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By *abioMan
over a year ago
Newcastle and Gateshead |
"Down to $1.10 & 1.12 euros 
What happened to the guy who boasted about eating lobster ever time the currency fluctuated?"
I was wondering about him… wasn’t he eating lobster at $1.17……  |
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By (user no longer on site) OP
over a year ago
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"Down to $1.10 & 1.12 euros
What happened to the guy who boasted about eating lobster ever time the currency fluctuated?"
Unfortunately, he is now eating dog shit |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"Phucked..
When it's $1:£1
General Election will be triggered and my money is on December."
Parity might not be that far away… but they will try to hang on and not have a general election until there is some sort of economic turnaround… |
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the tanking pound has fuelled our hyperinflation, which means higher interest rates which will in-turn fuel hyperinflation. that extra 1% point you thought you had just been given on your wages has already disappeared along with a sizeable chunk more. |
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Whatever else you think of the tories, you have to admire the confidence of a chancellor who's first action is to make his country's currency worthless.
People were saying that he's given a £40k boost to millionaires but that's just not true. By the time the millionaires get that £40k it's only going to be worth a fiver. |
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"Whatever else you think of the tories, you have to admire the confidence of a chancellor who's first action is to make his country's currency worthless.
People were saying that he's given a £40k boost to millionaires but that's just not true. By the time the millionaires get that £40k it's only going to be worth a fiver. "
They have all their cash offshore, in different currencies, I'm sure they'll be fine. |
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By (user no longer on site)
over a year ago
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My pension pot has taken what I can only describe as a proper kicking in the last 6 months.
Ukraine, cost of living and uncertainty with the septics economy........makes you wonder why you bothered in the first place! |
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By (user no longer on site)
over a year ago
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"My pension pot has taken what I can only describe as a proper kicking in the last 6 months.
Ukraine, cost of living and uncertainty with the septics economy........makes you wonder why you bothered in the first place!"
I'm guessing it's up overall... And that it's providing you some income you otherwise wouldn't have ... |
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"My pension pot has taken what I can only describe as a proper kicking in the last 6 months.
Ukraine, cost of living and uncertainty with the septics economy........makes you wonder why you bothered in the first place!"
But the Dollar is strong? |
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"And some people will support the budget mugging the majority, as petrol and diesel continues to be exorbitantly priced, due to it being based on the $ oil price  "
Someone has to think of the multi billion £ profits of the oil companies. Thank goodness the Tories are looking out for them. |
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By (user no longer on site)
over a year ago
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"And some people will support the budget mugging the majority, as petrol and diesel continues to be exorbitantly priced, due to it being based on the $ oil price
Someone has to think of the multi billion £ profits of the oil companies. Thank goodness the Tories are looking out for them."
But aren't the oil companies going to be providing the green utopia and the infrastructure for all those Teslas that poor people are going to be driving? |
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By (user no longer on site)
over a year ago
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"My pension pot has taken what I can only describe as a proper kicking in the last 6 months.
Ukraine, cost of living and uncertainty with the septics economy........makes you wonder why you bothered in the first place!
But the Dollar is strong? "
I live in the uk and have property in the EU? |
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By (user no longer on site)
over a year ago
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"My pension pot has taken what I can only describe as a proper kicking in the last 6 months.
Ukraine, cost of living and uncertainty with the septics economy........makes you wonder why you bothered in the first place!I'm guessing it's up overall... And that it's providing you some income you otherwise wouldn't have ..."
Wouldn’t have what? |
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By (user no longer on site)
over a year ago
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"Csn i ask if you had a pension pot thats invested in shares would or dhould you cash them in before theres a reccesion "
I'd get myself into a more diversified fund. At the the very worst, I'd leave in cash in the pension. But I'd ride the storm out... Otherwise you will miss out if the market rises too ...
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"Csn i ask if you had a pension pot thats invested in shares would or dhould you cash them in before theres a reccesion I'd get myself into a more diversified fund. At the the very worst, I'd leave in cash in the pension. But I'd ride the storm out... Otherwise you will miss out if the market rises too ..."
Thanks |
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The Euro is down from USD1.17 to 0.97 since the start of the year. Between 1939 and 1945 the Pound fell from 5 to the US Dollar to 3.25. What we are seeing now is a flight to Uncle Sam which always happens when there is war in Europe. If Russia is defeated you'll see a complete reversal as attention turns to the US mid-terms and the next Presidential election. And don't forget that the Fed has been far more aggressive in raising interest rates than the UK and ECB. |
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"The Euro is down from USD1.17 to 0.97 since the start of the year. Between 1939 and 1945 the Pound fell from 5 to the US Dollar to 3.25. What we are seeing now is a flight to Uncle Sam which always happens when there is war in Europe. If Russia is defeated you'll see a complete reversal as attention turns to the US mid-terms and the next Presidential election. And don't forget that the Fed has been far more aggressive in raising interest rates than the UK and ECB."
