numpties from scorn or have a rational debate?

[SgtRock]

49 minutes ago, Naam said:

 

this has nothing to do with manipulation of any market. it's a case of money laudering (embezzlement of 1 billion Dollars from the Malaysian state fund 1MDB).

 

I never said it was 

 

It was a direct response to the rules, regulations and laws that are broken at will. Especially by banks.

[Grouse]

31 minutes ago, Khun Han said:

 

Here is an article about the IMF view at the end of July:

 

http://www.telegraph.co.uk/business/2016/07/27/pound-remains-overvalued-despite-last-months-sharp-fall-imf-warn/

 

Hmmm, I don't think the Torygraph has quite the gravitas of the IMF

 

Now look, I understand Brexiteer feelings about experts but........

[Khun Han]

8 minutes ago, Grouse said:

Both wrong. I don't really care what anyones sensitivities are. I'm from Yorkshire.

 

Then don't get ar$ey when other posters respond in kind. None of us (including Yorkshiremen) get a free pass with behaviour here.

[slippedisc]

The lesson i've learnt here is to be as diversified as possible with your currency & investments. I'm just about to leave UK for Thailand and the rate is abysmal now compared to to pre-referendum, but with income from a US property & investments in US stocks, i'm nicely up.

 

You can definitely turn this situation to your advantage if you get some income in USD, but again relying on one currency as ex-pat or traveller is a real gamble, so don't reply on your USD income either in these very uncertain and surprising times.

Edited October 11, 2016 by slippedisc
typo

[Grouse]

 

experts

[HauptmannUK]

I just love the comment that Michael Gove's wife made to him after the referendum result (apparently true)..."You were only supposed to blow the bloody doors off"..

[vogie]

7 minutes ago, Khun Han said:

 

Then don't get ar$ey when other posters respond in kind. None of us (including Yorkshiremen) get a free pass with behaviour here.

I really don't know why you bother arguing with the Chuckle Brothers, it's like a Monty Python sketch. You say something contructive, they comeback with contradiction. 

[Basil B]

Well, Well, Well...

 

Wounder how many of the whingers, whinging on about the the way the pound is in free fall also advocated Brexit??? 

 

 

[Khun Han]

20 minutes ago, Grouse said:

 

Hmmm, I don't think the Torygraph has quite the gravitas of the IMF

 

Now look, I understand Brexiteer feelings about experts but........

 

https://www.efxnews.com/story/25410/imf-sterling-overvalued-risk-rapid-boe-mpc-tightening

 

https://www.fxstreet.com/analysis/-pound-overvalued-says-imf-201607271859

[Grouse]

21 minutes ago, Khun Han said:

 

Then don't get ar$ey when other posters respond in kind. None of us (including Yorkshiremen) get a free pass with behaviour here.

 

Again you misunderstand.

 

I don't care about tone or timbre or spelling. I'm interested in informed viewpoints based on facts and research. 

 

If I want listen to rubbish, I can go to the local bars.

 

What did you have for lunch?

[Grouse]

12 minutes ago, vogie said:

I really don't know why you bother arguing with the Chuckle Brothers, it's like a Monty Python sketch. You say something contructive, they comeback with contradiction. 

 

No I don't ?

[Grouse]

10 minutes ago, Khun Han said:

 

https://www.efxnews.com/story/25410/imf-sterling-overvalued-risk-rapid-boe-mpc-tightening

 

https://www.fxstreet.com/analysis/-pound-overvalued-says-imf-201607271859

 

Now that's better! Thanks!

 

I'll study these but it seems to me that the vote to leave was a major kick in the fundamentals!

 

Also BoE slackened not tightened monetary policy against IMF expectations...

 

But what do I know; I'm just a dumb engineer!

Edited October 11, 2016 by Grouse

[happy Joe]

And if we stopped the childish quarrels, eh?

 

To me the future of the Pound lies in the hands of May Government:

 

  1 Hard, Total Refusal of EU rules and complete break. The pound will fall sharply again with a risk of collapse. The result of the referendum is respected.

 

  2 Soft, UK leaves Europe but remains in the market by accepting EU rules. The pound quickly regains its pre Brexit level. But voters are cheated.

 

I think the new decline is only linked to strong statements of T. May indicating "Brexit is Brexit" suggesting a hard exit.

 

But that is not certain.

