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The £/$ fall to 1.33 in the wake of the referendum.

The £/$ fall to 1.33 in the wake of the referendum.

Old Jun 27th 2016, 6:38 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

S&P cuts UK's credit rating two notches:

https://www.theguardian.com/business...-stock-markets
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Old Jun 27th 2016, 6:41 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by Pulaski View Post
At this point in time things will get rapidly worse for EVERYONE until calmer minds prevale and leaders recognise that no matter how much we all might wish that different decisions had been taken, over many years, and that we would all be in a more comfortable position, that isn't where we are, we are in a crisis, and we need to swallow our pride and deal with the crisis rather than just pointing fingers of blame.
Yes we'd all like to see that. However, there is currently no leadership (for the gov or the opp) and apparently the "winning side" didn't have a plan.
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Old Jun 27th 2016, 6:46 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by sir_eccles View Post
Yes we'd all like to see that. However, there is currently no leadership (for the gov or the opp) and apparently the "winning side" didn't have a plan.
Well the "winning side" isn't the government.

I am now wondering if there is going to be a vote of no confidence and a snap general election, ..... and ultimately no triggering of Article 50, as there is no necessary link between the referendum result and the actions of the government.

Meanwhile the global economy goes to hëll in a handbasket for the next 10-12 weeks.
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Old Jun 27th 2016, 6:47 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by dc koop View Post
I don't care about changing pounds/dollars. All I know is that my flaming UK pension will be reduced by X number of dollars. Maybe by December it will have done the vanishing act
I feel for people who are just about to retire or don't have much of a mortgage.

The chancellor may have taken some comfort from the fall in yields on ten year government bonds. Yields on these gilts, which move inversely to prices, fell below 1% for the first time. This fall in gilt yields will keep government borrowing costs down and lead to lower mortgage rates. However, they also mean pension companies have started cutting the amount paid to the newly retired.

https://www.theguardian.com/money/20...es-fall-brexit
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Old Jun 27th 2016, 6:58 pm
  #125  
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by Pulaski View Post
Meanwhile the global economy goes to hëll in a handbasket for the next 10-12 weeks.
Is this the time to increase 401k contributions? I'm always so nervous buying on the down.
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Old Jun 27th 2016, 7:06 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by mrken30 View Post
Is this the time to increase 401k contributions? I'm always so nervous buying on the down.
I will be, and moving some, potentially all, the 401k money I have accumulated in a money market fund, back into equities. At the moment I am prepared to sit and watch the markets slide.
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Old Jun 27th 2016, 7:13 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Well, at least an early England goal will settle things down... oh dear.
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Old Jun 27th 2016, 8:10 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by Pulaski View Post
Do you want to engage a debate of who caused the problem, and who is to blame, or recognize that there IS a problem and do something to fix it. At the moment the discussion about who caused the problem is something that we should leave to the historians, because how we got into this mess is largely irrelevant as to how we get out of it.

At this point in time things will get rapidly worse for EVERYONE until calmer minds prevale and leaders recognise that no matter how much we all might wish that different decisions had been taken, over many years, and that we would all be in a more comfortable position, that isn't where we are, we are in a crisis, and we need to swallow our pride and deal with the crisis rather than just pointing fingers of blame.
Europe seems to have a penchant for getting into a major crisis every so often.

1914-1918

1939-1945

God knows American politics are bad enough but European politics are persistently just about as bad as it gets

Last edited by dc koop; Jun 27th 2016 at 8:13 pm.
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Old Jun 27th 2016, 8:12 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by Pulaski View Post
Well the "winning side" isn't the government.

I am now wondering if there is going to be a vote of no confidence and a snap general election, ..... and ultimately no triggering of Article 50, as there is no necessary link between the referendum result and the actions of the government.

Meanwhile the global economy goes to hëll in a handbasket for the next 10-12 weeks.
An optimistic forecast if ever there was
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Old Jun 27th 2016, 8:18 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by dc koop View Post
Europe seems to have a penchant for getting into a major crisis every so often.

1914-1918

1939-1945

God knows American politics are bad enough but European politics are persistently just about as bad as it gets
Technically speaking, the creation of the EU was meant to reduce the frequency of such a crisis. So having gone 70 odd years isn't bad (unless you count all the other little wars and stuff).
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Old Jun 27th 2016, 8:27 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

i'm in a bit of a quandary. I have GBP20,000 sitting in a General Transaction Account within my ETF Portfolio.

I cant help thinking that now is the time to allocate that money to a UK fund. but hesitating!

The whole portfolio is in GBP.
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Old Jun 27th 2016, 8:28 pm
  #132  
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

I can see the pound continuing to drop against other currencies. There isn't a great deal the BOE can do to stop it.

Still, sovereignty though, eh?
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Old Jun 27th 2016, 8:33 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by sir_eccles View Post
Technically speaking, the creation of the EU was meant to reduce the frequency of such a crisis. So having gone 70 odd years isn't bad (unless you count all the other little wars and stuff).
I was surprised by how few war casualties the UK has had apart from WWI and WWII.

https://en.wikipedia.org/wiki/United...ualties_of_war
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Old Jun 27th 2016, 8:36 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by dc koop View Post
An optimistic forecast if ever there was
maybe he meant 10-12 months
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Old Jun 27th 2016, 8:52 pm
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Default Re: The £/$ fall to 1.33 in the wake of the referendum.

Originally Posted by dc koop View Post
Europe seems to have a penchant for getting into a major crisis every so often.

1914-1918

1939-1945

God knows American politics are bad enough but European politics are persistently just about as bad as it gets

The thing about the Europeans is they are way too much into ethnic cleansing and concentration camps and Crematory and stuff like that there are just too many American cemeteries in Europe
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