There is broad global dollar strength but there is also £ weakness especially last few weeks - £ is down 10% again Euro last few weeks for example.
Also not just the last few weeks. £ is down 25% against Euro since 2016 and 30% or more against $. Something significant must have happen around that time. Ummm wonder what that might have been. It's get lost on most with the day to day moves but that is a huge long-term trend change with big consequences. It's really put up the price of sex toys and adults good for one  |
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By (user no longer on site)
over a year ago
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"Csn i ask if you had a pension pot thats invested in shares would or dhould you cash them in before theres a reccesion I'd get myself into a more diversified fund. At the the very worst, I'd leave in cash in the pension. But I'd ride the storm out... Otherwise you will miss out if the market rises too ...
Thanks"
ps. Think about getting a finqncial advisor. You shouldn't get guidance from a swinger site (my statement above was not financial advice!!!!) |
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"Csn i ask if you had a pension pot thats invested in shares would or dhould you cash them in before theres a reccesion I'd get myself into a more diversified fund. At the the very worst, I'd leave in cash in the pension. But I'd ride the storm out... Otherwise you will miss out if the market rises too ...
Thanksps. Think about getting a finqncial advisor. You shouldn't get guidance from a swinger site (my statement above was not financial advice!!!!)"
Have got one his advice is let it ride out |
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By (user no longer on site)
over a year ago
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"Csn i ask if you had a pension pot thats invested in shares would or dhould you cash them in before theres a reccesion I'd get myself into a more diversified fund. At the the very worst, I'd leave in cash in the pension. But I'd ride the storm out... Otherwise you will miss out if the market rises too ...
Thanksps. Think about getting a finqncial advisor. You shouldn't get guidance from a swinger site (my statement above was not financial advice!!!!)
Have got one his advice is let it ride out"
 |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"Csn i ask if you had a pension pot thats invested in shares would or dhould you cash them in before theres a reccesion "
The people managing your fund will be diversifying already and will shift levels between shares and bonds depending on the info you give them - specifically date you plan to retire but risk appetite too.
If you plan to retire - or at least begin drawing down at a different time you should inform them as they may shift it earlier. You want stability in 2-10 year bonds when you begin to draw down a regular income , steady growth from large tech companies in the middle, higher risk / higher return like emerging telecoms markets in the early part. That what I do , it worked well for the last 30 years
If you cash it in bear in mind it’s taxable and with rates high, 4-5% in savings , 2-4% in ISA etc might be worth it, if your fund has under-peformed to date
You can get all the best advice paid for or free but it’s worth nothing unless you have a very clear plan or when you want and need your money |
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By (user no longer on site)
over a year ago
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"Csn i ask if you had a pension pot thats invested in shares would or dhould you cash them in before theres a reccesion
The people managing your fund will be diversifying already and will shift levels between shares and bonds depending on the info you give them - specifically date you plan to retire but risk appetite too.
If you plan to retire - or at least begin drawing down at a different time you should inform them as they may shift it earlier. You want stability in 2-10 year bonds when you begin to draw down a regular income , steady growth from large tech companies in the middle, higher risk / higher return like emerging telecoms markets in the early part. That what I do , it worked well for the last 30 years
If you cash it in bear in mind it’s taxable and with rates high, 4-5% in savings , 2-4% in ISA etc might be worth it, if your fund has under-peformed to date
You can get all the best advice paid for or free but it’s worth nothing unless you have a very clear plan or when you want and need your money "
I disagree with a lot of this. I may be wrong. He may be wrong. But I suspect taking the wring path will either cost you money, or mean your pot doesng last as long as it could. Financial planning is a specialism and getting it wrong is life changing. Youd not take medical advice from here if it was about a life threatening disease. You shouldn't do so with your w(h)ealth. |
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By *rFunBoyMan
over a year ago
Longridge |
"My pension pot has taken what I can only describe as a proper kicking in the last 6 months.
Ukraine, cost of living and uncertainty with the septics economy........makes you wonder why you bothered in the first place!
But the Dollar is strong? "
Dollar isn't strong, they're both crashing against other currencies such as the Euro.
Never seen both tumble so badly in such short time. US is about to drown in recession, we've already started. |
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By *eroy1000Man
over a year ago
milton keynes |
"My pension pot has taken what I can only describe as a proper kicking in the last 6 months.
