THE POUND

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Foreverly Claret
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THE POUND

Post by Foreverly Claret » Fri Mar 20, 2020 4:47 pm

On 19th Feb £1 worth 1.20 euros

Today £1 worth 1.10 euros

On 19th Feb £1 worth 1.30 US $

Today £1 worth 1.18 US $

Over the same period Euro / US $...euro maintains its value

The markets don't rate us do they ? Why ? CoroV much worse in Europe

Ramsdens in Morley today £1 buys 1.055 Euros

Perhaps it's as well that because of my great age I've got to self isolate now for 12 weeks but I'll go stir crazy with no holidays and no footie !

evensteadiereddie
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Re: THE POUND

Post by evensteadiereddie » Fri Mar 20, 2020 4:51 pm

The markets have no confidence in this country ie its leadership and its reaction to the crisis so far, one assumes.
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Bosscat
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Re: THE POUND

Post by Bosscat » Fri Mar 20, 2020 4:57 pm

OK the pound has dropped against the € & $ ...

Just a small point ... where would you spend your Euro's, Dollar's you are thinking of purchasing etc :roll: since the World is in Lockdown.

I think before panicking ... like all financial advisers tell us keep calm .... :D
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Tricky Trevor
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Re: THE POUND

Post by Tricky Trevor » Fri Mar 20, 2020 4:59 pm

Your behind the times, Foreverly. It went as low as €1.06 and is now rebounding against all major currencies. At one point it was back to €1.11
Have no doubt wealthy men made a lot of money out of this.
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CombatClaret
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Re: THE POUND

Post by CombatClaret » Fri Mar 20, 2020 5:07 pm

Markets rightly judging a country which at the time of global crisis is also attempting to put up barriers to trade with it's biggest customer.

IanMcL
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Re: THE POUND

Post by IanMcL » Fri Mar 20, 2020 5:52 pm

Grinding us down for incompetence.

BennyD
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Re: THE POUND

Post by BennyD » Fri Mar 20, 2020 5:55 pm

**** off.

evensteadiereddie
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Re: THE POUND

Post by evensteadiereddie » Fri Mar 20, 2020 6:15 pm

:lol:

Classy !

Erasmus
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Re: THE POUND

Post by Erasmus » Fri Mar 20, 2020 6:25 pm

I think it is just a matter of very nervous investors wanting to keep their money with the biggest currencies. Compared to the USA and the Eurozone, Britain is quite small and therefore deemed to be more vulnerable to major economic fluctuations. It's the size of the currency zone that is the determining factor here.
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ClaretAndLube
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Re: THE POUND

Post by ClaretAndLube » Fri Mar 20, 2020 6:26 pm

Who gives a toss? No-one's traveling anywhere anyway

CombatClaret
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Re: THE POUND

Post by CombatClaret » Fri Mar 20, 2020 6:29 pm

ClaretAndLube wrote:
Fri Mar 20, 2020 6:26 pm
Who gives a toss? No-one's traveling anywhere anyway
:roll: :roll:
Being willfully stupid?
We have to buy stuff from abroad, it now costs us more.

Stayingup
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Re: THE POUND

Post by Stayingup » Fri Mar 20, 2020 6:30 pm

Ah its the Banks and speculators making fast money.. Surprising how many people are easily fooled.

NewClaret
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Re: THE POUND

Post by NewClaret » Fri Mar 20, 2020 7:08 pm

CombatClaret wrote:
Fri Mar 20, 2020 6:29 pm
:roll: :roll:
Being willfully stupid?
We have to buy stuff from abroad, it now costs us more.
Conversely, it will help British businesses become financially domestically competitive and exporters become globally competitive when the economy returns.

Low £ at the moment is very much in our favour!
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Sozturf7
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Re: THE POUND

Post by Sozturf7 » Fri Mar 20, 2020 7:14 pm

Don't panic

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Re: THE POUND

Post by Tribesmen » Fri Mar 20, 2020 8:37 pm

In real Yoyo times at the moment i must say as huge swings in value

Tricky Trevor
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Re: THE POUND

Post by Tricky Trevor » Fri Mar 20, 2020 8:46 pm

As anybody else noticed that at 5pm, when BoJo addresses the nation, the £ tumbles?

Gordaleman
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Re: THE POUND

Post by Gordaleman » Fri Mar 20, 2020 8:53 pm

Well, if you have Gold and Silver under the bed, it's worth a lot more now. ;)

Top Claret
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Re: THE POUND

Post by Top Claret » Fri Mar 20, 2020 8:54 pm

Anyone else notice that has soon as we have a socialist government the economy goes tits up.