[metisdead]

An off topic post has been removed as well as the replies.

[Prbkk]

2 hours ago, slippedisc said:

The lesson i've learnt here is to be as diversified as possible with your currency & investments. I'm just about to leave UK for Thailand and the rate is abysmal now compared to to pre-referendum, but with income from a US property & investments in US stocks, i'm nicely up.

 

You can definitely turn this situation to your advantage if you get some income in USD, but again relying on one currency as ex-pat or traveller is a real gamble, so don't reply on your USD income either in these very uncertain and surprising times.

 

Yes, well it could have been worse: the Baht is under significant pressure for reasons well known but not widely discussed in Thailand ( so too the SET index). So your GBPs are going a little further than they might otherwise have done.

[Jip99]

On 10/10/2559 at 8:03 AM, chiang mai said:

 

Vogie, you have no obvious sense of humour, which is odd for a Yorkshire man..

 

 

 

Was that intended as irony ??   

 

 

(PS. Hands up, my "the Baht will be back to 50 by Xmas" is looking about as accurate as "the Titanic will be in New York before you know it". I made the classic schoolboy error of basing my call on basic economic factors.............. BIG mistake.............. I should have known that currency exchange rates no longer bear any resemblance the economy)

[SheungWan]

Just now, Jip99 said:

 

 

 

Was that intended as irony ??   

 

 

(PS. Hands up, my "the Baht will be back to 50 by Xmas" is looking about as accurate as "the Titanic will be in New York before you know it". I made the classic schoolboy error of basing my call on basic economic factors.............. BIG mistake.............. I should have known that currency exchange rates no longer bear any resemblance the economy)

 

Actually i think the basic mistake made re sterling was to assume that the remain vote was going to win. What the result has done is to expose strategies of being all-in on sterling prior to the vote. The question now is whether to continue that position. Risk management the order of the day?

[Grouse]

Cable now down to 1.22 ?

 

20% in less than 1 year......

 

FTSE100 7071

 

adjust to USD = 5656 great!

 

(1 year ago 6371)

Edited October 11, 2016 by Grouse

[SheungWan]

One commentator on CNBC Half-Time report was opining on the currency  situation and the sterling flash crash viewing it more as an extreme event causing worry for the general trajectory of sterling rather than purely as an exceptional outlier event to be discounted. Gloomy.

Edited October 11, 2016 by SheungWan

[SheungWan]

GBPUSD currently now down 2% today. £1 = 1.21 and change , GBPTHB back to 42 and change (xe.com mid points). GBPEUR below 1.10.

Reported earlier that some exchanges offering euro cash at less than 1.0 Fantastic!

Thanks brexit....actually not just brexit but take a bow, you deserve it.

Edited October 11, 2016 by SheungWan

[Laughing Gravy]

13 hours ago, Khun Han said:

 

You speak with condescension and insults. That's not a good way to generate quality debate.

Good Luck with That Khun Han. you are allowed an opinion as long as it is the same as his.

 

I do love getting up in the morning and reading the remoaners arguments for the financial Armageddon. It would seem that they are praying, pleading and hoping that the UK has a melt down and are begging to be let back in the EU.

 

Firstly the UK is thriving. Secondly the falling pound as many experts (Mervyn King for one) have mentioned before the pound was always to high and now with the lower pound, exports are better and helping the economy.

 

Many (not all) on here who want to se the UK destroyed, I just don't understand that at all. The negativity and hatred that is put out on this forum alone is staggering. Some of the remainers remind me of children "who have lost and want to take their bat and ball in'.

in a game.

 

Those arguing that the weaker pound will affect the holiday makers, well as my friends have said, they will holiday in the UK. spend money in the UK. If exports are high buy British, I see no harm in that.  I really don't see the end of the world as so many do here. Maybe it has to do with positivity and personalities. I see the pound falling for the time being as an opportunity not one to 'run for the hills' attitude.

 

Good morning everyone!

[ilostmypassword]

8 minutes ago, Laughing Gravy said:

Secondly the falling pound as many experts (Mervyn King for one) have mentioned before the pound was always to high and now with the lower pound, exports are better and helping the economy.

 

 

Exports are better?  Really?  Maybe very slightly.  But it's far outweighed by the huge increase in import costs.

