The value of the British Pound
Comments
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jumperabv3 wrote: »This is just terrible, getting paid in pounds nowadays is not what it used to be 4 months ago.
Why did you do it? Was it really worth it to vote for Brexit?
Yes it was worth it for Brexit: Providing jobs and homes for immigrant unskilled workers is absolute insanity when we don't have enough jobs and homes for our own unskilled workers.
In any case not a lot has happened to the processes by which a currency is valued. In the real world having the whole world to trade with without the constraints of the EU is positive not negative.0 -
jumperabv3 wrote: »Try comparing the pound to other currencies such as the US Dollar (1.23 !!!!!!!!! I would have added more exclamation points!!!!!)
Used to be on "normal" level of 6 Shekels against the ILS, it's now 4.68 !!
It's now only 17 ZAR and used to be 23 ZAR just a few months ago.
It's definitely not in normal levels now ... it's sinking like a ship without a captain.
And speaking of doing it quickly - I don't ever recall Europeans doing something fast and this is the core problem not only of the EUR but of the GBP as well....
The EUR should have disappeared 4-5 years ago - the fact the EU is trying to revive this zombie currency is just hurting so many people (and mainly the middle class) ... nevertheless I don't think the UK should have fired the first bullet with this Brexit ... should have let Greece or other poor country to finally break the Euro .... it would now be "expedited" but in terms of expediting things we're talking about several years ... this is how "fast" Europe moves ... the financial crisis in Asia in 1997 wasn't as bad the one with Europe.
Interesting points, but currencies move naturally.
Zar rate for example is still incredibly weak, for many years it was around 12 or better.0 -
Yes it was worth it for Brexit: Providing jobs and homes for immigrant unskilled workers is absolute insanity when we don't have enough jobs and homes for our own unskilled workers.
In any case not a lot has happened to the processes by which a currency is valued. In the real world having the whole world to trade with without the constraints of the EU is positive not negative.
Only time will tell, I do hope so ... the last thing I want to see is an exodus of big businesses from London, or seeing London losing its status as a global city .... London is providing a lot of income for the UK and btw let's hope the UK remains UK (i.e. Scotland won't make a Scoxit) ....0 -
The report for the sudden change in the value of the pound is suggested to come from an utterance attributed to President Francois Holland. Let us all type quietly as what we say may well trigger a selling frenzy in some computer controlled marke..jigyf
The previous user has ... ... been redeployed to surface ...0 -
jumperabv3 wrote: »This is just terrible, getting paid in pounds nowadays is not what it used to be 4 months ago.
Why did you do it? Was it really worth it to vote for Brexit?
Exchange rate is no different to the period 2009-2011. No one made a fuss then. Just got on with it. Currencies have always fluctuated.0 -
Why do currencies fluctate ?
J-B.0 -
Joe_Bloggs wrote: »Why do currencies fluctate ?
J-B.
Why do share prices, commodities, house prices?0 -
Always fluctuated, yes.Thrugelmir wrote: »Exchange rate is no different to the period 2009-2011. No one made a fuss then. Just got on with it. Currencies have always fluctuated.
I don't think anyone can justifiably call a sudden drop in the value of the pound in USD value to the lowest it's been in 31 years a 'fluctuation' though.0 -
Thrugelmir wrote: »Exchange rate is no different to the period 2009-2011. No one made a fuss then. Just got on with it. Currencies have always fluctuated.
In 2009 the bottom was around 1.40 and that was a sharp fall from 1.96 against the USD.
Since then the GBP never recovered in full back to these 1.96 levels or 1.80ish neither, at best times it touched the 1.70 and then fell ...
It was hovering a lot between the 1.50 - 1.60 range for months ....
Seeing it now as less than 1.25 against the dollar is not something I think many would "just go on with", it's a crisis....
Probably the markets don't like brexit because it's anti globalism and going against what they wanted to get out of Europe (seeing the EU surviving many more decades whilst poor people in the middle class suffering) - I am not up for it, I think it's a good thing eventually the UK would not be part of the EU catastrophe but I was hoping the first bullet would come from Greece and not from the UK ...
Anyway for now it could be even worse ... I can't imagine the pound at 1.10 levels against the dollar (or parity with the Euro) but it's definitely possible and that's devastating.0 -
Thrugelmir wrote: »Exchange rate is no different to the period 2009-2011. No one made a fuss then. Just got on with it. Currencies have always fluctuated.
That's not true the pound was at its lowest value in the last 31 years.
You need to compare the pound against the USD to see how bad it is. Comparing it to the Euro won't show much because the Euro has also dropped in value due to the Brexit vote.0
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