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Except the media timing could maybe be 100% imperfect, as ever

Was £1>$1.72 last week. Now 1.68.

May have topped at 20 year resistance level (apart from early to mid 2000s).

May not but 1.70/72 was long term resistance.

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Talk about being about four weeks behind the action, the pound has actually tanked 4 cents during July.

I was thinking the pound had done something new and was back on the up.

In fact couldn't it oblige and go to $2 and given us an easy forex play as opposed to the stratospheric asset prices currently on offer.

Edit. Ah killer bunny beat me to it.

Edited by crashmonitor

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IMI latest engineer to feel the impact of a strong pound.

Valve-maker IMI has become the latest of Britain’s major engineering companies to cite the strong pound as it reported a drop in first-half profits.

The company, which makes products to control and move fluids, said revenue fell 3pc to £808m, while operating profit was 12pc lower at £113m compared with the same six months last year.

FTSE 100-listed IMI said that sterling’s strength meant revenue was £45m lower and affected operating profit by £7m.

http://www.telegraph.co.uk/finance/newsbysector/industry/engineering/11005133/IMI-latest-engineer-to-feel-the-impact-of-strong-pound.html

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As I am often saying, a long term strengthening currency is GREAT!!! for exporters and for everyone else. Didn't stop Germany and Japan becoming exporting powerhouses.

Forces companies to up their standards.

Brings down import costs.

Hurts short term.

As we continually depress our currency we eventually become Italy and let inflation run rampant and... we become Italy. Great,. :mellow:

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Tanked a tiny bit on this morning Manufacturing PMI data miss, but it was a classic 'pump and dump' Champers all round in some City offices!

Edited by aSecureTenant

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Italy's inflation rate is now v low.

Unemployment is very HUGE as they relied on inflation for decades. This is just the inevitable catching up ie they would have got HUGE unemployment anyway, eventually.

Edited by Killer Bunny

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We can always join the Euro.....

Unlikely. The UK economy is far more dependent on the property market to generate growth than Germany, which means we generally require more inflation over the cycle to work off a greater accumulation of bad debts. In the long run this inflationary excess makes us progressively poorer.

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As I am often saying, a long term strengthening currency is GREAT!!! for exporters and for everyone else. Didn't stop Germany and Japan becoming exporting powerhouses.

Forces companies to up their standards.

Brings down import costs.

Hurts short term.

As we continually depress our currency we eventually become Italy and let inflation run rampant and... we become Italy. Great,. :mellow:

It's even worse. We become Italy without the weather,food,wine,women and extra holidays!

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gbpusd.PNG

Still gotta be bullish with regards to GBPUSD as the 50% retracement of 2008 high to lows has still to be tested. Still a case of buying the dips methinks, notwithstanding worsening geopolitical situation.

Following this mornings 'pump than dump', it was more 'dump then pump' for Non Farm Payrolls.

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As I am often saying, a long term strengthening currency is GREAT!!! for exporters and for everyone else. Didn't stop Germany and Japan becoming exporting powerhouses.

Forces companies to up their standards.

Brings down import costs.

Hurts short term.

As we continually depress our currency we eventually become Italy and let inflation run rampant and... we become Italy. Great,. :mellow:

Not to mention it makes UK property more expensive to foreigners.......

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I get a fair chunk of my spendable income as divis. I hold quite a few $ and euro payers and have the gutting experience of seeing divis raised year-on-year but actual payout to me in £ falling.

Hey ho. At least it means petrol is cheap. Shame I've not bought any this financial year.

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