£ recovers to 1.095 v € : edit now 1.113

gozomark

Soros no longer bearish on £, but he is on € - from Bloomberg

Soros’ Pound Exit

Billionaire George Soros, who made $1 billion breaking the Bank of England’s defense of the pound in 1992, told reporters in Davos on Jan. 28 that he’s no longer betting against the currency after it dropped to $1.40.
The euro fell versus the dollar and the yen as Europe’s inflation rate dropped to 1.1 percent in January, the lowest since July 1999, and the unemployment rate rose to 8 percent in December, the highest since October 2006.
Soros told Austria’s Der Standard newspaper yesterday that the euro may not “survive” unless the European Union pushes for a global plan to deal with toxic debt.

sabretoothtigger

I was just going to post similar. Soros was also the guy who invested in Lehmans over the summer, I never heard what happened there and if he sold on the way down or not. I would guess so

Here's some mildly encouraging news however. I interviewed George Soros, the hedge-fund legend, this afternoon - and he thinks most of the bad stuff about the UK is in the price.
Or, as he put it, he thinks that sterling may have fallen enough, for now (which is something of a contrast with that mega-bear of the UK, Jim Rogers, who used to work with Soros).
That said, Soros had no qualms about using the "D" word: he says a full scale depression remains a very real risk.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/





We must share a physic link, he wrote about it two days ago

http://www.ft.com/cms/s/0/49b1654a-ed60-11dd-bd60-0000779fd2ac.html

http://www.stockpickr.com/port/George-Soros/

On the long side, where I stuck to my guns, I lost an enormous amount of money.


Eventually I understood that the strength of the dollar was due not to people choosing to hold dollars but to their inability to maintain or roll over their dollar obligations. In a very real sense the strength of the dollar, like the fever associated with sickness, was a measure of the disruption of the financial system. This insight helped me to anticipate the downturn of the dollar at the end of 2008.

As a result, we ended the year almost meeting my target of 10 per cent minimum return, after spending most of the year in the red.

So with average falls of 30%, he still makes back 10% despite apparently backing the biggest corporate failure ever. Disgusting

gozomark

gozomark wrote: »

above from 6/1, but chart will be updated)
pattern still holding - had a 50% pullback (it was more than 50% on the daily, but less on the weekly average),and now looking to retest the 1.125 high (in fact on a weekly av basis the high was 1.115)

http://fx.sauder.ubc.ca/cgi/fxplot?b=GBP&c=EUR&rd=*&fd=1&fm=10&fy=2008&ld=28&lm=2&ly=2009&y=weekly&q=volume&f=png&a=lin&m=0&x

trades at 1.13

gozomark

trades at 1.15