Why is the £ doing so poorly against the $ and €?

[HundredRoom]

Well when you just found 300 odd billion under the carpet that wasn't there and a promise to find more where that came from and a further promise to magic up as much as it takes its hardly surprising that there is a credibility issue.

The next phase to this is of course inflation but other factors might have a dampening affect.

 

[bear66]

Other countries are generally giving bigger fiscal stimuli to their economies. One reason appears to be is that phase 2 of QE is imminent.

 

[SmallTown]

A record low against all major currencies

So brexit is going well then...

 

[bear66]

A law has been passed as Johnson said yesterday.

 

[SmallTown]

I have had three foreign holidays in 30 years. They just happen to be since I retired.

Seriously??

I had three foreign holidays, taking in six countries, last year.
May I ask why you don’t see more of the world? It may be too late now with borders closing!

 

[bear66]

I've visited about 80 countries with work living in 6 countries for 12 out of 30 years from 1980, including the most landlocked city in the world. I've seen enough of the world and the three foreign holidays were to meet up with relatives.

 

[SmallTown]

What's the most landlocked city in the world? I'm intrigued

 

[Cardiffdaffs]

What's the most landlocked city in the world? I'm intrigued

The Chinese city of Ürümqi has earned a place in the Guinness Book of Records as the most remote city from any sea in the world

 

[bear66]

Yes, Urumqi.

I was last there in 2005, and close by in 2007.

Xinjiang had changed a lot in two years with crackdowns on the Uiger population. Things have got a lot worse since with the 'reeducation' camps.

 

[masquesmog]

I've visited about 80 countries with work living in 6 countries for 12 out of 30 years from 1980, including the most landlocked city in the world. I've seen enough of the world and the three foreign holidays were to meet up with relatives.

I have some sympathy with this Bear. I had a job with International travel for over 20 years. Really enjoyed the travel and the experience. I didn't get to 80, maybe 50+. I frequently managed to tag on holidays, or at least a few extra days. I also lived for 3 years in Singapore.

I haven't quite grounded myself but I am down to 3 or 4. Partly for my own business. I really need a big push now to get back on those other 12 hour flights, or have the Gatwick "experience".

 

[bear66]

I counted my flights to Asia in the 5 years prior to retirement. 180. I was fed up with it.

 

[Kevlar]

1) We're viewed as a country not handling this crisis as well as others - even the US.

2) The long-awaited Brexit impact papers have been released amongst all of this chaos and the forecasts look terrible.

3) We're re-adjusting as single country not in a significant union. Our stock will invariably drop. If we sign some very positive trade deals we can expect it to increase.

 

[masquesmog]

heads up for Sainsburys travel money. A few weeks ago I bought a lot of Euros. A Brasilian friend's daughter was getting married in Sicily (de de de, dah dah dah) and it is traditional to give cash as the present.

Of course it was all cancelled.

Sainsburys took it all back at the same rate. They didn't need to and I think this saved me £300+.

 

[Norfolkred1]

I have $400 wilting away. It will soon be 1-1 soon enough. Back in the 70's there used to be a saying lend us a dollar when there was $4 to the £.

 

[masquesmog]

I have $400 wilting away. It will soon be 1-1 soon enough. Back in the 70's there used to be a saying lend us a dollar when there was $4 to the £.

yes a "dollar" was 5 shillings; "half a dollar" was a pretty common term for 2 and 6 (half a crown) ...

Now where is that can of spam ...

 

[Cuthbert]

Largely a flight to safety ATM.

 

[Wev1]

A few weeks ago I bought a lot of Euros.

Sainsburys took it all back at the same rate. They didn't need to and I think this saved me £300+.

Eh, the pound has nosedived against the Euro, you should be up by about 10%, you've probably been robbed either in the rate, or the spread.

2 weeks ago £1 = 1.15 Euro
£1000 @ E1.15 = E1150

Now, £1 = 1.05 Euro, so 1/1.05 = £0.95 per Euro
E1150 * £0.95 = £1,092.50

 

[HundredRoom]

heads up for Sainsburys travel money. A few weeks ago I bought a lot of Euros. A Brasilian friend's daughter was getting married in Sicily (de de de, dah dah dah) and it is traditional to give cash as the present.

Of course it was all cancelled.

Sainsburys took it all back at the same rate. They didn't need to and I think this saved me £300+.

Were they laughing when they did that ?

 

[masquesmog]

Were they laughing when they did that ?

nope. the "spread" between sell and buy in the 6 days would have cost me.

Not a single online offer that day put me anywhere near level.

OK. I could have held out - I was thinking of holding onto it. So yes, by now I would have been ahead. But I really didn't want to take that risk myself.

I would be amazed if the girl at the desk was trading. Maybe somewhere in the background someone HAD calculated the subsequent shift against the pound. So be it.

 

[Cardiffdaffs]

As an investor if you are looking for the two safest currencies right now you will choose the dollar and the euro. The potential for the UK to need a bailout down the line is getting real and will frighten off inflows to sterling.