kevmitch

The £ has strengthened by 6 cents over the last 12 hours - can anyone throw any light on why? I thought we were about to go to war and the £ would be weak for a time.

I'm coming to the conclusion that currency rates are random - and its something of a lottery as to when and at what rate to exchange at.

porkchop

looked on the text on tv and found that the au$ rate as increased as they believe PB will return to the uk if it gets a bit higher.

I believe the case for war is not having much of a change on the rate as Aus will also go to war if we do.
:lecture:

kevmitch

It will have to go the other way to 'tempt' PB back - more £s for his hard earned Aussie Dollars. More likely the UK authorities got wind of his imminent return and decided to intervene in the money markets to stop him returning!

porkchop

I hope Pb dont read this as he is not clever enough to work out for himself which way it needs to move.
The other theory for the rate change is to encourage some decent upstanding UK citizens in to Aus.

:PARTY:

'Id rather be handsome than rich'

Shikse

The Forex market has already discounted all the bad news - i.e. expecting a war. Reckon it's a short covering retracement back to 2.67 (ish). If we break that level, then perhaps we'll get back up to 2.80's again.........wishful thinking mind. Rumours in the US regarding mortgage backers (Ginny Maes) not having enough dosh put aside (4% instead of the expected 10%), could be another Enron scenario?!

My two cents worth. And yes, what do I know.

porkchop

With the Ausralian economy becoming a victim of its own strength, there is speculation that interest rates may be increased to reduce consumer spending.
This would generaly keep the AU$ strong,
SO BEWARE.
:scared: :scared: :scared: :scared: :scared: :scared: :scared:

Wendy&Mike

Do images work in here?



Maybe not!
Mike.

Shikse

Yep - nice one!!! Try looking at a 'daily bar chart' other than the '5 min' one shown.

Shikse

Gone up to 2.6710 now!! Get up there my son!!

r.bartlett

well it's pretty clear even for all the ostriches that recession is upon us big time....

all economies will suffer

some sooner than others -some more so
but all will go tits up none the less

funnily enough when did you last hear gordon brown say 'prudence' or 'no more boom and bust'??


to all those stupid enough to believe tony blair and new labour enough to vote for them -

gee thanks for nothing.....!!!!!

cheers

richard

Shikse

agree, agree, agree. i've been saying exactly that for months and months now, just waiting for it go belly up

Herman

as someone who works in mergers and acquisitions, i can assure you it went tits up over 12 months ago, everywhere. we've had redundancies in london and more coming, which has been mirrored here in sydney. they produce adviser league tables for the number of corporate deals investment banks advise on - last year the figures for sydney were pitiful, some of the big name investment banks had only 1 or in some cases 0 deals in 2003. not that i'm bothered by that but its usually a good barometer of the economy - in a recession everyone looks short term and stops corporate acquisitions, when times are good they start thinking beyond the end of the next quarters results. interestingly though, the news from london is that over the last month some corporates have started to consider acquisitions again, so maybe, just maybe, things may be about to pick up.

kevmitch

I wouldn't disagree - I've seen the same thing from a recruitment perspective. BUT.. I don't think things have changed dramatically in the last 24 hours (we've not suddenly seen a rush of new jobs announced in the UK, for instance) - so why the dramatic change in the exchange rate - or is it the £s 'turn' this week (I'm just a cynic who believes the money markets are deliberately manipulated by the Forex traders to allow them to make decent margins and mugs out of the general population)

gbarker

The exchange rate has gone up to almost $2.70 - that's nearly 10 cents up on the day. Something strange is going on...but let's hope it carries on for a while longer yet!

kevmitch

Ditto