Just saying like
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damo_whitehead
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Re: THE POUND

Post by damo_whitehead » Fri Mar 20, 2020 8:58 pm

The small business I work for (3 employees) purchases stock in US Dollars, so along with everything else, this is very bad news for our future

Stayingup
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Re: THE POUND

Post by Stayingup » Fri Mar 20, 2020 9:08 pm

CombatClaret wrote:
Fri Mar 20, 2020 5:07 pm
Markets rightly judging a country which at the time of global crisis is also attempting to put up barriers to trade with it's biggest customer.
And theres me thinking we wanted a Trade deal with the scelortic organization I think your referring to. Silly comment and not related to the £.

Stayingup
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Re: THE POUND

Post by Stayingup » Fri Mar 20, 2020 9:10 pm

Tricky Trevor wrote:
Fri Mar 20, 2020 8:46 pm
As anybody else noticed that at 5pm, when BoJo addresses the nation, the £ tumbles?
Your point being?

Devils_Advocate
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Re: THE POUND

Post by Devils_Advocate » Fri Mar 20, 2020 9:11 pm

I made £18 on the exchange rate when the Spanish hotel refunded me my booking a couple of days ago....every cloud!!

Stayingup
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Re: THE POUND

Post by Stayingup » Fri Mar 20, 2020 9:12 pm

CombatClaret wrote:
Fri Mar 20, 2020 6:29 pm
:roll: :roll:
Being willfully stupid?
We have to buy stuff from abroad, it now costs us more.
On the other hand our products are cheaper. Pity mich of our manufacturing and other industry is foreign owned.

Rowls
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Re: THE POUND

Post by Rowls » Fri Mar 20, 2020 9:12 pm

Don't think that anybody has actually yet touched on the main matter that has caused the pound to fall.

In fact, the primary cause of the fall in the pound is just about the only thing that has brought widespread acclaim in the online media - the government's commitment to spending money which, frankly, it simply does not have.

The markets know there's only one a few ways the government can attempt to do this - borrow the money or print more money.

And there's a whole thread on here which explains to the uninitiated what happens when you print more money: The value goes down.

Which is exactly why the £ is/has falling/fallen. The market is preparing itself for "quantitive easing". Ie. They're going to print more money.

Perhaps the Chancellor reads this messageboard?
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Top Claret
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Re: THE POUND

Post by Top Claret » Fri Mar 20, 2020 9:17 pm

For all the lefty belly aching. One thing for sure is that you can guarantee, we will come out of this better than the vast majority of the EU countries

God help the likes of Spain and Italy who have never recovered from the last recession with high youth unemployment.

Thankfully we are out of the EU and independent
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RingoMcCartney
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Re: THE POUND

Post by RingoMcCartney » Fri Mar 20, 2020 9:20 pm

CombatClaret wrote:
Fri Mar 20, 2020 5:07 pm
Markets rightly judging a country which at the time of global crisis is also attempting to put up barriers to trade with it's biggest customer.
Which is this country that is "attempting to put up barriers to trade with it's biggest customer," of which you speak!?

This country is , actively, engaged in talks to secure a free trade agreement with its its nearest neighbour. This country isn't "putting up barriers" This country is building bridges, with nations globally.

But , whatever you do, dont let the facts, and reality , get in the way of you trying to take the most of an opportunity to have a pop at the government. A government, that, according to the opinion polls, suggest that the vast majority of people , feel are doing a pretty good job!

As you were.
Last edited by RingoMcCartney on Fri Mar 20, 2020 9:26 pm, edited 2 times in total.

timshorts
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Re: THE POUND

Post by timshorts » Fri Mar 20, 2020 9:24 pm

It took quite a while for someone to mention quantitive easing. That + the lowering of interest rates = pound falling.
The interest rate has been going down elsewhere, so that makes the pound look more stable. It obviously isn't a great investment right now. I suppose the best place to invest is wherever you think will snap out of the mess first.

