Wednesday, Jun 03, 2009
Who'd have thunk that!!!
BBC: Pound hits new seven-month high
boom boom boom everybody say eh o - "eh o"
Posted by techieman @ 12:02 PM (1138 views) Add Comment
16 Comments
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1. general congreve said...
YEAH!!! EVERYTHING'S GREAT AGAIN!!! LET'S GO OUT AND SPEND MORE MONEY!!!
What? What do mean? You won't give me and more credit cards or a mortgage? And you're increasing the interest rate on my current debts?
Sorry, party's been called off. It was a mistake. Nothing to see here.
2. wdbeast said...
techieman - I always appreciate your view on the markets, you have great insight
Do you see this as more of a weak Dollar or a strengthening of the Pound?
3. spencer234 said...
Perhaps the markets are getting excited that an election may be called and Brown's reckless spending will be curbed?
4. techieman said...
may be called what? A waste of time?
5. jack c said...
"The pound has been buoyed as data suggests that the UK recession is easing and consumers are more positive" no mention of the prospect of 9% interest rate in the offing
6. flintster1994 said...
Nice one techieman
7. spencer234 said...
techieman - i agree all our political parties are pretty dire. however, brown's planned spending levels next year, the already huge black hole in the current budget, and the refusal of brown to reign in any unnecessary spending (id cards, trident, for example) all means that he is putting government finances in even greater jeopardy than needs be. this is after twelve years of amassing unbelievable levels of government debt, much of it off the balance sheet but definitely incurred.
8. spencer234 said...
Techieman - sorry may have misunderstood your post. Do you think calling an election will be a waste of time?
9. 51ck-6-51x said...
EUR/USD is at around a five month high in which time EUR/GBP has decreased just shy of 3% and JPY/USD is almost flat. I think this is mostly due to USD weakness.
10. techieman said...
Hi spencer234 - depends what you want it to prove. I am not being supportive of GB, so to get rid might be a good idea, but whats there to replace em with? No calling an election now is irrelevant for the expenses stuff (that being a reason to call one is a red herring) and thinking that the blue boys can do much (they might do a bit) better than the incumbent (economically) is IMO naive. In any case democratically its tough because having an election now surely guarantees a low turnout.
We all know what will happen - the tories get in and they say ... ah it will take a long time to sort out the mess labour have left us in (which means you cant judge us for at least 2 terms). We then give em 2 terms, and in their 3rd time we get disenchanted so we then switch to Nu Nu labour, as we collectively forget....
Sorry if that was a cheap shot!
11. techieman said...
The problem i have with ALL political parties is the same thing. They want power much more than they want to do whats right long term for the country IMO. Whether or not they want the power for the bits that come with it depends on your view.
I know what i think on that score but i wouldnt want to shove that down other peoples throat. Rant over!
As for the post i personally think we are overdone and looking for either a correction at least around here or a reinstatement of the prior bear trend. So looking to sell £ but also looking for some confirmation signals first.
12. techieman said...
wdbeast - sorry didnt see yours earlier - bit weird. To answer - not really bothered either way. I have said recently i think the pound is exhausting its upmove, and was looking for 164/65 $ and 8600/8700 Euro. Its done both of those so could be a bit spikey and would like to see something to support a top rathen than just those measured targets.
Thanks for the compliment but i have made some howlers too! (maybe this is one of em!).
13. uncle tom said...
This is a fall in the value of the dollar against the great majority of the world's currencies - nothing to get terribly excited about in the normal course of events, but set against the Americans' immense borrowing program over the next few months, it could gather momentum..
Irrational though for Sterling to benefit at this point, as we are also holding out a very big begging bowl
14. spencer234 said...
techieman - if you're saying that all the political parties are dire, I'd agree with you. But Gordon Brown - unable to manage his own cabinet let alone the economy - needs to go. There is already a gaping hole in this year's budget and it's only a few months since the budget. Brown will not cut the huge waste in public spending - and there is plenty of scope (id cards, trident, quangos) sending our already staggering debt into the stratosphere. Labour are bankrupting the country - I for one don't think any other government could be as reckless as they have been.
15. techieman said...
spencer234 - res ispa locitur.
16. spencer234 said...
Yes, which is why I think the markets might be happy that it looks like he's going!