Wednesday, Mar 14, 2007
Sterling under presssure
Reuters: Sterling hits 8-mth low vs euro in carry unwinding
I've noticed sterling has being going down steadily not just against the EUR and JPY and most currencies as you might expect but also the USD which is itself weak
Posted by holding out @ 11:43 AM (193 views) Add Comment
8 Comments
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1. dohousescrashinthewoods said...
"In defence of currency"
What's the bet on an IR rise in April?
2. holding out said...
Compared to the EUR (which is a good average) the GBP rose from the beginning of the year and for the last couple of months it has been in a slow decline. It still isn't yet as low as this time last year. But the rises have helped keep inflation down and the recent decline should add to inflation and assuming the BoE sticks to it's remit (and it doesn't have a choice does it?) there should be a rise in IR to bolster sterling.
3. japanese uncle said...
Sterling has been like a catsle built on a cloud, without substance but specualtion. HPC-triggered recession will be something we haven't seen in decades, and Crash Gordon will be sorry that he did not have the guts to kick Silky Teflon's butt out of the #10 in time, as he will most likely have to carry the can, deservedly, and will be remembered as the shortest timer in the #10.
Immigrant workers from East Europe will be wishing to do U-turn to go back home looking for better and stable life there. It is not sound that plumbers all come to the UK and they cannot cope with water lealage back in Poland. Something is clearly wrong first of all.
4. harold said...
JU, I've been saying for some time that a fall in sterling will help ease immigration.
5. autopilotengage said...
Oh dear, think of all that nasty inflation we're going to import, that can only mean one thing. Well Merv, better get your blotting paper out.
6. japanese uncle said...
Falling sterling is also good for resuscitating the dying manufacturing in UK. Incidentally apart from Crash Gordon's fate, Silly. oopse Silky Teflon is also doomed. If he is charged for his involvement in the Cash for Honor scandal, his lucrative lecturing tour stateside and his contract for his memoir will all be cancelled once and for all, and his Grovesner BTL property will have to be repossessed. They don't care a damn for a convict out there. Sounds sweet, doesn't it?
7. paul said...
Certainly does sound sweet indeed. Falling sterling will be a big worry for the MPC, betchya.
"Konna yume wo mita" as some might say indeed, JU!
8. sovietuk said...
No matter how weak sterling goes, the fiddling, lies and dishonesty about inflation will continue. The only difference is that this time the dishonesty will be blatantly obvious when people see that a loaf of bread costs £3 here and £1 in Euro land. Interest rates will then go up by a large amount, The New Labour liars/swindlers will be kicked into touch and replaced but a massive mess will be left behind.