Ukraine, cost of living and uncertainty with the septics economy........makes you wonder why you bothered in the first place!
But the Dollar is strong?
Dollar isn't strong, they're both crashing against other currencies such as the Euro.
Never seen both tumble so badly in such short time. US is about to drown in recession, we've already started."
Every report I have seen on tv regarding the currency changes state that the dollar is strong. More aggressive rate rises are apparently one of the reasons that the Euro is around 96 cents |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"The Euro is down from USD1.17 to 0.97 since the start of the year. Between 1939 and 1945 the Pound fell from 5 to the US Dollar to 3.25. What we are seeing now is a flight to Uncle Sam which always happens when there is war in Europe. If Russia is defeated you'll see a complete reversal as attention turns to the US mid-terms and the next Presidential election. And don't forget that the Fed has been far more aggressive in raising interest rates than the UK and ECB."
2 good points.. you pointed out one in that the IS dollar is always the safe haven in times of crisis (same for putting money in gold) the other points is that the us fed have been far far more aggressive at putting up interest rates than the ECB…. |
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ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top. |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"The BoE will intervene, maybe as early as today.
Another interest rate rise to shore the pound up."
Which will cripple more houses owners…I think they will let the new uk government policy fester for the idea of proving to the politicians that there plan was a bad idea… the next decision is only 3 weeks away (it was postponed a week because of the queen’s death)… I think the next rise will now be bigger than it would have been…
Remember this meeting was 6-3 for the .5 rise, with the other 3 arguing for a.75 rise….
I think the meeting next Month will get another .75 rise…. |
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By (user no longer on site)
over a year ago
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"ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top. "
Why would "high earners" not be affected by the fall in the value of the pound? Do they not buy imported goods?
I look forward to reading your posts when the pound starts rising again. |
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"ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top.
Why would "high earners" not be affected by the fall in the value of the pound? Do they not buy imported goods?
I look forward to reading your posts when the pound starts rising again."
i'm pleased you follow my wise advise so very closly |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top.
Why would "high earners" not be affected by the fall in the value of the pound? Do they not buy imported goods?
I look forward to reading your posts when the pound starts rising again."
The only way the pound will rise is if the BOE raises interest rates in a hurry… kwasi talking about further tax cuts yesterday has not helped and made things worse!
The pound was trading as low as $1.04 in Asian markets this morning.. now standing at just over $1.06!!
The other interesting nuggets from both Bloomberg and CNBC are reporting that traders are now factoring in a 150bsp rise by end of November from the Bank of England
That 1.5% to the common person…. So.. 2 lots of.75
Or an emergency .5 followed by 2 further.5’s to lessen the shock? |
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By (user no longer on site)
over a year ago
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"ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top.
Why would "high earners" not be affected by the fall in the value of the pound? Do they not buy imported goods?
I look forward to reading your posts when the pound starts rising again.
The only way the pound will rise is if the BOE raises interest rates in a hurry… kwasi talking about further tax cuts yesterday has not helped and made things worse!
The pound was trading as low as $1.04 in Asian markets this morning.. now standing at just over $1.06!!
The other interesting nuggets from both Bloomberg and CNBC are reporting that traders are now factoring in a 150bsp rise by end of November from the Bank of England
That 1.5% to the common person…. So.. 2 lots of.75
Or an emergency .5 followed by 2 further.5’s to lessen the shock? "
The pound is now heading close towards $1.08. What explains this increase? We shouldn't underestimate the tendency of the market to follow the herd.
I wouldn't hold my breath for the BoE to take any useful action. Along with the ECB and Fed they were telling everyone for 18 months that inflation wasn't an issue. Just inept group thinkers. |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top.
Why would "high earners" not be affected by the fall in the value of the pound? Do they not buy imported goods?
I look forward to reading your posts when the pound starts rising again.
The only way the pound will rise is if the BOE raises interest rates in a hurry… kwasi talking about further tax cuts yesterday has not helped and made things worse!
The pound was trading as low as $1.04 in Asian markets this morning.. now standing at just over $1.06!!
The other interesting nuggets from both Bloomberg and CNBC are reporting that traders are now factoring in a 150bsp rise by end of November from the Bank of England
That 1.5% to the common person…. So.. 2 lots of.75
Or an emergency .5 followed by 2 further.5’s to lessen the shock?
The pound is now heading close towards $1.08. What explains this increase? We shouldn't underestimate the tendency of the market to follow the herd.
