Monk Posted 4 December 2008 Posted 4 December 2008 Looks like the B of E are going to drop them again today by about 1% pt. Goes to show how fooked they think the economy is. Oh, and, buy dollars, now.
Jon the Hat Posted 4 December 2008 Posted 4 December 2008 Looks like the B of E are going to drop them again today by about 1% pt.Goes to show how fooked they think the economy is. Oh, and, buy dollars, now. It might be a little late for buying dollars. The market has been expecting this for some time.
Monk Posted 4 December 2008 Author Posted 4 December 2008 I know, but it will go further. I'm trading GBP/USD this morning on IG Index and it tanked in the early hours to 1.45 crazy, but it will go further.
The People's Hero Posted 4 December 2008 Posted 4 December 2008 I suppose I should have bought a load of dollars when you (for a very brief period) could get 2 to the £.
davieG Posted 4 December 2008 Posted 4 December 2008 Looks like the B of E are going to drop them again today by about 1% pt.Goes to show how fooked they think the economy is. Oh, and, buy dollars, now. Great no one will employ me as I'm too old, no unemployment benefit because I chose to put some money by for a rainy day and now no interest on what little savings I've got. It's nice to know someone's in charge of the world and knows what their doing!
Monk Posted 4 December 2008 Author Posted 4 December 2008 I suppose I should have bought a load of dollars when you (for a very brief period) could get 2 to the £. Yes, about a fistful. It would now be worth 38% more.
The People's Hero Posted 4 December 2008 Posted 4 December 2008 I suppose I should have bought a load of dollars when you (for a very brief period) could get 2 to the £. Yes, about a fistful.It would now be worth 38% more. Hindsight is a wonderful thing. <_< I don't have any spare money for this sort of thing anyway, but still... seems like easy money. To what extent could this have been predicted by someone who knows what they're doing?
Monk Posted 4 December 2008 Author Posted 4 December 2008 I watch currencies all the time and am currently trading them daily, as I don't have a job! However I take a short term view, and I don't think I could have predicted it would go this far until I knew what was to happen to interest rates. I think everyone knew it was going to come down from 2, but initially I would have predicted to 1.6 or 1.7. I'm not a professional at this though and I would imagine there are plenty of traders out there who foresaw the interest rate decisions and thus the devaluation of our currency.
The People's Hero Posted 4 December 2008 Posted 4 December 2008 I watch currencies all the time and am currently trading them daily, as I don't have a job! However I take a short term view, and I don't think I could have predicted it would go this far until I knew what was to happen to interest rates. I think everyone knew it was going to come down from 2, but initially I would have predicted to 1.6 or 1.7. I'm not a professional at this though and I would imagine there are plenty of traders out there who foresaw the interest rate decisions and thus the devaluation of our currency. So you're just trading currency to make your money? You're the man, Martyn! I want to be like Monk. I bet I could lose shedloads of money.
Monk Posted 4 December 2008 Author Posted 4 December 2008 Early days, and I'm still finalising my trading strategy, but yes. Whether or not it will work out I don't know. Forex is hugely volatile, but does follow basic trends.
The People's Hero Posted 4 December 2008 Posted 4 December 2008 Early days, and I'm still finalising my trading strategy, but yes. Whether or not it will work out I don't know. Forex is hugely volatile, but does follow basic trends. I would be buying big in BT right now (British Telecom for the uninitiated). Hang on. No I wouldn't.. we're headed for recession. SELL SELL SELL!
Monk Posted 4 December 2008 Author Posted 4 December 2008 This is my trading screen this morning. Fun, isn't it.
Bellend Sebastian Posted 4 December 2008 Posted 4 December 2008 Hindsight is a wonderful thing. <_< I don't have any spare money for this sort of thing anyway, but still... seems like easy money. To what extent could this have been predicted by someone who knows what they're doing? I was told by the chief economist at a local stockbrokers that clients should buy dollar investments at the beginning of this year. He got that right, but their house view was that the FTSE 100 would bottom out at 5400, so it just goes to show no one can be right all the time. I don't think anyone could have predicted how close to absolute calamity the financial system would get, even if quite a few commentators, fund managers etc saw trouble ahead
James. Posted 4 December 2008 Posted 4 December 2008 There's probably not THAT much more downside risk to GBP. Bear in mind the US may cut interest rates to 0.25% (!!) in a couple of weeks time... Notice GBP/EUR as well, trading around 1.1534 at the minute. Historic low.
Alexikokopops Posted 4 December 2008 Posted 4 December 2008 I understand each of the individual words, but put them together and you've got me stumped.
James. Posted 4 December 2008 Posted 4 December 2008 I understand each of the individual words, but put them together and you've got me stumped. Everything. Is. Fucked.
purpleronnie Posted 4 December 2008 Posted 4 December 2008 Buy dollars yep been there done that, thinking of buying a merc with the money I made...but knowing me I'll do something really boring with it.. But now my money is tied up in england.
Ric Flair Posted 4 December 2008 Posted 4 December 2008 Excuse my thickery, but how can money be made right now with these dollar papers? I need some.
ronnup Posted 4 December 2008 Posted 4 December 2008 Buy dollars yep been there done that, thinking of buying a merc with the money I made...but knowing me I'll do something really boring with it.. But now my money is tied up in england. I often feel poor and slow reading this forum.
Alexikokopops Posted 4 December 2008 Posted 4 December 2008 Everything.Is. Fucked. Ah, that's more like it. Shit.
Dr The Singh Posted 4 December 2008 Posted 4 December 2008 This thread is great for getting rid of my sexul urges, now I can finally have a coffee without a boner!!
Tabou Posted 4 December 2008 Posted 4 December 2008 1% cut to 2%. People who already have tracker mortgages, who have no capped low, will be laughing. People on Variable rates will have to hope the Banks pass on this cut, which I cannot see happening.
Ric Flair Posted 4 December 2008 Posted 4 December 2008 People who already have tracker mortgages, who have no capped low, will be laughing. People on Variable rates will have to hope the Banks pass on this cut, which I cannot see happening. My mortgage is down to less than £300 a month at the minute, crazy. It was nearly double that less than a year ago.
Babylon Posted 4 December 2008 Posted 4 December 2008 Great no one will employ me as I'm too old, no unemployment benefit because I chose to put some money by for a rainy day and now no interest on what little savings I've got.It's nice to know someone's in charge of the world and knows what their doing! Once again the people doing the "right thing" are penalised to pay for those that haven't.
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