Wednesday, Aug 13, 2008
Sterling hits 22-month low vs $ at $1.8650
Telegraph: Sterling slumps on BoE's gloomy Inflation Report
The Bank of England's Inflation Report took currency markets by surprise with the pound slumping as expectations of a rate rise vanished and traders began to bet on a fresh round of cuts in coming months.
Posted by alan @ 06:36 PM (976 views) Add Comment
10 Comments
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1. tyrellcorporation said...
Looks like a deliberate undermining of Sterling to me.
2. nooneo said...
Surprise, surprise !
So it looks like Mervyn no longer wants to the job! Interest rates on hold, inflation up, pound down, imports up, exports possibly up (do we export anymore!) and the property market is possibly going toreach terminal velocity by next year.
Bye, bye Merv, hope the massive pension plan is enough to get by on (you could probably support a small nation on the size of Merv's pay-off packet). Independent my @rse....
I bet he's printed out a full year of those letters to the chancellor...
3. nooneo said...
In my last post..
imports up - should read import prices up... sorry
4. Eternal Sceptic said...
In safe hands. The economy is now Labour's strong card On the campaign trail today · Election 2001.
5. Eternal Sceptic said...
In safe hands. The economy is now Labour's strong card On the campaign trail today · Election 2001.
Play it again Sam. I wasn't entirely convinced first time around..........
6. bystander said...
Oil, priced in dollars up by 3 dollars, just as pound drops by ten cents in the pound, therefore making oil almost as expensive as it was at 147 dollars per barrel. Well done Merv and GB, inflate out the debt that has and will be created by the incompetent idiots running UK PLC, at the detriment of the frugal.
7. bystander said...
"at the moment is the Gbp, it looks as though a major player (central bank, market maker) is at work on the pound,"@http://www.forexfactory.com/news.php?do=news&id=100455
Interesting that forex-traders are looking towards major manipulation to explain the sudden plunge against both dollar and Euro today. Could the BoE, under the stable guidance of GB and crew be deliberately devaluing the pound and therefore increasing inflation to in turn devalue the UK PLC debt??????
8. Timbo68 said...
GBP v USD more than overdone short term though, look for a wild bounce back tomorrow if US CPI is anywhere near as grim ..
http://www.newspools.com/markets/what_will_the_consumer_price_index_be_reported_14_aug_08.html
9. paul said...
Yes, indeed pound is falling and imports are soaring even further in price.
Did someone forget to tell the MPC that inflation tends to feed on itself in a spiral? No they've been too busy looking after their own property portfolios and worrying about whether port will be on the lunch menu.
10. nooneo said...
More and more it appears that the UK economy has absolutely no-one at the helm....
Still another by-election disaster in scotland should do the trick.