 

 

Hopes that the cheaper pound will boost exports dealt a blow as the UK's trade deficit widens

Hopes that the cheaper pound will boost UK exports were dealt a blow today as official figures showed Britain's trade deficit widening by £2.5billion in August. 

The Office for National Statistics said the deficit on trade in goods and services reached £4.7billion in August 2016.

While imports increased by £2.6billion, exports only rose by £100million – although optimists would point out that weaker sterling exchange rates might not have had chance to make an impact by then. 

http://www.thisismoney.co.uk/money/news/article-3827323/Hopes-cheaper-pound-boost-UK-exports-dealt-blow-today-trade-deficit-widens.html

Edited October 12, 2016 by ilostmypassword

[ilostmypassword]

Here's a link to an article by Paul Krugman which offers a much more measured analysis of the consequences of Brexit. As he has consistently pointed out, the doomsayers are exaggerating the damage that Brexit will do to the UK economy.  

http://krugman.blogs.nytimes.com/2016/10/11/notes-on-brexit-and-the-pound/?module=BlogPost-Title&version=Blog Main&contentCollection=Opinion&action=Click&pgtype=Blogs&region=Body

[chiang mai]

36 minutes ago, ilostmypassword said:

Here's a link to an article by Paul Krugman which offers a much more measured analysis of the consequences of Brexit. As he has consistently pointed out, the doomsayers are exaggerating the damage that Brexit will do to the UK economy.  

http://krugman.blogs.nytimes.com/2016/10/11/notes-on-brexit-and-the-pound/?module=BlogPost-Title&version=Blog Main&contentCollection=Opinion&action=Click&pgtype=Blogs&region=Body

 

The key take away from Krugman's article is that UK wages will be lower, the Pound weaker and the economy smaller. I don't regard that as doom speak and I don't regard it as necessarily bad, the UK economy was over inflated previously and the Pound was overvalued. BUT if Mr and Mrs Average UK are on board with seeing their standard of living decrease, potentially to recover later, maybe, I think that's a good and realistic approach to the UK's economy - I'll bet however that Mr and Mrs Average UK didn't see that coming and certainly didn't plan for it, especially given that consumer price inflation is going to hit UK plc real soon (nothing doom speak in that, just fact, exports down, imports up, currency way down means consumer price inflation) and that means increased interest rates at some point, another load on Mr and Mrs Average they were hoping to avoid. Hmmm, did I really say this was all not a bad thing! Well for me sat here in Thailand spending already banked Baht it's not a problem but I bet the UK population wouldn't agree.

[Grouse]

1 hour ago, Laughing Gravy said:

Good Luck with That Khun Han. you are allowed an opinion as long as it is the same as his.

 

I do love getting up in the morning and reading the remoaners arguments for the financial Armageddon. It would seem that they are praying, pleading and hoping that the UK has a melt down and are begging to be let back in the EU.

 

Firstly the UK is thriving. Secondly the falling pound as many experts (Mervyn King for one) have mentioned before the pound was always to high and now with the lower pound, exports are better and helping the economy.

 

Many (not all) on here who want to se the UK destroyed, I just don't understand that at all. The negativity and hatred that is put out on this forum alone is staggering. Some of the remainers remind me of children "who have lost and want to take their bat and ball in'.

in a game.

 

Those arguing that the weaker pound will affect the holiday makers, well as my friends have said, they will holiday in the UK. spend money in the UK. If exports are high buy British, I see no harm in that.  I really don't see the end of the world as so many do here. Maybe it has to do with positivity and personalities. I see the pound falling for the time being as an opportunity not one to 'run for the hills' attitude.

 

Good morning everyone!

 

Back to bed I think ?

[rockingrobin]

1 hour ago, ilostmypassword said:

Here's a link to an article by Paul Krugman which offers a much more measured analysis of the consequences of Brexit. As he has consistently pointed out, the doomsayers are exaggerating the damage that Brexit will do to the UK economy.  

http://krugman.blogs.nytimes.com/2016/10/11/notes-on-brexit-and-the-pound/?module=BlogPost-Title&version=Blog Main&contentCollection=Opinion&action=Click&pgtype=Blogs&region=Body

The overvalued currency displays that the UK does not pay its way in the world and is dependent on foreign friends .

The article tends to miss the point that financial transaction costs are low thus the low pound will have minimal affects  with this regard.