My God!,the Pound rises

Discussion in 'The Intelligence Cell' started by Le_addeur_noir, May 5, 2009.

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  1. The Pound rised above $1.50 for the first time in ages and is up against the Euro as well!

    Have Brown and Darling been assinated?........IF ONLY!

    On a more serious note,is Britain past the worst of the recession and is the Eurozone is just about to get hit?.
  2. in_the_cheapseats

    in_the_cheapseats LE Moderator

    Long way to go before we are back to even close to what was. Expect more job cuts and a degree of frugality for a couple of years yet.
  3. If it goes back to what it was we will then have the problem we had before ref exports/imports.

    Maybe now it is about right?
  4. I skied France in March and was shocked at how expensive things were. It occurred to me then that the Euro was over-valued. I haven't seen anything to change my mind and have considered shorting the Euro but I didn't want to upset Brussels.... :D

  5. About time, BUT, nothing whatever to do with the 'swamper'.

    The 'Stalinist' will claim the praise though.

    The Eurine is so overvalued that the European Soviet Union is in danger of imploding. Oh! how I wish!
  6. Not really, the dollar fell.

    Lot of tightening of sphincters pending the results of "stress tests" on US banks due later this week
  7. chimera

    chimera LE Moderator

    Classic bit of Govt spin all over the papers today telling us that the pound has "soared" to 1.13 euros, and that we are on the way to recovery.

    Those with memories longer than a week may recall that after it slumped to almost parity last December, (a weak currency is a sign of a weak economy which is a sign of a weak Government - G Brown 1992) it was back to 1.13 by early Feb, and was at 1.13 as long ago as the 26th of April!
  8. Living in Europe, it is expensive now - and yes, I do think things are overvalued on the continent. Thankfully, get compensated via LOA, but really feel for those who have retired on the continent with their pensions who now find it really hard to get by.

    Still, keep the pound lowish, start earning some export cash and maybe we stand a chance of recovering from this mess.
  9. Whilst the rise in the pound is welcome if we want to travel abroad for holidays, it will be less welcome if it shuts down the tourist invasion that is underway at the moment. Have you seen the number of Cloggy and Frog cars on the roads across the south? I visited London a few weeks ago and it was full of tourists, primarily Japanese and French. Not very good for me as I battled through the crowds but good for the hotels and bars - and they employ lots of people!

    Did you also see the news today that Tesco is cutting its prices in Eire by some 25% in order to try and reverse the stampede of customers across the border to the much cheaper North?

    We live in interesting times!

  10. I have been in Bavaria for the last 2 weeks, and there is loads of chat amongst the locals that Germany is planning to split from the Euro. This apparently started when a state government (Landrat) member, who lives locally, was on the lash at the Stammtisch and let it slip. Whether this will be on their own, or with others worried about the PII(I)GS, is not clear, but it would certainly be a popular move in a country which still mourns the loss of sovereignty they suffered when they gave up the Deutschmark.

    You read it here first!
  11. Historically the pound has always been around the $1.50 mark, it's just that everyone remembers the $2.10/£ from a couple of years ago and thinks that should be what it sits at all the time.

    In reality that was because the dollar was weak, i think between $1.60-$1.70 should be about right for the current climate, so there's still a little bit of rising to occur before the currencies settle.

    As for the Euro, well that's just a weird one that will take some working out.
  12. Long, long way to go Guys and Gels..... We have to wait until McGollum-Broone and Pals have all faroucked ofski before we can even start to celebrate with a knees -up.... Way to go yest..... unless McBroone has a real howling temper tantrum in the House and starts throwing things around at the Boy Dave accross the Despatch Box... Oh yes, indeedy...that would be a nice one to see..

    Then the Men in White Coats will come and strap Cyclops down on a gurney and take away to a Happy Farm somewhere in deepest .... welll where ever... :p
  13. I think its now about the right level. It was always at this level until the recent meteoric rise of the GPB in comparison to the USD. I remember it dipping a few years back to the point that papers started talking about the worst exchange rate ever (less than 1.3 I think) and discussions about moving to the euro.

    I think we should be happy that we are at this level. It still makes the USA f*cking cheap and any further rises could be bad for the economy.
  14. Well I let it slip to a Falklands Journo that FI was getting Nuclear Weapons installed against the Argies, few years ago, and that Information got me and a mate pissed all night. :twisted:

    ...the thing about getting pissed.. :(

    ...the lie gets wilder and unravels.... :twisted:

    ..after a few pints, she then buggered off and shagged someone else :evil:
  15. Fair enough and I can't see how they could afford it anyway. Changing to the Euro cost an absolute fortune and changing again would be more expensive. Added to that the almost impossible extrication from the central bank and all the chicanery that incurs.

    On the other hand the public would love it and it would generate a stash of income for the people involved in making the money, changing office and POS equipment, vending machine manufacturers and of course would disentangle the German economy from the drag effect of the very weak Euro partners.

    On balance my view is that it is unlikely, but on my EPC(A) course in 1989 we all agreed that a united Germany was just a pipe dream harboured by an idealist Helmut Kohl (Oops!).