Sterling in freefall
#106
Forum Regular
Joined: Jan 2009
Location: Moraira
Posts: 83
Re: Sterling in freefall
and my pension fund. It's rather ironic that when my pension fund is doing good I have to accept a rotten exchange rate for converting pounds to euros to make a mortgage payment every month.
#107
Re: Sterling in freefall
Ive been told recently that the FTSE doesn't have so much bearing on pension funds now cos the FTSE doesn't include foreign / far east companies and a lot of pension funds removed themselves from many Uk companies in the past
#108
Forum Regular
Joined: Jan 2009
Location: Moraira
Posts: 83
Re: Sterling in freefall
That's true Mitzy but all the exchanges follow one another nowadays anyway. If the FTSE100 goes down so does Eurofirst 300, Hang Seng, S&P500 etc.
#109
Re: Sterling in freefall
I don't think that had much to do with the FTSE's performance today.
#111
Lost in BE Cyberspace
Joined: May 2009
Location: Alicante province
Posts: 5,753
Re: Sterling in freefall
Well, I’ve been studying the markets for a long time, of necessity. The two cent rise today happened after two items of good news, and there is more to come.
To project forward, a rise of two cents a day is too high. I’m looking at a one-cent-a-day rise, at least until Christmas, and possibly beyond.
Realistically, by next summer, one good old English pound should fetch two of the shaky Euros, and three of the even more shaky American Dollars.
I’m going to book a round-the-world cruise on the new Queen Elisabeth, Three I think, around April next year. If it all goes wrong, I’m going back to the UK, it doesn’t worry me that much, surprisingly.
To project forward, a rise of two cents a day is too high. I’m looking at a one-cent-a-day rise, at least until Christmas, and possibly beyond.
Realistically, by next summer, one good old English pound should fetch two of the shaky Euros, and three of the even more shaky American Dollars.
I’m going to book a round-the-world cruise on the new Queen Elisabeth, Three I think, around April next year. If it all goes wrong, I’m going back to the UK, it doesn’t worry me that much, surprisingly.
#112
Just Joined
Joined: Oct 2010
Posts: 2
Re: Sterling in freefall
Hiya I am new to the fourm but a quick word about exchange rates, for CASH exchange expect 1 pound to get you 1.10 Euros, for an interbank deal expect 1.13 if you are being offered 1.25 Euros per 1 pound today, then please be very carfeul, they are selling you the Euros at a massive loss, and that doesnt happen very often :-) A point of note, following yesterdays UK GDP figure of 0.8% there is less likelihood of a second round of Quant Easing and therefore the pound has strengthened overnight. Kind regards Graham
Last edited by Fred James; Oct 27th 2010 at 3:50 pm. Reason: You cannot advertise your website in your post.
#113
squeaky clean
Joined: Mar 2010
Location: Spain 4th feb 08 - October 11, now flits batck and forth from sunny Worthing
Posts: 1,576
Re: Sterling in freefall
#114
Just Joined
Joined: Oct 2010
Posts: 7
Re: Sterling in freefall
[QUOTE=Rotor;8870566]
I think you must have second sight considering what has happened to Crown
Well I can vouch that they do deliver at that price. Not used that particular company but have experience of Crown Currency who are similar and offering 1.23 today for in 31-50 days.
they do have your money for a month. Perhaps they can earn something with it. Considering the size of the company they could have many millions of other peoples money on deposit all the time. Delivery in cash by post is a bit scary for large sums.[/QUOTE]
I doubt I could sleep wondering if I was going to get notifyed they had gone into liquidation
they do have your money for a month. Perhaps they can earn something with it. Considering the size of the company they could have many millions of other peoples money on deposit all the time. Delivery in cash by post is a bit scary for large sums.[/QUOTE]
I doubt I could sleep wondering if I was going to get notifyed they had gone into liquidation
#115
Forum Regular
Joined: Mar 2007
Location: U.K/Granada
Posts: 62
Re: Sterling in freefall
Olivia, I do hope you didn't lose out when they crashed.
if you, or any others on here did, you may be interested in this group.
Making excellent progress and causing a bit of a stink with some useless, toothless authorities
http://www.crowncurrencyactiongroup.org/
if you, or any others on here did, you may be interested in this group.
Making excellent progress and causing a bit of a stink with some useless, toothless authorities
http://www.crowncurrencyactiongroup.org/
#116
BE Enthusiast
Joined: Nov 2005
Posts: 943
Re: Sterling in freefall
Olivia, I do hope you didn't lose out when they crashed.
if you, or any others on here did, you may be interested in this group.
