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Investors Shun Sterling As Credit Implodes

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

Excerpt

"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.

Sort of says it all really what we are heading into and it aint gonna be pretty

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"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".

Who would have thought that? Now only wait until the shun our bonds as well. IRs will go to the moon.

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Who would have thought that? Now only wait until the shun our bonds as well. IRs will go to the moon.

The predominant thought in the minds of currencies traders is whether the higher yield on sterling assetts are outweighed by the rising risks of a sterling crash. Bloomberg just issued a headline that sterling just sustained its largest 14 days loss.

IMA, I am surprised that sterling has only dropped 10 cents from the peak to a low of around 1.967. Shows there is still some faith in the miracle economy.

IMO, they are waiting to see the extent to which the miracle economy has been dependent on subprime/irresponsible lending. This Autumn will see repossessions soar as resets begin on the peak of the market loans. The real action on sterling may have to wait until October.

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Who would have thought that? Now only wait until the shun our bonds as well. IRs will go to the moon.

But it won't affect the UK housing market. Didn't you know that all these new BTL property magnates that have sprung up in the last 5 years are in it "for the long term".

They may be cabbies/teachers/Tristan's playing with his inheritance in real life, but they will endure the drop. Just you watch ! ;)

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

Excerpt

"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.

Sort of says it all really what we are heading into and it aint gonna be pretty

It makes me wish I'd sold my house and moved abroad.

Hold on a minute - I have :)

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It makes me wish I'd sold my house and moved abroad.

Hold on a minute - I have :)

me too and only in March this year did i actually manage to sell it, so I'm relieved somewhat.

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I am buying land in Cyprus for a self-build. Just paid deposit and will pay the balance next month.

But with sterling weakening, maybe I should exchange into Cyprus pounds sooner rather than leave it till next month...but if the BoE raise rates next month, sterling'll get a bump.

Should I wait?

Hmmm.

Any advice? :huh:

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I am buying land in Cyprus for a self-build. Just paid deposit and will pay the balance next month.

But with sterling weakening, maybe I should exchange into Cyprus pounds sooner rather than leave it till next month...but if the BoE raise rates next month, sterling'll get a bump.

Should I wait?

Hmmm.

Any advice? :huh:

Rates here won't be going up next month... no way would they even dare with what's happening.

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