Stockbrokerbelt
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Re: THE POUND

Post by Stockbrokerbelt » Fri Mar 20, 2020 9:31 pm

Top claret a typical Tory comment about Spain, you might want to look at their growth figures over the last 3 years & projected for the next 3 years, they also have nothing like the UK’s personal credit problems nor does it class full time employment as from 1 hour like the UK. I live in Spain & youth employment is high & will remain high but they spend on their youth & have less youth crime, less antisocial issues & teenage pregnancies. The Tory herd agenda is still running its lie....
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CombatClaret
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Re: THE POUND

Post by CombatClaret » Fri Mar 20, 2020 9:43 pm

RingoMcCartney wrote:
Fri Mar 20, 2020 9:20 pm
This country is , actively, engaged in talks to secure a free trade agreement with its its nearest neighbour. This country isn't "putting up barriers" This country is building bridges, with nations globally.
We had 40 free trade agreements with over 70 countries. Now we negotiate our way backwards.

RingoMcCartney
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Re: THE POUND

Post by RingoMcCartney » Fri Mar 20, 2020 9:52 pm

CombatClaret wrote:
Fri Mar 20, 2020 9:43 pm
We had 40 free trade agreements with over 70 countries. Now we negotiate our way backwards.
Are you prepared to let the cat out of the bag, and name the country that's, "attempting to put up barriers to trade with it's biggest customer."

Go on! Spill the beans!

tim_noone
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Re: THE POUND

Post by tim_noone » Fri Mar 20, 2020 9:58 pm

At present worthless.

Top Claret
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Re: THE POUND

Post by Top Claret » Fri Mar 20, 2020 10:02 pm

Stockbrokerbelt wrote:
Fri Mar 20, 2020 9:31 pm
Top claret a typical Tory comment about Spain, you might want to look at their growth figures over the last 3 years & projected for the next 3 years, they also have nothing like the UK’s personal credit problems nor does it class full time employment as from 1 hour like the UK. I live in Spain & youth employment is high & will remain high but they spend on their youth & have less youth crime, less antisocial issues & teenage pregnancies. The Tory herd agenda is still running its lie....
Rented a house for the last 2 years in Spain and would never buy. Spain is like the UK was 45 years ago pre Thatcher days, everyone turned up for work and nobody actually did anything.
Feel for any ex pats who own property in Spain as their investment will turn to junk

Long Time Lurker
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Re: THE POUND

Post by Long Time Lurker » Sat Mar 21, 2020 12:44 am

Rowls wrote:
Fri Mar 20, 2020 9:12 pm

Which is exactly why the £ is/has falling/fallen. The market is preparing itself for "quantitive easing". Ie. They're going to print more money.
They started printing money on Thursday £200bn of it

https://www.theguardian.com/world/2020/ ... y-expected

When you add that £200bn to the previous £330bn in measures to help businesses the figure at this early stage is already eye watering.

What is even more tear inducing is that theory of Quantative easing has already proved itself to be flawed. During the credit crunch the banks received huge sums of money, The idea being that if you put money in at the top it will filter down through the pyramid and help those at the bottom.

While that might make sense on paper it doesn't actually work that way in practice. The reason being that the theory doesn't take into account greed, self preservation and the people at the top behaving like dicks. What we saw was the banks happily taking the huge interest free loans provided by the Bank of England. That money was then used to keep their affluent staff in the luxurious manner to which they have been acustomed, it was also invested in the markets to generate profits for the banks and it was lent out to people with interest added to the amount due in return. In cases where the money went to preventing banks going bust no measures were put in place to restrict how the money was spent. The net result is that hardly any money trickled to the people who needed it most. A huge amount of tax payer money was given to the rich fat cats and the rich fat cats kept it and used it to benefit themselves.

While the government have put forward some measures to put money directly into the hands of the people that need it most the amount they have directly allocated to the bottom of the pyramid is sickening compared to the money that is being pumped into the top. Putting £100bn into the bottom of the pyramid would have made a huge difference to a lot of people and it could have seen us through this. However, the bankers appear to have opted to address this situation by giving more interest free money to the banks - AGAIN! :(

dsr
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Re: THE POUND

Post by dsr » Sat Mar 21, 2020 1:10 am

evensteadiereddie wrote:
Fri Mar 20, 2020 4:51 pm
The markets have no confidence in this country ie its leadership and its reaction to the crisis so far, one assumes.
You're saying that the pound is losing value against the dollar because the market has confidence in Trump and that he is reacting well to the crisis? I think you need another assumption. ;)
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atlantalad
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Re: THE POUND

Post by atlantalad » Sat Mar 21, 2020 1:14 am

Gordaleman wrote:
Fri Mar 20, 2020 8:53 pm
Well, if you have Gold and Silver under the bed, it's worth a lot more now. ;)
Doing same now Gordalemen but the 0.999 yellow metal i am getting from my Nigerian dealer is starting to rust. How do you keep your gold from rusting- do I need to store in Tupperware?

tim_noone
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Re: THE POUND

Post by tim_noone » Sat Mar 21, 2020 1:56 am

Gordaleman wrote:
Fri Mar 20, 2020 8:53 pm
Well, if you have Gold and Silver under the bed, it's worth a lot more now. ;)
Tbh I'd rather have a few tins of Beans.

