The state of the GBP
Jan 15th 2009, 12:01 am
#31
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Re: The state of the GBP
Does anyone have any guess as to how low the GBP will go? It appears to be sliding into oblivion. The euro is worth more than the GBP now after forex fees so I am told. The GBP has been as low as $2.20 ish in the past..it appears to be heading there fast and I am of the opinion it will be there for the long haul unless the kiwi$ has a pounding.
I understand the BoE is in line to drop interest rates further..thus further weakening the GBP. I guess only the very rich leave the UK now for a holiday such is the shite echange rate.
Is anyone thinking of changing any substantial amounts at the moment? I for one am holing up all my UK funds for the forseeable future...probably for a number of years. I took such a hit on the finance cos last year I cannot bear (or afford!!) to throw away cash at the current derisory rates.
Any positivism on the horizon?
I understand the BoE is in line to drop interest rates further..thus further weakening the GBP. I guess only the very rich leave the UK now for a holiday such is the shite echange rate.
Is anyone thinking of changing any substantial amounts at the moment? I for one am holing up all my UK funds for the forseeable future...probably for a number of years. I took such a hit on the finance cos last year I cannot bear (or afford!!) to throw away cash at the current derisory rates.
Any positivism on the horizon?
YES!!!!!!!!!!!!!!!! Its a tad over $2.71 now!!! Bloody marvellous what?
Jan 15th 2009, 3:09 am
#33
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Jan 15th 2009, 6:37 am
#34
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Re: The state of the GBP
That would be nice. I will buy large at $2.80...shunned it 4 weeks ago..a stint of time in sub $2.50 land gives you a good slap on the head!!
Jan 15th 2009, 6:44 am
#35
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Re: The state of the GBP
we were same hubby wanted to hold out for 285 , we will be going for the 280 this time and gonna bring all our money over here so we have it here. would love to buy this house we are in so would be handy
Jan 15th 2009, 8:42 am
#36
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Re: The state of the GBP
we will be going for the 280 this time
Ssssssssh !!!Kiss of death........................(I'm keeping an eye on it myself)
I've just got a bad feeling that the pound will slide further, meaning the dollars slide wont help our cause :curse:
Jan 15th 2009, 8:47 am
#37
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Re: The state of the GBP
We were holding out for 2.88 before and it never quite made it, how we wish we'd transferred when it hit 2.85. We've just bitten the bullet and transferred some of our funds over at 2.73 - we couldn't bear to sit watching the charts another day and we really need some funds here, so don't want to risk it going down again at this point. We keep joking that by tomorrow it will now be in the 2.8s, but if we hadn't transferred it would be back in the 2.6s, we'll just have to wait and see what tomorrow brings...
Jan 15th 2009, 4:32 pm
#38
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Re: The state of the GBP
We were holding out for 2.88 before and it never quite made it, how we wish we'd transferred when it hit 2.85. We've just bitten the bullet and transferred some of our funds over at 2.73 - we couldn't bear to sit watching the charts another day and we really need some funds here, so don't want to risk it going down again at this point. We keep joking that by tomorrow it will now be in the 2.8s, but if we hadn't transferred it would be back in the 2.6s, we'll just have to wait and see what tomorrow brings...
I was the same 4 years ago, life savings cashed in at $2.64..it dipped a wee bit but a few months later was well ove $3!!!
Ho hum, but like you I wanted the $ there and then.
So I am not the only reverse trend indicator!!! Its $2.75 now!!
Jan 15th 2009, 6:04 pm
#39
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Re: The state of the GBP
At least we only transferred what we really need for now, the rest can wait. We're still not really unhappy with the rate we got, especially with the rate we thought we were going to have to transfer at not so long ago 
Jan 15th 2009, 7:49 pm
#40
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Re: The state of the GBP
.I have never ever got it right in currency...nice but dim Dom that's me, sell low buy high.
Jan 16th 2009, 7:10 am
#41
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Re: The state of the GBP
2.7 now - has it peaked?
Jan 16th 2009, 8:55 am
#42
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Re: The state of the GBP
Who knows mate? The reserve bank is on the cards to slash rates come end Jan 2009....right down to as low as 2.5% come winter time. $2.7 is not a bad rate but I am holding on for a wee bit more. It will most likely be my undoing but the kiwi is a wildly volatile currency, the GBP may be currently weak but its showing signs of a rally and we saw a peak of $3 overnight (before I got my forward contract!!) back in mid Nov 2008.
I am going to risk it. I just know if I buy in at $2.70 it will surge ahead......and I will be really pissed OFF!!! I will wait in the wings just now.
Observe and hope.
