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30/06/2009, 16:25 John Martin BRADLEY Joined on 30/04/2008 Cape Town Posts 153 Re: The pound is on the brink Ouch I've been out for a few hours and find my name has been taken in vain (sp?).  Bugsy it's 1.7 US dollars to the pound not the euro that is mooted as equilibrium.  It is the relationship between the pound and the dollar and the euro and the dollar that counts - that's why the value of the dollar to the pound and euro is so important.  Daft Doctor I never said the pound will reach parity with the euro; however, I have no doubt the pound will eventually (months or years not weeks) reach parity with the euro and when that happens the case for Britain dropping the pound and adopting the euro will become very strong IMHO. Just looked at the charts - wow the pound has taken a beating this afternoon. JM JohnBradleyPhotography.com Dog Bless You.    Report

30/06/2009, 18:44 Daft Doctor Joined on 04/05/2008 Posts 81 Re: The pound is on the brink JMB, I don't know what charts you are looking at, but interbank rate as of now is 1.1724 (mid price).  That's the same as it was yesterday (more or less), in the middle of the trading range I referred to earlier, and that is despite so called 'bad news' x 3 for the £ today.  Where is your referred to 'beating' the pound has taken, is it against the dollar, cause it's certainly not against the Euro that's for sure!  Just why do you think that parity between pound and euro is inevitable at some point, and as I said earlier, what is it that is so good about the euro to make parity with the pound any sort of possibility? By the way, certainly haven't intended to take anyone's name in vain, but you did make quite a strong statement of opinion and I thought it necessary to question the logic behind it.  No offence meant, just interesting debate!       Report

30/06/2009, 19:30 brianagain Joined on 08/11/2007 I'm on the train... Posts 140 Re: The pound is on the brink  John Martin BRADLEY wrote: Wow the pound just fell substantially off the back of three lots of bad news so all the gains made this morning have been lost. The UK Current Account is much worse than expected. I see that that FTSE 100 declined by 1.04% today on the back of bad news, while the CAC (France) and DAX (German) exchanges only declined by 1.67% and 1.56%. The Dow Jones has only declined 1.31% so far today so I guess bad news is all relative in the end.    Report

01/07/2009, 9:38 tom.daniel Joined on 25/06/2009 Posts 33 Re: The pound is on the brink Its all from the UK GDP surprising the market, the thing to remember is that the market moves quickly when it is surprised, which we saw yesterday, it is below 1.17 this morning, but the important thing is that it is still in the same trading range, holding above 1.1650    Report

01/07/2009, 9:58 Jacqui Too Joined on 23/08/2004 Shropshire / Dordogne 24 Posts 866 Re: The pound is on the brink  John Martin BRADLEY wrote: Ouch I've been out for a few hours and find my name has been taken in vain (sp?).  Bugsy it's 1.7 US dollars to the pound not the euro that is mooted as equilibrium.  It is the relationship between the pound and the dollar and the euro and the dollar that counts - that's why the value of the dollar to the pound and euro is so important.  Daft Doctor I never said the pound will reach parity with the euro; however, I have no doubt the pound will eventually (months or years not weeks) reach parity with the euro and when that happens the case for Britain dropping the pound and adopting the euro will become very strong IMHO. Just looked at the charts - wow the pound has taken a beating this afternoon. John Martin BRADLEY I think you think 'Bugsy' and 'Daft Doctor' are refering to you! There is an other poster 'JMB' in this thread and it is them that they are refering to not you! Jackie Never look down on anyone, unless you are helping them up!    Report

01/07/2009, 10:05 John Martin BRADLEY Joined on 30/04/2008 Cape Town Posts 153 Re: The pound is on the brink Thank you for pointing that out Jacqui - I shall try and read the threads a little more diligently in future. JM JohnBradleyPhotography.com Dog Bless You.    Report

01/07/2009, 10:21 Chancer Joined on 16/07/2006 Picardie, Sussex Posts 4,879 Re: The pound is on the brink All of these massive moves, the pound taking a beating or in my own words spanking, arent they in reality the normal peturbations of market trading? During this period the pound has only swayed around  + or - 1p from its median, pretty much the same as when it was €1.44 but I for one wasnt watching it like a hawk then. Or were these moves somewhat faster than usual? When I posted my spanking comment it did seem to have dropped like a stone but not in fact very far, I have since changed the timescale of the chart which makes things look calmer.    Report

01/07/2009, 10:28 John Martin BRADLEY Joined on 30/04/2008 Cape Town Posts 153 Re: The pound is on the brink Daft Doctor.  No offence taken.  You can view forex charts from any number of sources.  I found these at fxstreet.com (I don't use any of them so can't comment on quality etc) http://www.fxstreet.com/rates-charts/ If you look at yesterday's 60 minute euro pound chart, you will see what I mean about the pound taking a beating versus the euro.  It made a strong gain early in the day and then lost it after the bad news came out and so ended up pretty much where it started.  For me the big thing is that the pound made a significant break through a key level of resistance against the US dollar - ie it broke out of a trading range.  Had the pound not been knocked back into touch after the bad news, then we may have seen it leg it upwards against both the dollar and the euro. I tend to look at the last two of four decimal points, so a large change at this level may be insignificant or non-existent if you are looking at only the first two decimal points (I'm not saying you are by the way). FYI currency related news releases and their impact/significance can be seen at forexfactory.com in the calendar section. Hope that sheds some light on my "strong statement of opinion".  JM JohnBradleyPhotography.com Dog Bless You.    Report

01/07/2009, 10:30 John Martin BRADLEY Joined on 30/04/2008 Cape Town Posts 153 Re: The pound is on the brink JR perhaps changing the timescale of one's life is a key to calmer life - how zen is that! JM JohnBradleyPhotography.com Dog Bless You.    Report

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