I wouldn't hold my breath for the BoE to take any useful action. Along with the ECB and Fed they were telling everyone for 18 months that inflation wasn't an issue. Just inept group thinkers."
What explains the increase.. the fact that the markets are expecting the BOE to step in and increase interest rates sooner rather than later, do that is being “priced in” to the currency markets
The other issue is look at the government bonds market… in January the government only had to pay debt back at 1%… now the new debt taken on is going to have to be paid back at 4%
Unfunded tax cuts and energy packages being fully paid by the taxpayer
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By (user no longer on site)
over a year ago
|
"ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top.
Why would "high earners" not be affected by the fall in the value of the pound? Do they not buy imported goods?
I look forward to reading your posts when the pound starts rising again.
The only way the pound will rise is if the BOE raises interest rates in a hurry… kwasi talking about further tax cuts yesterday has not helped and made things worse!
The pound was trading as low as $1.04 in Asian markets this morning.. now standing at just over $1.06!!
The other interesting nuggets from both Bloomberg and CNBC are reporting that traders are now factoring in a 150bsp rise by end of November from the Bank of England
That 1.5% to the common person…. So.. 2 lots of.75
Or an emergency .5 followed by 2 further.5’s to lessen the shock?
The pound is now heading close towards $1.08. What explains this increase? We shouldn't underestimate the tendency of the market to follow the herd.
I wouldn't hold my breath for the BoE to take any useful action. Along with the ECB and Fed they were telling everyone for 18 months that inflation wasn't an issue. Just inept group thinkers.
What explains the increase.. the fact that the markets are expecting the BOE to step in and increase interest rates sooner rather than later, do that is being “priced in” to the currency markets
The other issue is look at the government bonds market… in January the government only had to pay debt back at 1%… now the new debt taken on is going to have to be paid back at 4%
Unfunded tax cuts and energy packages being fully paid by the taxpayer
"
Absolutely, it's not news that the government, and indeed governments across the West have been on a deranged spending spree for the past two years, while the central banks have been asleep at the wheel. The BoE's job is to keep inflation below 2% so why the Governor still has a job is beyond me.
The reality is that governments across the West sooner or later are going to have to slash their public expenditure to balance the books. |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"Analysts are factoring in that our interest rates will be north of 5% next year.
Good. They probably need to be higher than that."
How many people are going to lose their homes because the interest rates are going thru the roof..
Let’s see whether you can summon up a modicum of sympathy…. |
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The low interest rate and cheap borrowing period was always going to end, shit for those who may have overstretched but it will hit all regardless..
An economic 'plan' where the BOE and the Chancellor are moving in two different directions is doomed to fail and looks like no plan at all hence the market reaction.. |
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By (user no longer on site)
over a year ago
|
"Analysts are factoring in that our interest rates will be north of 5% next year.
Good. They probably need to be higher than that.
How many people are going to lose their homes because the interest rates are going thru the roof..
Let’s see whether you can summon up a modicum of sympathy…."
5% isn't that high, historically. I agree that those of us who are a little older have seen all this before, so periods of high interest rates aren't unexpected. There will be younger people I'm sure who haven't educated themselves on the past and have assumed that interest rates will remain forever low.
But a good part of inflation could have been avoided: keeping government expenditure under control, a more pragmatic approach to COVID, a more pragmatic approach to Ukraine, a more pragmatic approach to climate change. We are now learning that virtue signalling has a price.
Maybe the government will do another bailout. |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"Analysts are factoring in that our interest rates will be north of 5% next year."
It’s been fascinating watching Bloomberg for the last hour or so… they reckon a 2% increase in the interest rates by the November meeting of s baked inner |
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By (user no longer on site)
over a year ago
|
"ECB will need to be dramatic with a 1-1.5% raise, but it will probably be too little too late .... all that 1% you got back in tax cuts has already long gone along with a another sizable chunk of your wage packet .... meanwhile the very high earners are creaming thousands off the top.
Why would "high earners" not be affected by the fall in the value of the pound? Do they not buy imported goods?
I look forward to reading your posts when the pound starts rising again.
The only way the pound will rise is if the BOE raises interest rates in a hurry… kwasi talking about further tax cuts yesterday has not helped and made things worse!
The pound was trading as low as $1.04 in Asian markets this morning.. now standing at just over $1.06!!
The other interesting nuggets from both Bloomberg and CNBC are reporting that traders are now factoring in a 150bsp rise by end of November from the Bank of England
That 1.5% to the common person…. So.. 2 lots of.75
Or an emergency .5 followed by 2 further.5’s to lessen the shock?
The pound is now heading close towards $1.08. What explains this increase? We shouldn't underestimate the tendency of the market to follow the herd.
