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  • Sterling Set To Slide: BOE Declines To Dismiss Speculation Carney May Announce Decision To Leave

    From zerohedge.com

    As noted here yesterday, citing reports in British newspapers such as The Times and Mail Online, Mark Carney’s "self-imposed deadline" for declaring whether he will stay in office beyond 2018 is fast approaching, and the central banker may decide to step down as soon as next week. Reportedly, the 51-year old Canadian may announce his decision "within days" at his next scheduled public appearance on Thursday, when the BOE announces its policy decision and the governor holds a press conference in London. Today, the FT followed up with a report that suggests Carney's tenure at the BOE may indeed be coming to an end, ... (full story)

poor pound it is been hit from every side!
Quoting Abouelzelouf
poor pound it is been hit from every side!
yeah Dude )) sounds storm coming next week i am feeling cold wind (big volatility ) your opinion ?
Quoting Abouelzelouf
poor pound it is been hit from every side!
https://www.poundsterlinglive.com/gb...uro-and-dollar
it will open with big gap down tonight.
if it doesn't recover by tomorrow noon, than it will break 1.2
Quoting Abouelzelouf
it will open with big gap down tonight.
if it doesn't recover by tomorrow noon, than it will break 1.2
My opinion hard to break 1.20 cause a lot of pending orders long @ this price .
Quoting Abouelzelouf
it will open with big gap down tonight.
if it doesn't recover by tomorrow noon, than it will break 1.2
Why gap? I don't understand. Mrs May didn't spoke during the weekend. Could be small gap but this is normal with GBP lately.
Quoting jurek
Why gap? I don't understand. Mrs May didn't spoke during the weekend.
http://data.cnbc.com/quotes/GBP%3D
Quoting Forexgain
http://data.cnbc.com/quotes/GBP%3D
https://www.poundsterlinglive.com/gb...uro-and-dollar
Quoting jurek
Why gap? I don't understand. Mrs May didn't spoke during the weekend. Could be small gap but this is normal with GBP lately.
https://www.poundsterlinglive.com/gb...uro-and-dollar
I am not experienced enough. Can some one explain how they can tell the price during the weekend.
Quoting Ghassforex
My opinion hard to break 1.20 cause a lot of pending orders long @ this price .

Please how do you know that there are pending orders at 1.20 ?
Quoting jurek
I am not experienced enough. Can some one explain how they can tell the price during the weekend.
There is few websites where you can see it live per example http://www.xe.com/
Carney will stay and the gape is nearly closed.
The gap will be down until Carney declares he's off, then the city takes over, and down is too expensive!
  • Post #15
  • Quote
  • Edited at 2:55am Oct 31, 2016 2:40am | Edited at 2:55am
Quoting piple
Please how do you know that there are pending orders at 1.20 ?
Hi... 1.20 is a strong support it is round number and psychological number and rest on the south we only have air,,,,,,keep in mind before 1.30 it was a buy opportunity for many session when it was also strong psychological support . Pending order long @ 1.20 SL 1.1980 TP 1.2280 low risk high profit I feel many traders have same plan on mind .My opinion
Carney is doing the same on this decision as he has with every decision he's had to make hedging his bets and dithering. Bank needs stronger leadership.
Weak pound I believe will result in a mini-boom for the UK over the next few years.

Yes, the UK imports more than it exports so people there are going to have to get used to buying less imports. However, competition is ferocious in the UK so I can't see how imported goods can be raised in price unless the manufactures are happy to sell a lot less.

I follow tech/computer prices pretty closely and haven't seen any real price rises. But it looks like Apple's are going a lot higher. But this I feel will only mean people upgrade their product on a longer timeframe so the iPhone they bought last year will last them 3+ years instead of 2.

As for food, there's plenty of home grown food in the UK and plenty of imported food as well. Are people going to pay a lot more for strawberry's in winter? I don't think so. Plus as I said above, competition in the supermarkets is red-hot so I can't see how they can raise prices by too much.

Ultimately the pressure is not on UK citizens, it's all on the importers. British people can refuse to buy but can the importers refuse to sell? I don't think so.
Quoting Calculus
Weak pound I believe will result in a mini-boom for the UK over the next few years.

Yes, the UK imports more than it exports so people there are going to have to get used to buying less imports. However, competition is ferocious in the UK so I can't see how imported goods can be raised in price unless the manufactures are happy to sell a lot less.

I follow tech/computer prices pretty closely and haven't seen any real price rises. But it looks like Apple's are going a lot higher. But this I feel will only mean people upgrade their product...
With respect @calculus... Are you sure you want to go on record with this analysis?
The inflationary impacts of a 20% currency depreciation for an import dependent country like UK are really quite predictable, and not consistent with your analysis.
Quoting Calculus
Weak pound I believe will result in a mini-boom for the UK over the next few years.