Making excellent progress and causing a bit of a stink with some useless, toothless authorities
http://www.crowncurrencyactiongroup.org/
if you, or any others on here did, you may be interested in this group.
Making excellent progress and causing a bit of a stink with some useless, toothless authorities
http://www.crowncurrencyactiongroup.org/
#117
Forum Regular
Joined: Oct 2010
Location: Costa Blanca, Spain
Posts: 32
Re: Sterling in freefall
A reflection of my own thoughts! Firstly can I suggest you Google for a short video called "Money As Debt". I don't think it's more than 15 mins long. It may open your eyes to how banks operate and how they have brought us to a state of collapse! How right you are - yes they use OUR deposits to gamble the markets. In my old days as an IFA, clients would say that their "money was safe in the bank" and no - they would not want the risk of stock markets! Today, if you put money on the markets you do at least get the upside if there is any but with the bank you only get the down side! As more and more tax payers' money is pumped into the banks whilst none is lent out and whilst huge bonuses continue to operate, one has to ask what hidden agenda in fact operates behind the scenes because, as a financial man myself, I simple cannot make any sense of things in spite of reading numerous books on the subject. Perhaps it is the bankers that rule and the politicians are compelled to do their bidding? Money does talk!
Moving back to our exchange rate misery (I have nearly as many € mortgages as fingers on my left hand! One might feel that England is in a state of collapse as refected by the € exchange rate and be inclined to liquidate everything English possible. However there is another thought. Devaluation and breakup of the Euro zone. If France, Holland and Germany continue with a "strong euro" whilst the PIGS break away and readopt their old currencies there could be some dramatic consequencies. Firstly all the cash in our Spanish banks would be devalued BUT so would all our mortgages AND the value of our property - but the latter not for long - Spanish property would be seriously cheap and this alone might rekindle the market from hard currency buyers and even the English! That could be very good news for us. But here are a couple of thoughts - (i) devaluations are NEVER announced in advance (cf Mexicos botched devaluation some years ago). You'd wake up on Mon (or Thur) morning and there it would be! (ii) a €50 note looks the same in Germand as Spain. I suspect that all cash would be valued at the German rate - there's the best arguement to keep all you cash under the bed!
Moving back to our exchange rate misery (I have nearly as many € mortgages as fingers on my left hand! One might feel that England is in a state of collapse as refected by the € exchange rate and be inclined to liquidate everything English possible. However there is another thought. Devaluation and breakup of the Euro zone. If France, Holland and Germany continue with a "strong euro" whilst the PIGS break away and readopt their old currencies there could be some dramatic consequencies. Firstly all the cash in our Spanish banks would be devalued BUT so would all our mortgages AND the value of our property - but the latter not for long - Spanish property would be seriously cheap and this alone might rekindle the market from hard currency buyers and even the English! That could be very good news for us. But here are a couple of thoughts - (i) devaluations are NEVER announced in advance (cf Mexicos botched devaluation some years ago). You'd wake up on Mon (or Thur) morning and there it would be! (ii) a €50 note looks the same in Germand as Spain. I suspect that all cash would be valued at the German rate - there's the best arguement to keep all you cash under the bed!
For years now, it’s been a strange way to live. We were stone rich with the Peseta, and the euro when it started at 1.67 to the pound. We didn’t want to be stone rich, but we did want to some stability in our lives.
We’ve got none now, we’re living in a casino world. Someone, somewhere is gambling with our money and there’s nothing we can do about it. A strange guy called Soros could be in control of my destiny, and I don’t like it.
We’ve got none now, we’re living in a casino world. Someone, somewhere is gambling with our money and there’s nothing we can do about it. A strange guy called Soros could be in control of my destiny, and I don’t like it.
#118
Re: Sterling in freefall
Ominous noises are coming from Ireland. Hard to tell if this will help or hinder sterling though - apparently UK banks (especially RBS) are heavily exposed to the Irish market. Can the UK govt (ie the taxpayer) afford another massive bailout? Or will failed banks be allowed to go under (unfortunately the UK govt have guaranteed account moneys). I suspect the UK govt will help to bail out Ireland, not through choice but through necessity. Vamos a ver...
#119
Re: Sterling in freefall
Ominous noises are coming from Ireland. Hard to tell if this will help or hinder sterling though - apparently UK banks (especially RBS) are heavily exposed to the Irish market. Can the UK govt (ie the taxpayer) afford another massive bailout? Or will failed banks be allowed to go under (unfortunately the UK govt have guaranteed account moneys). I suspect the UK govt will help to bail out Ireland, not through choice but through necessity. Vamos a ver...