I wouldn't hold my breath for the BoE to take any useful action. Along with the ECB and Fed they were telling everyone for 18 months that inflation wasn't an issue. Just inept group thinkers.
What explains the increase.. the fact that the markets are expecting the BOE to step in and increase interest rates sooner rather than later, do that is being “priced in” to the currency markets
The other issue is look at the government bonds market… in January the government only had to pay debt back at 1%… now the new debt taken on is going to have to be paid back at 4%
Unfunded tax cuts and energy packages being fully paid by the taxpayer
Absolutely, it's not news that the government, and indeed governments across the West have been on a deranged spending spree for the past two years, while the central banks have been asleep at the wheel. The BoE's job is to keep inflation below 2% so why the Governor still has a job is beyond me.
The reality is that governments across the West sooner or later are going to have to slash their public expenditure to balance the books."
Andrew Bailey's performance at the FCA was stackable has he was allegedly asleep at the wheel. Instead he got promoted to the top financial job in the country.
Shows you, its not what you or your talent that matters. But who you know and your benefactors that count.
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"The BoE will intervene, maybe as early as today.
Another interest rate rise to shore the pound up."
Not sure they'll have much choice. Who do you think will win in a fight?
The Tories or the Bank of England?
Btw, is what has happened enough to make people stop believing in the myth of Kwasi's great intelligence?
I doubt if it will be - awareness is sorely lacking in the UK, these days. Might have always been so but it seems to have become a lot more of a problem this century. |
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"Analysts are factoring in that our interest rates will be north of 5% next year.
Good. They probably need to be higher than that.
How many people are going to lose their homes because the interest rates are going thru the roof..
Let’s see whether you can summon up a modicum of sympathy….
5% isn't that high, historically. I agree that those of us who are a little older have seen all this before, so periods of high interest rates aren't unexpected. There will be younger people I'm sure who haven't educated themselves on the past and have assumed that interest rates will remain forever low.
But a good part of inflation could have been avoided: keeping government expenditure under control, a more pragmatic approach to COVID, a more pragmatic approach to Ukraine, a more pragmatic approach to climate change. We are now learning that virtue signalling has a price.
Maybe the government will do another bailout."
Relative to the low base at which they started, 5% is astronomical- it’s the proportional increase from the base rate a year ago that really is frightening- on a200k mortgage- could be an extra £700 a month. |
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"Analysts are factoring in that our interest rates will be north of 5% next year.
Good. They probably need to be higher than that.
How many people are going to lose their homes because the interest rates are going thru the roof..
Let’s see whether you can summon up a modicum of sympathy….
5% isn't that high, historically. I agree that those of us who are a little older have seen all this before, so periods of high interest rates aren't unexpected. There will be younger people I'm sure who haven't educated themselves on the past and have assumed that interest rates will remain forever low.
But a good part of inflation could have been avoided: keeping government expenditure under control, a more pragmatic approach to COVID, a more pragmatic approach to Ukraine, a more pragmatic approach to climate change. We are now learning that virtue signalling has a price.
Maybe the government will do another bailout.
Relative to the low base at which they started, 5% is astronomical- it’s the proportional increase from the base rate a year ago that really is frightening- on a200k mortgage- could be an extra £700 a month."
on top of that, the probability that the housing market will crash and prices drop by a third is imense, thus locking people into negative equity and servicing mortgage repayments vastly greater than the value of their home. |
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By *eroy1000Man
over a year ago
milton keynes |
Doesn't look like the BOE are doing an emergency meeting now and will wait until November instead. Also the treasury are to publish their plan including cutter the debt. That could make interesting reading given how much has just been given away |
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By (user no longer on site)
over a year ago
|
"BOE announced that it won't hesitate to act whilst it is hesitating to act. "
at the same time truss says she's prepared to be unpopular, whilst taking the easy route out. |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"BOE announced that it won't hesitate to act whilst it is hesitating to act. at the same time truss says she's prepared to be unpopular, whilst taking the easy route out. "
Well if the currency market are pricing in the current trading price with a 1.5 to 2 percentage increase rate rise coming by the end of November, if that doesn’t happen the pound is going to go through the floor again!
The best thing kwasi can do on the 23rd is to release a paper statement and not open his mouth, because any time words come out.. he makes it a million times worse! |
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By *rFunBoyMan
over a year ago
Longridge |
Just like Kami-Kwasi screwed up this country's gas storage in 2017, causing further pressure on supply and prices.
It would be best for this country that he resigned before this becomes the biggest economic collapse since WW2. |
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