US ($) Currency Thread 1 (closed - use thread 2)

inspector_monkfish

MMG wrote: »

Hoping for 1.5 by the start of March - am I being too optimistic?

i think thats is very realistic
possibly more like 1.55

inspector_monkfish

Blink_Eden wrote: »

1.60 by 27 March please

every chance, i think march will trade between 1.50 and 1.60

MMG

inspector_monkfish wrote: »

i think thats is very realistic
possibly more like 1.55

I'm taking the fact that you posted that at 1.50pm as a sign, and will buy them when they hit that mark!

inspector_monkfish

MMG wrote: »

I'm taking the fact that you posted that at 1.50pm as a sign, and will buy them when they hit that mark!

haha
spooky !!

neilbond007

neilbond007 wrote: »

i was just thinking how stable it was looking at 1.45...

lost 1/2c in what seems like 2 minutes!

1.50 was very realistic this time last week! Now, who knows...

lost 1c in 10 minutes! looks like the Friday afternoon surge has gone down the crapper

inspector_monkfish

neilbond007 wrote: »

lost 1c in 10 minutes! looks like the Friday afternoon surge has gone down the crapper

its simply collapsing on the back of some bad news from Lloyds Bank.
They just announced a pre-tax loss of £10bn due to HBOS.

Its really is as fragile as that.

Market bumbling along with no news and no direction.

Then the Lloyds story breaks, and all hell breaks loose !!


trading at 1.4395

inspector_monkfish

13:58 13Feb09 STERLING PARES GAINS, FALLING 1 CENT TO $1.44 <GBP=> AS UK BANK SHARES TUMBLE ON LLOYDS NEWS
Sterling pares gains, falls below $1.44 on Lloyds news

LONDON, Feb 13 - Sterling pared gains on Friday, falling over a cent against the dollar to below $1.44, pressured by sharp falls in UK banking stocks after Lloyds Banking Group unveiled a hefty loss related to its HBOS subsidiary.

Lloyds said HBOS lost about 8.5 bilion pounds last year [ID:nLD820935], news which sent shares in Lloyds and other UK banks tumbling and pushed the UK's FTSE share index into the red.

At 1401 GMT, the pound fell to $1.4377 against the dollar, having traded at just over $1.45 prior to the announcement.

"The scale of the HBOS writedown is enormous, given the guidance given some 6-8 weeks ago. I want to believe the new Lloyds team are throwing all the bad stuff out upfront, but either way it's killed sentiment on sterling," said an FX trader in London.

The FTSE 100 index of leading UK shares dived, paring earlier gains of over 1 percent to last trade down 0.5 percent at 4,182 points <.FTSE>.
Lloyd's shares fell 36 percent, dragging other UK banking shares sharply lower, and even fueling a global fall in banking shares: U.S. stock futures hit session lows on the news.

Denise07

On the Friday surge or not front, Can I ask a question to the collective wisdom?


I need to make a purchase in dollars on a Saturday 28th Feb and have the choice of paying in Pounds and using XE as a conversion minus 2.5% or paying in Dollars.

On Crown Currency's rate I can leave it until Tuesday to get delivery for the 27th, or wait and use XE on the day of purchase. I could also use a next day delivery service for the daily rate which I would assume to be less than the forward 10 day rate.

Dilemma central is this - is there a usual downturn on upturn on a Friday afternoon?
Should I wait until the 11th hour or go with the whim of the market on the Friday evening?!!
Cheers for your thoughts...
:beer:

inspector_monkfish

Denise07 wrote: »

On the Friday surge or not front, Can I ask a question to the collective wisdom?


I need to make a purchase in dollars on a Saturday 28th Feb and have the choice of paying in Pounds and using XE as a conversion minus 2.5% or paying in Dollars.

On Crown Currency's rate I can leave it until Tuesday to get delivery for the 27th, or wait and use XE on the day of purchase. I could also use a next day delivery service for the daily rate which I would assume to be less than the forward 10 day rate.

Dilemma central is this - is there a usual downturn on upturn on a Friday afternoon?
Should I wait until the 11th hour or go with the whim of the market on the Friday evening?!!
Cheers for your thoughts...
:beer:

that can happen, largely down to traders closing positions they have been running all week

doesn't usually make such a noticeable difference, but with the markets being so fragile at the moment, the slightest bit of news creates such large kneejerk reactions

i would say, as you are doing this transaction on a month end that also falls at the end of a week, there is the possibility of a big swing one way or the other, as traders close out weekly and monthly positions

too early to tell, which way that swing will be though !

my opinion is still that come the end of the month we will be in the 1.50's somewhere...

inspector_monkfish

Interesting.......







15:12 13Feb09 -Economists see even deeper US contraction--Philly Fed
NEW YORK, Feb 13 - The U.S. economy will shrink a whopping 5.2 percent in the first quarter, its worst performance since 1982, according to a quarterly forecasting survey published by the Philadelphia Federal Reserve.

In the previous survey, economists had foreseen an annualized decline of just 1.1 percent in first quarter U.S. gross domestic product.

The pain is also expected to last longer than before. The economy was seen shrinking an additional 1.8 percent in the second quarter, bringing the jobless rate to 8.3 percent. Previously forecasters believed GDP might eke out some growth in that quarter, about 0.8 percent.