Tuesday, Aug 03, 2010
Pinning the moves on the news
Telegraph: Pound strengthens to an 11-month high on output growth
So how did that happen? Pound is finished init? Now personally i dont mind people saying that but the strange thing is there is always on this site some posting of the pound being bashed but when it strengthens its tumbleweed time........
GOOd news in time for a trip to the costas!
Posted by techieman @ 07:53 AM (1263 views) Add Comment
7 Comments
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1. paul said...
11-month high? We're still well down on this time last year then ...
2. hpwatcher said...
They will soon be back to shorting it again.....ho hum.
3. uncle tom said...
Hmm..
I've just looked up all the currencies that matter, and only the euro was lower 11 months ago..
..but the pound is now sagging against the euro at 1.21 - down from a high of 1.24 five weeks ago
- Not much to celebrate really!
4. mark wadsworth said...
It's not news. We devalued first, by about 20% nearly two years ago (at which stage I said that sterling had bottomed out), and one after the other, all the other currencies are being devalued, so in a year's time we'll be back to square one. Sure, our economy is screwed, but so are most of the others - it's all relative.
5. general congreve said...
It's another example positive spin of the 'things are quite as bad as we predicted' variety, compare it to where we were 3 years ago and it doesn't look so brilliant does it?
This little bounce will soon be eradicated when austerity kicks in and we have a double dip.
The £$Euro volatility merry-go-round will continue it's downwards spiral over the coming years until all those holding these currencies wish they'd exchanged if for something a little less flimsy than paper when they had the chance.
6. general congreve said...
Edit @5, should have read: 'It's another example of positive spin, of the 'things aren't quite as bad as we predicted' variety.
7. techieman said...
GC -is that gold that you are alluding to ... per chance?
Thanks for the input guys.