Vegas Claret
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Re: THE POUND

Post by Vegas Claret » Sat Mar 21, 2020 4:06 am

Devils_Advocate wrote:
Fri Mar 20, 2020 9:11 pm
I made £18 on the exchange rate when the Spanish hotel refunded me my booking a couple of days ago....every cloud!!
:D :D :D :)

Bfcboyo
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Re: THE POUND

Post by Bfcboyo » Sat Mar 21, 2020 7:10 am

evensteadiereddie wrote:
Fri Mar 20, 2020 4:51 pm
The markets have no confidence in this country ie its leadership and its reaction to the crisis so far, one assumes.
It is because of how much they are investing into the people to help us through. You lot could win awards for your capabilities to manipulate the truth with your rancid bitterness.
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evensteadiereddie
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Re: THE POUND

Post by evensteadiereddie » Sat Mar 21, 2020 10:19 am

Oh dear.

Which bit of the truth have I manipulated ? You're saying the markets DO have confidence in the country and it's prospects ?

I can't wait for your explanation !

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Re: THE POUND

Post by TVC15 » Sat Mar 21, 2020 10:42 am

The fall in the pound against the dollar is 100% nothing to do with how this country is dealing with the crisis - partly because that kind of implies that people are preferring to invest in dollars because Old Donald is doing such a great job over the pond - which is equally as daft.

All stock markets around the world have crashed - and the falls in the major markets (Dow Jones, ours, Nikkei etc) have all been pretty similar in terms of how far they have fallen. At time when markets are crashing the dollar will usually strengthen against other currencies as its widely regarded as the strongest currency in the world.
This is more a technical increase correlated to the world wide crash and is in no way the currency markets saying they are confident with the prospects of the American economy or how Trump is dealing with the crisis - it’s the market effectively defaulting to the worst of many evils whilst the arse has fallen out of everything !

Currency markets are very different to the stock markets - unlike stocks which can all fall currencies cannot all fall - as they are priced against other currencies. In normal times a currency falling against another could be regarded as a sign of a loss in confidence in a leader or the economy - in times of the market crashing its as I said more about people running for the hills and putting their money in what they think is the least worst currency / economy and for the last few decades that’s been America irrespective of the clowns they have had running the country.

But hey ho - it’s really no biggie and certainly not worth falling out about.
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evensteadiereddie
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Re: THE POUND

Post by evensteadiereddie » Sat Mar 21, 2020 4:27 pm

Interesting that in the comments I posted not once have I mentioned Trump's ability or lack of.
I simply stated, that at the time of writing, the markets were nervous of this country's prospects, prospects which are being engineered by the government. Our government.
dsr then brings up Trump and the Bfcboyo speaks, for some weird reason, of "rancid bitterness".
Both backed up by the moronic McCartney twerp, natch.

Enough said ! :lol:

dsr
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Re: THE POUND

Post by dsr » Sat Mar 21, 2020 5:38 pm

evensteadiereddie wrote:
Sat Mar 21, 2020 4:27 pm
Interesting that in the comments I posted not once have I mentioned Trump's ability or lack of.
I simply stated, that at the time of writing, the markets were nervous of this country's prospects, prospects which are being engineered by the government. Our government.
dsr then brings up Trump
It#s a direct comparison. If the pound falls against the dollar, then the dollar rises against the pound. A zero sum game, if you like.

If as you assume the pound has fallen against the dollar because the markets to not like Johnson and do not trust his handling of the crisis, then by definition it is because they think Trump has handled it better and they have more confidence in him.

Conversely, if the markets think that Trump and Johnson are peas in a pod and neither has handled the crisis better or worse than the other, then their handling of the crisis will make no difference at all to the market and the movement must be down to something else.
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evensteadiereddie
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Re: THE POUND

Post by evensteadiereddie » Sat Mar 21, 2020 5:42 pm

I don't think it's anything to do with Trump's (mis)handling of the crisis, I think TV's analysis is probably about right. The point is, though, that there is little confidence in the UK and that's unlikely to change significantly in the foreseeable. Hope I'm wrong.

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