The Dean

Today's jobs numbers, plus the Bank of England Governor basically saying 'the UK is crap', have set in motion what may prove to be unstoppable - at least for the foreseeable future.

More rate cuts to come, certainly, and no reason to hold any GBP-denominated assets. True, our exports are now more affordable to overseas buyers, but exports have become an increasingly minor element in our overall economic profile in the last few years.

Wish I had bought that place in Florida I spotted online earlier in the year - when GBP/USD was above 2.00............. too expensive now!

Currently GBP/USD hovering just below 1.50.............. apparently the Moving Average Convergence/Divergence indicators and momentum impetus models () suggest nothing to stop it until 1.36......... which is a GBP/AED of under 5.00, and a GBP/SAR of 5.10..........

typical

Meanwhile, the pound drops to its lowest value against the Euro ever... it's going to be threatening parity soon...

The Dean

Wait till the pound falls to parity against the dollar......... I can remember 1.0350 in 1985 - ah those were the days........

grafik

I'm currently negotiating a package for a move to Dubai.

My wife and kids will remain in the UK, with a UK mortgage and I will be working in Dubai for 2-3 years max.

Should I aim for my salary to be paid in

USD / GBP or AED???

Thoughts?

Hello.Kitty

well, those who are paid in GBP are getting worried with this exchange rate, whereas those of us paid in AED have seen a nice 10-15% pay rise over the last few weeks (if you convert back into pounds, that is!)

still.unsure

USD/AED are essentially the same because the AED is pegged to the USD. personally, my vote would be USD/AED. currency traders seem to have more confidence in the US economy sorting itself out much quicker than the the UK

(my 2p ... which is actually about 3.5c... )

The Dean

No it's only 3.0c........... DO keep up!!!!!

grafik

Thanks - much appreciated

The Dean

"Pound not collapsing shock"

Almost dipped to 1.48 in early London trading but hovering just above 1.49 now...........

Amazing when a day of NON-volatility is worthy of comment.........

still.unsure

cr@p, you're right, my apologies...

Cham128

I'm so glad that I was supposed to be going out to dxb for a shopping trip now that the pound is worth the same as a spanish peso...

Duracell_Bunny

There is a good chance the way things are going.

What would parity do to the GBP/AED rate? I am not sure how this pegging systems works.

typical

US$1 = AED3.67. As long as the peg is in place and the UAE can defend it, that's always true.

Therefore if you get dollar-pound parity, one pound will also be worth AED3.67.

Duracell_Bunny

Wow.

Good news for expats sending money home.

The Dean

I'm desperately trying to keep my other half in the dark.......... she still thinks GBP/USD is above 2.00......... long may this continue........