Ultimately the pressure is not on UK citizens, it's all on the importers. British people can refuse to buy but can the importers refuse to sell? I don't think so.
Wishful thinking buddy, Look history for inflation/devaluation .

Importers are not in position to subsidize the people for weakening currency. Has not happened anywhere anyplace anytime that I can recall.
Yep, happy to stand by what I said.

If there's one thing I've learned about economics it's to expect the unexpected. I always say that the markets are perverse and to be a success you have to embrace that perversity. Same with economics to a certain degree, perversity is at work there.

You may well be right in your text-book predicted outcome of a 20% devaluation but it's just that, text-book. Not trying to be a jackass re your view, I'm happy to be proved wrong but like I said, expect the unexpected.
Plus, everyone seems to take the view that a weak Sterling is 'bad' for the UK. Sure, it's bad for some but a weak Sterling is excellent for others. Winners and losers, 2 sides to the same coin, can't have one without the other.

For me, I'm loving a weak Sterling because any market that moves big time means there will be more movement in the future as everything gets stretched and traders/investors are forced to do something due to the large price movements.

So what that prices will be higher for some goods. So what a foreign holiday will cost more. So what if inflation rises. But there are always sensible strategies anyone can take to defeat those problems.

Plus, for anyone in the UK over the age of 35 a weak Sterling or even a Sterling crisis is not that big news. It's always been a roller-coaster currency since the 1970s and that's not going away. Wait some years and Sterling will be flying high again, and when that happens it's not hard to predict that at some point in the future Sterling will be in the dumps again. I've lived through all of those 'good' and 'bad' times and don't have any scars.
Quoting Calculus
Plus, everyone seems to take the view that a weak Sterling is 'bad' for the UK. Sure, it's bad for some but a weak Sterling is excellent for others. Winners and losers, 2 sides to the same coin, can't have one without the other.

For me, I'm loving a weak Sterling because any market that moves big time means there will be more movement in the future as everything gets stretched and traders/investors are forced to do something due to the large price movements.

So what that prices will be higher for some goods. So what a foreign holiday will...
Well hey you got it figured.. NP.
I was just thinking about how much poorer ordinary people not as smart as you are going to be.
Quoting cliffedwards
Well hey you got it figured.. NP.
I was just thinking about how much poorer ordinary people not as smart as you are going to be.
They'll just have to adapt. The world owes me and them nothing.

Sterling in 2000 was 1.74 to the Euro, 8 years later it was below 1.10 a 35% reduction. Life went on as normal. I didn't come across one person whinging or whining about Sterling's weakness saying the world was going to end. In fact, over that time period if you look at the rise in passenger numbers of EasyJet/Ryan Air the numbers went through the roof (UK citizens traveling to Europe). People adapted to the lower exchange rate no problem at all.

In 2006, Cable was at 2.10, 3 years later is was at 1.40. Life went on. I didn't come across one person whinging and whining about the weakness. In fact, the only person who did whinge and whine was a friend who's a bloodstock agent. He was complaining about Sterling's strength because he got paid in USD! Winners and losers, always with a floating exchange rate.

Sterling is down 20%, so adapt. If it goes to 1:1 against the Euro or USD, adapt some more.

If inflation starts to rip, adapt.

If you lose your job, adapt.

If interest rates go higher, adapt. Personally I've had to adapt to 10% interest rates when I've been a borrower, no problem. I've also had to adapt to ZIRP as a saver, no problem. Would I prefer 10% now, sure, but 0% it is, accept it and adapt.

And if you adapt properly believe me, you'll be a better/stronger person. Short term bad news often leads to long term good news in my experience.

Basically Sterling's weakness is another storm in a teacup. Britain has gone though countless sterling crisis's over the years, we'll all adapt and the country will survive and living conditions will overall get better.
Quoting Calculus
They'll just have to adapt. The world owes me and them nothing.

Sterling in 2000 was 1.74 to the Euro, 8 years later it was below 1.10 a 35% reduction. Life went on as normal. I didn't come across one person whinging or whining about Sterling's weakness saying the world was going to end. In fact, over that time period if you look at the rise in passenger numbers of EasyJet/Ryan Air the numbers went through the roof (UK citizens traveling to Europe). People adapted to the lower exchange rate no problem at all.

In 2006, Cable was at 2.10,...
A refreshingly clear statement of your views, morality and respect for others less fortunate in our society.
Noted.
Cliff, it's life I'm afraid.

