The pound falls again and heads for its weakest close since 1985

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The pound falls again and heads for its weakest close since 1985

Post by sassy on Tue Jul 05, 2016 10:18 am

The pound falls again and heads for its weakest close since 1985





The pound fell toward its lowest level in more than three decades against the dollar, approaching levels reached last week in the aftermath of Britain’s vote to leave the European Union. Bank of England Governor Mark Carney will give a press conference in London on Tuesday, in which he may outline more tools to contain the fallout from the U.K.’s decision to quit the bloc. An index published by YouGov Plc and the Centre for Economics and Business Research indicated pessimism about the economic outlook almost doubled in the week following the June 23 referendum. Sterling slid 0.9 percent to $1.3167 and 84.68 pence per euro.

http://www.bloomberg.com/news/articles/2016-07-04/asian-stock-outlook-clouded-with-silver-in-demand-as-crude-falls


Brexit, the gift that just keeps giving.  Hope nobody is heading for America, they won't get many dollars for their pounds

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Re: The pound falls again and heads for its weakest close since 1985

Post by WhoseYourWolfie on Tue Jul 05, 2016 10:32 am

Idea

Nige and Boris and their millionaire chums have probably been selling off their stocks of £££ sterling over recent weeks, and buying up $USD and ¥, maybe hedging their bets with some gold and platinum on the side...

Setting themselves up to buy back into British shares, bonds and debentures once they've knocked the markets down 20-->>30% or so..      

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Re: The pound falls again and heads for its weakest close since 1985

Post by Syl on Tue Jul 05, 2016 11:56 am

Just keep your money where it is...stocks and shares fall and rise, they always have and they always will..you only lose if you claim it now.

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Re: The pound falls again and heads for its weakest close since 1985

Post by sassy on Tue Jul 05, 2016 1:00 pm

It's not so much the stocks and shares as the way the value of the £ is dropping, for exports, that's good, for imports is means we pay a huge amount more that will get passed on to customers.

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Re: The pound falls again and heads for its weakest close since 1985

Post by Syl on Tue Jul 05, 2016 1:30 pm

It definitely has it's ups and downs...(no pun)

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Re: The pound falls again and heads for its weakest close since 1985

Post by Tommy Monk on Tue Jul 05, 2016 6:14 pm




The pound against the dollar was £1/$1.38 in June, 2001.


And still higher against the euro than when labour left govt...


The current situation is because speculators have been selling sterling while buying up other currencies as well as betting on sterling going down...


And given the amount of money being poured in by the bank of England over the last few years, it is surprising the pound had remained so strong up till now... because pumping money into the system is effectively devaluing the currency.



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