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Caling a low for the pound, back up, up and away
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Electrum
Posts: 218 Forumite
Last week the pound hit $1.286 and €1.16.
Wednesday 6 July was the date. It’s worth remembering.
Here’s why – and I’ll probably end up with egg on my face for saying this, because there’s so much that can still go wrong.
But I’m going to stick my neck out and say:
“That was the low”…
Leave won the referendum, but Remain is still in power
The volatility in the pound that we’ve seen in the past month is quite easy to explain.
In the autumn and winter of last year the pound was – shall we say – reasonably priced. It was in the high $1.50s against the dollar and in the €1.30s against the euro. Then the referendum came onto the horizon.
Sterling sold off gradually, but incrementally, to about $1.38 and €1.22. With a few days to go before the referendum, it looked like Remain would win. The bookies certainly thought so. We got a sizeable rally in just a few days to $1.51 and €1.32.
Then, of course, Leave won – and quite convincingly so. The majority was 1.3 million on a 72% turnout. The markets weren’t expecting that; few were. The surprise exacerbated the volatility. And we got the sell-offs that we are all now very aware of.
The political upheaval of the next few days only made things worse. First, Cameron resigned. Then Osborne didn’t. Then Farage stood down. Meanwhile, the mob began calling for Corbyn’s head, but he wouldn’t go. Then Gove sabotaged the heir apparent, Boris Johnson – or did he sabotage himself? We will find out in due course.
Then, for a few moments, it seemed like the hitherto-almost-unknown Andrea Leadsom might be in with a shout of being prime minister, but she was shut out. And now, after a few weeks which nobody will forget in a hurry, we have Theresa May.
Leave may have won the referendum, but Remain is still in power.
Why the conditions are perfect for a low in the pound
http://moneyweek.com/gbp-usd-calling-the-low-on-the-pound/
Wednesday 6 July was the date. It’s worth remembering.
Here’s why – and I’ll probably end up with egg on my face for saying this, because there’s so much that can still go wrong.
But I’m going to stick my neck out and say:
“That was the low”…
Leave won the referendum, but Remain is still in power
The volatility in the pound that we’ve seen in the past month is quite easy to explain.
In the autumn and winter of last year the pound was – shall we say – reasonably priced. It was in the high $1.50s against the dollar and in the €1.30s against the euro. Then the referendum came onto the horizon.
Sterling sold off gradually, but incrementally, to about $1.38 and €1.22. With a few days to go before the referendum, it looked like Remain would win. The bookies certainly thought so. We got a sizeable rally in just a few days to $1.51 and €1.32.
Then, of course, Leave won – and quite convincingly so. The majority was 1.3 million on a 72% turnout. The markets weren’t expecting that; few were. The surprise exacerbated the volatility. And we got the sell-offs that we are all now very aware of.
The political upheaval of the next few days only made things worse. First, Cameron resigned. Then Osborne didn’t. Then Farage stood down. Meanwhile, the mob began calling for Corbyn’s head, but he wouldn’t go. Then Gove sabotaged the heir apparent, Boris Johnson – or did he sabotage himself? We will find out in due course.
Then, for a few moments, it seemed like the hitherto-almost-unknown Andrea Leadsom might be in with a shout of being prime minister, but she was shut out. And now, after a few weeks which nobody will forget in a hurry, we have Theresa May.
Leave may have won the referendum, but Remain is still in power.
Why the conditions are perfect for a low in the pound
http://moneyweek.com/gbp-usd-calling-the-low-on-the-pound/
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Seems to involve quite a lot of paranoia for the bits I've managed to get through, including making your own exploding rounds for an air pistol, buy a canoe, invest in silver, make a Faraday cage, make Molotov Cocktails, ferment your own saurkraut, dodge your debts because 'nobody loses anything'. There's 2500 pages of this stuff.
Excerpt -No matter what mortgage situation you are in. You just need to borrow more funds than your property is worth and then buy silver bullion privately with no paper trail.0 -
Does it talk about Aberdeen at all?0
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