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The Pound Is Dropping Like A Stone!

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It's down to 1.9680USD at the minute.... did we miss something elsewhere?

Anyone any idea of why it's dropping so fast just now?

Edited by Fishy

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yes - stabilised now, it was only going 1 way for a while though!

Very strong against the kiwi dollar today too. Almost a 3 dollars to the pound

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Guest X-QUORK
It's down to 1.9680USD at the minute.... did we miss something elsewhere?

Anyone any idea of why it's dropping so fast just now?

At a guess I'd say it has something to do with the City having already priced in another 0.25% hike in the BoE base rate, but this is now looking like far from a done deal (therefore making Sterling look like a less attractive investment).

I could be talking a load of cobblers though.

Edited by X-QUORK

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At a guess I'd say it has something to do with the City having already priced in another 0.25% hike in the BoE base rate, but this is now looking like far from a done deal (therefore making Sterling look like a less attractive investment).

I could be talking a load of cobblers though.

makes sense to me

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Very strong against the kiwi dollar today too. Almost a 3 dollars to the pound

Thats really going to have an effect on the price of er.... frozen lamb?

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Thats really going to have an effect on the price of er.... frozen lamb?

Just pointing out that the pound is getting stronger against other currencies.

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Guest Shedfish
You'd be better off buying some Immodium.

:lol: can't find that one on kitko.com.. is it one Mendeleev predicted?

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You know raising sheep is the biggest industry in New Zealand.

I thought that was wales. No wait - they do something else with their sheep. :unsure:

The biggest industry in NZ is now fliecing stupid brits who think that NZ is paradise. It takes them a year or two and all their money to realise that it is not.

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Guest DissipatedYouthIsValuable
I thought that was wales. No wait - they do something else with their sheep. :unsure:

The biggest industry in NZ is now fliecing stupid brits who think that NZ is paradise. It takes them a year or two and all their money to realise that it is not.

Aww mate, if you want culture and rules, better off staying in England, eh bro? Goodonya, sweet as.

Edited by DissipatedYouthIsValuable

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it's not doing well against the euro either. B***ocks! I'm off to Italy in 4 days and I never change any currency <_<

Last Trade: 1.4699 €

Trade Time: 9:30AM

Bid: 1.4699

Ask: 1.4703

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Just pointing out that the pound is getting stronger against other currencies.

Other currencies? The Kiwi and NZ dollar are marginal currencies that are losing value because they have been the subject of the yen carry trade, because they have high rates.

This carry trade exists in sterling, but more for financing purposes than speculation.

It's now unwinding as credit implodes.

Have a look at GBPJPY for whether the pound is really strengthening.

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have a read at this, explains things rather nicely

Countries with big deficits, property bubbles, and excess household debt have suddenly fallen out of favour in the new mood of risk aversion, leaving Britain facing a chill.

Ted Scott, a fund manager Foreign & Colonial, said the brutal slide of the last few days was of a totally different character to recent sell-offs.

http://www.telegraph.co.uk/money/main.jhtm...sterling117.xml

Basically all that foreign money is is going to be leaving UK shores as its debt is toxic.

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This is not sterling or NZD losses. This is chaos.

People are getting out of everything and into US government paper.

In the purest economic terms US government paper = TIN HATS

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