Monday, Sep 21, 2009

Mounting Deficits in the Midst of a Suckers Rally

Daily FX: British Pound Falls Despite Rise in UK Rightmove House Prices

Why oh why even in an article related to the "deteriorating fiscal health" of the UK do reporters still only report the 0.6% increase in ASKING prices on Rightmove rather than the FACT that even Rightmove have said in their latest HPI that the market is not going to recover until lending does and that is not likely to recover to 2007 levels for a decade or more if ever!! OK back to the article:
"Standard & Poor’s already downgraded the UK’s credit outlook to “negative” from “stable” .... and while they’ve also said that they would reserve any judgment on potential downgrades until the next general election, mounting deficits don’t bode well for the nation’s golden AAA credit rating. "

Posted by sybil13 @ 11:37 PM (849 views)
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3 Comments

1. techieman said...

Always the same with forex - you pays your money and takes your choice. I am sure that the markets will not put the pound in play because S&P will reserve judgement until after the next general election. Yeah right!

Lets see if the fingers start twitching if and when support is broken retraces and then breaks again. An interesting autumn in store?

Tuesday, September 22, 2009 07:06AM Report Comment
 

2. paul said...

Perhaps the pound is falling because of the twin facts that the UK debt is mushrooming and Rightmove's is a sentiment index only, not a completed purchases index?

Tuesday, September 22, 2009 08:53AM Report Comment
 

3. hpwatcher said...

It's a joke. Expect tough times soon.

Tuesday, September 22, 2009 10:28AM Report Comment
 

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