The pound against the dollar is taking a hammering for the last two days. Started at 1.6308 two days ago is now down to 1.61057. Whats going on?
GBP Taking a hammering
- Thread starter ukbob
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In the latest episode of the United Hour Podcast, Nik @Rood and Imran @Annihilate Now! start with the good news by celebrating Manchester United Women's emphatic FA Cup win over Spurs at Wembley and the future of manager Marc Skinner.
Then it's the bad news and the ever worsening form of our Men with losses to Arsenal and Palace.
Finally the main debate - ETH Out now or keep him until the end of the season - if not longer. Are you Team Nik or Team Imran?
the greenback is riding on the coattails of the loonie.
Basically Bob:
U.K. retail sales slumped more than economists forecast, adding further weight calls for the Bank of England to keep interest rates on hold.
Or more simply, UK's economy is doing quite badly. (even when compared to that of the US)
U.K. retail sales slumped more than economists forecast, adding further weight calls for the Bank of England to keep interest rates on hold.
Or more simply, UK's economy is doing quite badly. (even when compared to that of the US)
the pound has risen against the euro the last week........
cocks out on the transfer front for european targets.
cocks out on the transfer front for european targets.
It's bang on where it was a month ago though.
The longer the Greek debacle, the better it is for the GBP vs. the EUR as investors will continue to sell off euro-assets and not want to buy any.
If a concrete rescue package is offered soon though (or anything else which benefits Greece), then I expect the EUR to rise heavily again in the next 6 months (especially with the ECB planning to raise rates in the coming months while the BoE keeps its low to promote growth).
IMO, of course! (don't speculate on my advice
)feck feck feck.
Everybody stop buying retsina. Please.
Everybody stop buying retsina. Please.
It's actually a good thing and a bad thing at the same time. It would help a little if people would eat local seasonal produce - there's a start, because it might encourage more farmers to grow food instead of oilseed etc. The UK has one of the most efficient agricultural systems in the world, yet imports the vast majority of its food.
Isn't that more to do with the EEC/CAP and it's descendants?
It's to do with all sorts of shit!
Will this affect the overall quality of my caravaning holiday in Trecco Bay?
Retail sales haven't slumped.
April was an exceptional month because of the royal wedding and the number of bank holidays.
Don't believe the BBC spin man.
I've not caught much of the financial news this week but my guess is Greek default risk had rattled this particular cage.
They did fall by 1.4% though, against forecast numbers of 0.6%. Markets couldn't care less if that was due to exceptional April sales or not, the contraction level was higher than expected, and that meant a GBP sell-off as traders were not particularly reassured about any economic growth prospects in the UK.
EUR was back up on Friday after Merkel and Sarkozy said a Vienna-debt rollover solution to Greece would work.
The number of weekends also plays a part.
I'd expect decent-ish growth in June with it being a five weekender.
One of the first things you learn in forecasting is smoothing out variations.
A figure alone means nothing without the relevant info to back it up.
Like when Ed Balls got excited after GDP contracted following the bad weather in Nov/Dec.
A supposed esteemed economist should have never been so opportunist with the figures.
Hey, Impy, what's your short/medium term forecast on the pound vs euro?
The UK has been an importer of food since the beginning of the 19th Century, simply put there isn't enough farmland in the country to provide for over sixty million people.
Haven't got a clue to be honest mate.
There's that much going on in the world economy at the moment that only a fool would make a prediction.
Not too sure how long the Eurozone can remain in it's current guise for.
The bankers we have spoken to don't see it lasting past 2014 if the domino effect of the bailouts continue.
That said they were speculating along with anyone else.
It's been a volatile six months that's for sure bailouts, arab spring, Japan, etc.
Which is why a new regime so to speak is being introduced in 2013, we are seeing exactly why the Eurozone should never have been devised in the first place or at the least it should have been limited to North West Europe. When you create a monetary union for political purposes odds are it will go south at some point.
I blame London.
Where is Weaste and his views on determining the city status of settlements in the North West of England when you need him?
Don't even talk about city status. Our town was declared a city and now it's city this and city that, but no fecker asked us if that's what we wanted in the first place. We must, apparently, strive to be the 'third city of the NorthWest'. feck knows why, no one asked me if that's what I want. Still, becoming a city was a great reason to increase the 'city' boss's pay and it looks better on their cv's for when they apply somewhere else. And now I'm officially an inner-city dweller, and I haven't moved an inch. Bastards. I want to be a town again.
They gave us City status the same day Everton appointed David Moyes as their manager.
Yeah, that's why he baled out. Knob-End would be in Premier League today without city status.
The price of groceries has gone up a lot lately and it's pissing me off.
Blame the Chinese and Indians.
Supply and demand.
Supply is fixed but the newly wealthy middle classes of China/India want to eat the same foods as all the wealthy Europeans/Americans. This puts prices up.
Supply is fixed but the newly wealthy middle classes of China/India want to eat the same foods as all the wealthy Europeans/Americans. This puts prices up.
Get in and buy the pound against the dollar at the moment. All moving in the right direction.
It also creates a world of opportunities.
If China is going to become the next super power they are going to have to change their social outlook on things like child labour.
As they become more westernised and economically mobile they will have some huge obstacles to overcome.
The slump continues. Now at a 3 month low. Goddamit.
Tell me about it!!! Traded some Japanese Yen this morning and got well and truly fecked!!!
Give it time and they will change. Japan was in the same situation years ago. When it does change then watch all the manufacturing go to yet another cheap place.
Indicators are to buy right now
Really?
From what I'm reading, it's going to keep on tanking. No interest rate hikes any time soon (unlike the ECB) and talk of quantitive easiing. Not looking good for the GBP.
The system I am using said to buy, mind you it said to buy the yen earlier and screwed up!. First time it has let me down, twice in a bloody day!!
Yeah I'd wager it'll keep dropping, just can't see any news out of the UK that'll likely change the BoE's stance (i.e. the economy will likely continue to struggle meaning they'll keep rates low). While the EUR will as likely go up or down depending on the Greek crisis.
Most traders on my work-floor have been been dumping the GBP and picking up other currencies all week.
Yeah, Swiss francs and Aussie dollars seem to be all the rage these days.
I'm getting screwed though. Have just sold a flat for sterling and need to buy a house in euro. Find myself in the weird situation of hoping Greece votes against the austerity measures.
I'm getting screwed though. Have just sold a flat for sterling and need to buy a house in euro. Find myself in the weird situation of hoping Greece votes against the austerity measures.