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FTBagain

Pound Hits New Low

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Just noticed the pound has hit a new 52 wk low against the dollar. Last week it got clobbered at 14:00 when the US markets opened. The hit only really stuck on one day.

As it is already down today another hit at 14:00 could stick.

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The relief bounce that I expected never appearead, a pitiful performance over the last week.

Reckon this will go a lot lower a lot quicker than people generally think.

I hope the foreign property speculators who bought in the last couple of years get taken to the cleaners, in no small part have they helped to destroy this country's economic base. 20-30% off the currency transaction + 30-50% off captial values + voids + negative real rental returns even when let should see most of them off with a bloody nose never to return again.

Edited by OnlyMe

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Wait for the momentum traders and hedge funds smelling some blood...it could move down quicker than people think. Then people will start to remember what happens when a currency runs.

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Wait for the momentum traders and hedge funds smelling some blood...it could move down quicker than people think. Then people will start to remember what happens when a currency runs.

I remember just! :D

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Wait for the momentum traders and hedge funds smelling some blood...it could move down quicker than people think. Then people will start to remember what happens when a currency runs.

What happens?

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Interest rates move up sharply to defend the currancy a la the Black Wednesday and ERM debacle.

Thanks. Feeling a bit fuzzy with painkillers for my ankle. I did know really. :ph34r:

Honest! :unsure:

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KerPlunk,

Forget Soros, the central banks have flooded the markets with so much liquidity that the hedge funds and specs have more money than they know what to do with. Frankenstein's monster comes to mind.

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Looks like it is going to settle with 0.5 cent or there abouts drop today. Shame. Never mind getting very close to 1.70. No about that is a key Psychological point! :P

Now what would be really good is for the price of oil to start to rise as well as the pound keep dropping. CPI at 2.3% would quickly look like a blip! :lol:

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Why is it I've got this Status Quo chorus running through my head:

"Get down deeper and down

Down down deeper and down

Down down deeper and down

Get down deeper and down..."

:lol:

Makes me wish I bought more dollars when the exchange rate was $2 to the £ about a year ago...

Edited by mustrum_ridcully

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Pound tanking....Fed rate rises to continue....ECB rate rise December 1....Pound in free fall....Import prices rise dramatically...

The planets are moving into line. Be prepared.

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There won't be any rate rises before christmas, the MPC would get crucified by the CBI, all the retailers and the government, but you can bank on there being a much bigger increase as a result in January, possibly 0.5% or more. If the pound drops down to 1.60 or below rates will have to go up a lot.

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0.5% That would hammer the housing market. Repos would go through the roof.

Good my shares in debt managements companies would go through the roof.

New Zealand here I come.

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0.5% That would hammer the housing market. Repos would go through the roof.

Just goes to show how dire the housing market is right now.

Ah, joy: the HMS Great Britain is sinking and there's no-one at the helm, they're too busy fighting over who's going to be captain. I'm so glad most of my money is out of sterling.

Blair's government is going to go down in history as the worst since... well, the last Labour government, I guess.

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Pound down, oil up. If that keeps up for the next few days / weeks the petrol prices will be back up. The next few months inflation data could get interesting.

Edited by FTBagain

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Just goes to show how dire the housing market is right now.

Ah, joy: the HMS Great Britain is sinking and there's no-one at the helm, they're too busy fighting over who's going to be captain. I'm so glad most of my money is out of sterling.

Blair's government is going to go down in history as the worst since... well, the last Labour government, I guess.

And as I pointed out in another thread....

This is now being covered up on the bbc.

Where they used to show changes in the currency value relating to this sort of change.

The variances are no longer shown..

Best the public don't know this is going on…

If they did they would be able to draw their own conclusions and act accordingly…

Better to keep them spending right up to the end..

As soon as Gordon gets in they can draw back the smoke and mirrors and blame the conservatives for something Maggie did in 1987..

There is a line Gordon, a line where incompetence and lies to cover incompetence becomes treason…

You bounded across this a couple of years ago.

Treason still holds the death penalty..

I am not making a glib point here.

Gordon could be hung.

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Pound down, oil up. If that keeps up for the next few days / weeks the petrol prices will be back up.

Something tells me Blair is heading towards his 'ERM moment'... the markets are telling the BoE to get their finger out, now who's going to throw the switch for rate rises and take the blame for trashing the economy?

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Guest Bart of Darkness

0.5% That would hammer the housing market. Repos would go through the roof.

Would that really make all that much difference (not saying that it wouldn't, just curious).

I would have thought that rates of 6-7% would be needed for a real effect to be seen, are things really that finely balanced?

(If they are, crikey!)

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Guest Time 2 raise Interest Rates

Pound down, oil up. If that keeps up for the next few days / weeks the petrol prices will be back up. The next few months inflation data could get interesting.

Don't forget Gas. :D

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Don't forget Gas.

I'm glad I have my cold weather gear from the -40C winters in Canada... I might be smelly by the spring, but at least I won't freeze :).

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Man this is not good. It's dropped loads in 6 months. Why will putting IR's up bring it back up? I'm not concerned about people who took on too much debt, houses are a rip off anyway, so if they put rates up to 5%, I'm not bothered.

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Treason still holds the death penalty..

I am not making a glib point here.

Gordon could be hung.

Urban Myth me thinks as the death penalty for treason was abolished in the United Kingdom by Section 36 of the Crime and Disorder Act 1998.

http://www.opsi.gov.uk/acts/acts1998/98037--e.htm#36

Oh and AFAIK the death penalty only applied to trying/conspiring to kill the Queen.

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  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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