Euro (€) Currency Thread

x__Indigo_x

just got back from post office and although it said on comparecurrency that they wer offering 1.11 i only got 1.07!!!!! was like :O

inspector_monkfish

x__Indigo_x wrote: »

just got back from post office and although it said on comparecurrency that they wer offering 1.11 i only got 1.07!!!!! was like :O

probably beacause the rate collapsed in the currency markets today.

its trading InterBank at 1.1150, so really u did well to get 1.07

inspector_monkfish

good morning

starting the day down around the 1.1085 level in early morning trade

BOE been tipped by a US Bank to slash rates to 0.25pct next meeting on March 5th, and also begin quantative easing

inspector_monkfish

no GBP figures out today

10.00am EuroZone industrial production mm and yy
(estimated to be slightly worse than last month)

dealsearcher

Yeah, but will that help sterling? It would seem that bad news here effects sterling badly but bad news in europe has no bad effect on the euro.

inspector_monkfish

dealsearcher wrote: »

Yeah, but will that help sterling? It would seem that bad news here effects sterling badly but bad news in europe has no bad effect on the euro.

who knows!?

does feel a bit like that lately

UK bad news = smash up the Pound !
EZ bad news = unchanged for Euro !

inspector_monkfish

dealsearcher wrote: »

Yeah, but will that help sterling? It would seem that bad news here effects sterling badly but bad news in europe has no bad effect on the euro.

have you seen Cable today?

at 7.15am it was 1.4400
now at 8.30 its at 1.4240

on the back of no fresh good or bad news !!

dealsearcher

Yeah, maybe we have returned to international sterling bashing. Mr. King's information yesterday indicated possible further drastic action in March and he mentioned that one of the things coming from low interest rates was a lower sterling. This seemed to be an open invitation for the markets to knock sterling.

harryhound

Once upon a time, we in the UK got a subsidised ride as sterling was the good-as-gold reserve currency. In pre war Edwardian census 20% of heads of households in London claimed unearned income.
Between the wars we lost the gold standard, but struggled on even through the war and into the 1960's, possibly benefiting from exchange control and having a "sterling area" based on the colonies and former colonies.

Meanwhile our N.American rebel cousins set about turning their currency into the world's reserve currency as-good-as-gold by fixing its value to gold at 35 dollars per ounce.

During the post war period the real gold in the world, accounting for over 50% of shipping became crude oil.
Britain had the good fortune to find reserves of Scottish black gold and its industries decayed as its people started on a subsidised life based on "service" industries as the rest of the world trusted Britain's banking system and a currency backed by black gold.

Meanwhile the USA slid off its gold standard by trying to maintain its hegemony by losing a fortune in the jungles of Vietnam. However the billions and billions of currency being gambled still trusted the USA authorities and that kept the USA
as the world's reserve currency. The USA continued to be subsidised by the poor people of the world to a revolting extent.
Meanwhile the Scottish oil started running out.

Now the USA exhibited the UK disease; living beyond its means, industries decaying, another foolish war to pour billions into the desert sands.
The huge sums of footloose money were gambled, no longer invested and the whole
corrupted debauched system fell apart in New York and London.

So not surprisingly the billions & billions in money that has not gone to money heaven is looking for an alternative "reserve" store of VALUE and its giving the Euro a try.

May you live in interesting times - as the Chinese curse goes.

Perhaps the enlightenment in New York and London can adapt and pull itself up again from the wreckage. Only time will tell.

inspector_monkfish

very bad Industrial production figures just came out of EuroZone at 10.00am

month on month -2.6%, compared with -1.6% last month (estimation was only -2.1%)

year on year is now -12% (estimation was -8.9%)

watch it have absoultely no effect on the Euro whatsoever !!;)
cos everything is rosey in the Euro Garden isn't it !!!:cool: