£terling and $ollar crashing against the €uro

[nifan]

No not the village, and if your implying the gay district, thats chelsea - and not their either

[muppet]

No not the village, and if your implying the gay district, thats chelsea - and not their either

Funny its the same in London. 

[orangeman]

No not the village, and if your implying the gay district, thats chelsea - and not their either

Funny its the same in London. 

It's the same all over the world ! 

[illdecide]

Hoors...i just changed £550 sterling and got €570 yo yo's WTF is that all about...Bastards

[orangeman]

Hoors...i just changed £550 sterling and got €570 yo yo's WTF is that all about...b**tards

You were luck enough - Next week you'll probably get a lot less. You did well !

[armaghniac]

Sterling is dead, says leading global investor


Concerns about the British economy and fears for the stability of the UK's financial system pushed sterling to new record lows against the dollar, euro and yen yesterday.

One of the world's leading investors voiced the markets' concerns. Jim Rogers, of the Singapore-based Rogers Holdings and co-founder of the Quantum fund with George Soros, told Bloomberg Television: "I would urge you to sell any sterling you might have. It's finished. I hate to say it, but I would not put any money in the UK."

Mr Rogers added that the pound will fall below its record low of $1.0520 reached in February 1985. Given near parity with the euro, it raises the intriguing possibility that the pound/dollar/euro exchange rate could yield a "triple parity".

At the same time, the Office for National Statistics released the latest inflation figures, down sharply to 3.1% in December, from 4.1% in November. Investors took this as a sign of the weakness of demand in the UK economy, rather than of its fundamental strength.

Before the official growth figures for the last three months of 2008, to be published on Friday, the Governor of the Bank of England, Mervyn King, warned that the world economy had "fallen off a cliff" and that, for the UK, "total output in the fourth quarter is expected to have fallen sharply. In the first half of this year, the rate of contraction is likely to continue to be marked". Some economists believe that the figure will be -1.5%, one of the sharpest downturns since the Second World War.

Mr King also acknowledged the "risk" that inflation would drop below the target rate of 2% in coming months, and confirmed that the Bank would embrace "unconventional measures" — also known as quantitative easing, or printing money — to stimulate the economy.

Most economists believe that inflation will come close to zero before the end of the summer, and, on the RPI measure, will actually turn negative.

The Bank and the Treasury have so far remained relatively relaxed about the decline in sterling, believing that a boost to exports and manufacturing would help "rebalance" the economy, but that may change as the depreciation shows signs of turning into a rout, because of a lack of confidence in the British authorities to manage the situation.

Worries about the scale of government borrowings, the cost of bailing out the commercial banks and that the slump in sterling will become self-reinforcing helped to push the pound to an eight-year low against the dollar, an all-time low against the yen and back towards parity with the euro.

In trading, the pound crashed as much as 4% to lows of around $1.386, in its biggest one-day slide against the dollar since Britain fell out of the European Exchange Rate Mechanism in 1992.

Neil MacKinnon, director and chief economist at ECU Group, said: "There's a real danger of the decline in sterling becoming a full-blown crisis. The Government and the Bank of England have to change their tune on the pound pretty quickly."

However, John Higgins, of Capital Economics, said: "It is perhaps not surprising that investors are getting increasingly nervous about the health of the UK's public finances.

"The 5-year credit default swap for the UK government has widened by 25bp since early January.

"'Printing press' headlines make for uncomfortable reading.

"But there is little reason to think that the adoption of quantitative easing should be negative for the pound, any more than for the dollar."

Even weaker demand and output than previously thought is helping to push inflation down by the fastest pace since the recession of the early 1990s.

[Rossfan]

Hoors...i just changed £550 sterling and got €570 yo yo's WTF is that all about...b**tards

And if you handed the €570 back they'd give you £500 for it .
It's called rip off commission and the difference between "we sell at...and we buy at..."

[Declan]

Follow on from armaghniac's post

Britain's Got Nothing To Offer'

Sterling is doomed, London's financial services are "a disaster" and the Government had made a "horrible mistake" in spending billions stopping Britain's banks going belly up.

