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Hmm, pound is looking a bit scary today!
Graham_Devon
Posts: 58,560 Forumite
What's occurin?!
Pound down -0.82% against the dollar so far and -1.54% against the euro/
Meanwhile, the main indicies are up over 1% again, and crucially, brent crude is up 1.1%.
On the radio, they were saying the recent fall in the pound and rise in oil could see a further 8-10p added at the pumps.
Pound down -0.82% against the dollar so far and -1.54% against the euro/
Meanwhile, the main indicies are up over 1% again, and crucially, brent crude is up 1.1%.
On the radio, they were saying the recent fall in the pound and rise in oil could see a further 8-10p added at the pumps.
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Comments
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Graham_Devon wrote: »What's occurin?!
Pound down -0.82% against the dollar so far and -1.54% against the euro/
Meanwhile, the main indicies are up over 1% again, and crucially, brent crude is up 1.1%.
On the radio, they were saying the recent fall in the pound and rise in oil could see a further 8-10p added at the pumps.
It's all down to speculation, including the oil.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
ALL currencies are in a race to the bottom.
Devaluation is the only way out.
currency war >> trade war >> world war0 -
IMO there are plenty of people who extremely foolishly seem to think the Euro is somehow out of trouble.
A bit like someone on the 20th floor of a burning building, who runs to the 22nd floor & says "phew, we're safe".0 -
Don't worry Graham, even if the pound doesn't tank they'll still add 8p -10p on at the pumps. And then the government will add tax on that, and because the net amount has gone up they'll tax that too.0
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I'd look at it this way.
Nothing has changed fundamentally. The UK hasn't voted in a mad Government (think Lenin or Hitler rather than Blair or Thatcher) and hasn't gone off the rails particularly. As nothing has really changed there is no particular reason for big currency movements ergo they are probably just noise.
Having said that, 1% is a pretty big move for a grown up currency like the quid. It's not notably volitile like the Aussie dollar.
I'm not sure why you think a few percent off the pound would mean 9p on a litre of fuel. Petrol is 80% tax in the UK IIRC and is about 150p a litre so 30p of that is the actual cost of petrol. For fuel to go up 9p the pound would have to fall 30% against the dollar.0 -
I'm not sure why you think a few percent off the pound would mean 9p on a litre of fuel. Petrol is 80% tax in the UK IIRC and is about 150p a litre so 30p of that is the actual cost of petrol. For fuel to go up 9p the pound would have to fall 30% against the dollar.
Not what I said, is it.
Since 1st Jan, the pound has fallen 4%. Brent crude has increased 4%. (I did say recent, I didn't say todays move).
We already have a 4p increase, already written in. It only takes another 4p increase to reach 8p.0 -
Graham_Devon wrote: »Not what I said, is it.
Since 1st Jan, the pound has fallen 4%. Brent crude has increased 4%. (I did say recent, I didn't say todays move).
We already have a 4p increase, already written in. It only takes another 4p increase to reach 8p.
Ok, for another 4p increase the pound would have to fall ~15% against the dollar.
What I wrote still stands.0 -
Having said that, 1% is a pretty big move for a grown up currency like the quid. It's not notably volitile like the Aussie dollar.
I have a theory on this, though of course I'm prepared - as this is economics mixed with politics - to be totally off course.
Can kicking part 472: the US has just moved back the debt ceiling deadline (it's been passed by Congress and will be passed by Obama). Thus it's no longer March that's looming big, rather it is a slightly more distant May. In spite of the recent bad news from the US (GDP), the timing of the can kicking fits with the dollar rising.
I'm now trying to work out how to stuff enough petrol in my car that I don't have to fill up again until May.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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With the Eurozone being one of the UK's largest export market, it's no bad thing for our economic recovery if their currency, and therefore spending power, is rising.0
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