I am going to risk it. I just know if I buy in at $2.70 it will surge ahead......and I will be really pissed OFF!!! I will wait in the wings just now.
Observe and hope.
Jan 20th 2009, 6:30 am
#43
Memetchi
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Re: The state of the GBP
http://www.bloomberg.com/apps/news?pid=20601080
Of course the NZD could be even more "finished"...
Jim Rogers, chairman of Singapore-based Rogers Holdings, said the “U.K. is finished” and investors should sell the currency. Commonwealth Bank of Australia said there was a high risk of a cut to the country’s credit rating outlook and lowered its pound forecast. Prime Minister Gordon Brown authorized a 100 billion pound ($142 billion) bailout for banks.
“I would urge you to sell any sterling you might have,” said Rogers. “It’s finished. I hate to say it, but I would not put any money in the U.K.”
...
Rogers said the currency will fall below its record low of $1.0520 reached in February 1985.
“I would urge you to sell any sterling you might have,” said Rogers. “It’s finished. I hate to say it, but I would not put any money in the U.K.”
...
Rogers said the currency will fall below its record low of $1.0520 reached in February 1985.
Jan 21st 2009, 8:09 am
#44
Memetchi
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Posts: 201
Re: The state of the GBP
Er, yikes:
http://blogs.telegraph.co.uk/ambrose...iously_alarmed
http://blogs.telegraph.co.uk/ambrose...iously_alarmed
The slide in sterling has turned "disorderly".
We can argue over whether or not the first phase of devaluation acted as a shock-absorber for a badly mismanaged economy, providing a cushion against debt deflation and the housing crash. But the latest dive has a very malign feel.
For the first time since this crisis began eighteen months ago, I am seriously worried that British government is losing control.
The currency has fallen five cents today to $1.39 against the dollar. It is now perched precariously on a two-decade support line -- the levels tested in 2001 and 1992. If it breaks that line, traders may send it crashing down towards dollar parity.
The danger is blindingly obvious. The $4.4 trillion of foreign liabilities accumulated by UK banks are twice the size of the British economy. UK foreign reserves are virtually nothing at $60.6bn.
...
England has not defaulted since the Middle Ages. There is a real risk it may do so now.
We can argue over whether or not the first phase of devaluation acted as a shock-absorber for a badly mismanaged economy, providing a cushion against debt deflation and the housing crash. But the latest dive has a very malign feel.
For the first time since this crisis began eighteen months ago, I am seriously worried that British government is losing control.
The currency has fallen five cents today to $1.39 against the dollar. It is now perched precariously on a two-decade support line -- the levels tested in 2001 and 1992. If it breaks that line, traders may send it crashing down towards dollar parity.
The danger is blindingly obvious. The $4.4 trillion of foreign liabilities accumulated by UK banks are twice the size of the British economy. UK foreign reserves are virtually nothing at $60.6bn.
...
England has not defaulted since the Middle Ages. There is a real risk it may do so now.
Jan 21st 2009, 11:29 am
#45
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Re: The state of the GBP
Reading this thread, I'm wanting to ask: have none of you thought to play the currencies game? With the unusually drastic ups and downs over such short periods of time many of you could have possibly (and may well still be able to if you take care to figure out what you're doing) made a killing by now and set yourselves up for life! Such opportunities are rare....
I/m heading the opposite direction to most of you and as I will have no NZ$s in hand to exchange until i've sold my house which is not yet ready to sell, I have had to watch this currency roller coaster ride in helpless horror. We will probably walk away from here with less than we brought with us 6 years ago, and with all the hard work we;'ve been forced to put in just about 24/7, sacrificing everything including unfortunately the most precious thing of all and ironically the reason we came here - quality time with our now-no-longer young children - that is harsh, very very harsh... Yet someone on this very BE forum warned 6 years ago of British acquaintances of his to whom exactly the same thing happened (they lost a fortune in the exchange rate when it came time for them to leave here). I of course thought when I read that thread that this could never happen to me...
I/m heading the opposite direction to most of you and as I will have no NZ$s in hand to exchange until i've sold my house which is not yet ready to sell, I have had to watch this currency roller coaster ride in helpless horror. We will probably walk away from here with less than we brought with us 6 years ago, and with all the hard work we;'ve been forced to put in just about 24/7, sacrificing everything including unfortunately the most precious thing of all and ironically the reason we came here - quality time with our now-no-longer young children - that is harsh, very very harsh... Yet someone on this very BE forum warned 6 years ago of British acquaintances of his to whom exactly the same thing happened (they lost a fortune in the exchange rate when it came time for them to leave here). I of course thought when I read that thread that this could never happen to me...