Jim Rogers says sterling is 'finished'
That's the conclusion of investment guru Jim Rogers.
Speaking a day after similar comments he made about the pound saw sterling slump by 4%, he told Sky News Britain will soon have little to offer the world.
Mr Rogers made billions for his clients investing with hedge fund legend George Soros, who made a billion betting against the pound.
After years of enjoying a strong currency and thriving financial sector, Mr Rogers said the winds of change blowing across the UK were fast turning into a storm.
People tend to listen to Mr Rogers, especially those who remember how he made his clients 43 times their money, running an investment fund with another guru, George Soros.
Sky's business editor Michael Wilson on Jim Rogers.
"The fact is that the UK has had two things to sell to the world over the last 25 years," he said.
"The North Sea [oil] and that's drying up - within a decade the UK is going to be importing oil - and the City of London.
"But the UK's financial asset is a disaster and it's not going to revive."
He added: "Sterling has got to go lower over the next decade or two because when the North Sea dries up I do not know what the UK is going to sell to the world."
He was scathing of the Government's handling of the economy, criticising the use of taxpayers' cash to bail out the banks, both in Britain and the UK.
"They are making a terrible mistake," he said.

See interviews with key business and political figures by Sky's Jeff Randall
"I would be outraged. Taxpayers were the innocent ones in all this." he said.
"A few greedy people in the City of London and Wall Street took billions of bonuses and profits
"It's horrible economics. It's terrible morality."
He said private companies should have come in to support the banks.
Mr Rogers said similar attempts in Russia and Korea were successful.
"It's not an ideological thing - the US and UK are bucking history," he said.
"The public, I'm sure, senses there's something wrong and there are gigantic debts being piled, someone's going to have to pay for them, and they're the ones that are going to be stung."

[muppet]

Follow on from armaghniac's post

Britain's Got Nothing To Offer'

Sterling is doomed, London's financial services are "a disaster" and the Government had made a "horrible mistake" in spending billions stopping Britain's banks going belly up.

Jim Rogers says sterling is 'finished'
That's the conclusion of investment guru Jim Rogers.
Speaking a day after similar comments he made about the pound saw sterling slump by 4%, he told Sky News Britain will soon have little to offer the world.
Mr Rogers made billions for his clients investing with hedge fund legend George Soros, who made a billion betting against the pound.
After years of enjoying a strong currency and thriving financial sector, Mr Rogers said the winds of change blowing across the UK were fast turning into a storm.
People tend to listen to Mr Rogers, especially those who remember how he made his clients 43 times their money, running an investment fund with another guru, George Soros.
Sky's business editor Michael Wilson on Jim Rogers.
"The fact is that the UK has had two things to sell to the world over the last 25 years," he said.
"The North Sea [oil] and that's drying up - within a decade the UK is going to be importing oil - and the City of London.
"But the UK's financial asset is a disaster and it's not going to revive."
He added: "Sterling has got to go lower over the next decade or two because when the North Sea dries up I do not know what the UK is going to sell to the world."
He was scathing of the Government's handling of the economy, criticising the use of taxpayers' cash to bail out the banks, both in Britain and the UK.
"They are making a terrible mistake," he said.

See interviews with key business and political figures by Sky's Jeff Randall
"I would be outraged. Taxpayers were the innocent ones in all this." he said.
"A few greedy people in the City of London and Wall Street took billions of bonuses and profits
"It's horrible economics. It's terrible morality."
He said private companies should have come in to support the banks.
Mr Rogers said similar attempts in Russia and Korea were successful.
"It's not an ideological thing - the US and UK are bucking history," he said.
"The public, I'm sure, senses there's something wrong and there are gigantic debts being piled, someone's going to have to pay for them, and they're the ones that are going to be stung."

Mr Rogers made billions for his clients investing with hedge fund legend George Soros, who made a billion betting against the pound.

versus

"I would be outraged. Taxpayers were the innocent ones in all this." he said.
"A few greedy people in the City of London and Wall Street took billions of bonuses and profits
"It's horrible economics. It's terrible morality."

Is it just me....?

[orangeman]

Why even with the further reduction in UK interest rates, is the £ strengthening, albeit only slightly against the $ ??

[goal and a point]

http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/11/13/twelve_month.stm

if you click on this link you can change the graph to daily, monthly fluctuations etc

[orangeman]

Sterling rallies after rate cut 

The Bank of England's decision to cut interest rates was cheered
The pound has hit a two-month high against the euro, after the Bank of England slashed interest rates to a record low to tackle the recession.

The UK's central bank cut rates from 1.5% to 1%, while the European Central Bank left rates on hold at 2%.

The perceived pro-active stance of the Bank of England, compared to the ECB, saw the pound rise above 1.15 euros for the first time since early December.

Sterling also saw gains against the dollar, rising to $1.4767.

[armaghniac]

The Pound is dropping off again.

€1 = £0.94140
£1 = €1.06291

[Donagh]

There she goes again. Sterling is f**ked.

€1 = £0.92
£1 = €1.09

Best to avoid Newry for the foreseeable I guess.

[bcarrier]

as if the eurozone had no problems ....