I feel you're being taken in by the media, they love a good old fashioned scare story as in 'the majority of the UK are going to suffer a horrendous plight due to the weak currency'. Babies will be given away, 10% of the population will top themselves, they'll be marauding gangs looking to rape any women that moves.

They all make good stories I admit but they're just that stories.

If people are worried about Sterling's plight then here are some simple strategies they can use -

1. Stop buying unnecessary imports
2. Buy local food (there's tonnes of it)
3. Buckle your belts and live within your means
4. If you go on holiday spend less on food/booze (or seek out better deals, Thailand is far better value than Europe even with the flight (circa £500 direct)

All are pretty easy to do so to state the above is hardly being an ogre with nasty views.
Quoting Calculus
Cliff, it's life I'm afraid.
I feel you're being taken in by the media, they love a good old fashioned scare story as in 'the majority of the UK are going to suffer a horrendous plight due to the weak currency'. Babies will be given away, 10% of the population will top themselves, they'll be marauding gangs looking to rape any women that moves.
They all make good stories I admit but they're just that stories.

If people are worried about Sterling's plight then here are some simple strategies they can use -
1. Stop buying unnecessary imports
2....
Thanks for your advice.
Very sensible. Be big help to ordinary people.
Maybe Government should launch an ad campaign.
"How to Survive Brexit"

Youve hit on something there.. Thanks for idea.
wow cliff you really think people need a leaflet not to buy strawberries in the winter
talk about interest rates my first house rates hit 15%
straight into negative equity


Quoting cliffedwards
Thanks for your advice.
Very sensible. Be big help to ordinary people.
Maybe Government should launch an ad campaign.
"How to Survive Brexit"

Youve hit on something there.. Thanks for idea.
lol

Quoting cliffedwards
Very sensible. Be big help to ordinary people.
According to some quarters we already have the marauding r4pe-gangs (?!).
Cliff, if you're that worried about ordinary people in Britain stop whining and do something to help them.
Quoting Calculus
Cliff, if you're that worried about ordinary people in Britain stop whining and do something to help them.
Youve written over 50 lines on your point of view on
1 first denying devaluation/inflation is a problem. and
2. second.. on how to handle the further austerity, resulting from pound devaluation/inflation.

My response to each of your posts has been to agree with the sensible austerity management advice youve given?

So you suggest I stop "WHINING"?? and "do something to help them".
What IS your problem?
Quoting Calculus
Cliff, if you're that worried about ordinary people in Britain stop whining and do something to help them.
One minute cliffedwards is implying that it was the stupid uneducated UK electorate who were responsible for Brexit and its knock on consequences, next he implies that he is concerned about the ordinary people of the UK. Smells like BS to me
Like I said Cliff, stop whining about us poor uneducated little Englanders. The country made a democratic choice so we'll just have to live with the consequences, good or bad. We've survived many problems in the past including loads of currency crisis's and we'll do so again. I've always said that Sterling is never more than 5 years away from a crisis so when this one is over (if it is actually a crisis) they'll be another one coming down the line.

One way for you to help our plight is to jump on a plane and get spending some of your high priced Swiss francs here. We could always meet up for dinner, you pay of course as I need all the money I've got to help weather the veritable tempest.
Expats get a state pension - if they paid national insurance in the UK. And perhaps a private pension too. A state pension would be paid in GBP (I presume), probably the same for a private pension which would suffer on the exchange rate conversion. No wonder the expats are angry.
Quoting verv
Expats get a state pension - if they paid national insurance in the UK. And perhaps a private pension too. A state pension would be paid in GBP (I presume), probably the same for a private pension which would suffer on the exchange rate conversion. No wonder the expats are angry.
Especially the Socialist Expats who left to avoid paying for their ideals but think the rest of us should pick up the tab.
I'm off, it's good to have a little bish-bosh on the Boards, all in good faith though.

Happy to be proved wrong about the UK experiencing a mini-boom over the next few years re the Sterling weakness. Let's wait and see.

Cliff, message me if you want to do dinner. Fri/Sat is best or we can go very traditional and do a Sunday lunchtime roast.
Quoting Calculus
Cliff, message me if you want to do dinner. Fri/Sat is best or we can go very traditional and do a Sunday lunchtime roast.
Wahhheeyyy!! Cliff's scored!
Quoting Calculus
Like I said Cliff, stop whining about us poor uneducated little Englanders. The country made a democratic choice so we'll just have to live with the consequences, good or bad. We've survived many problems in the past including loads of currency crisis's and we'll do so again. I've always said that Sterling is never more than 5 years away from a crisis so when this one is over (if it is actually a crisis) they'll be another one coming down the line.

One way for you to help our plight is to jump on a plane and get spending some of your high priced...
Oooooh.. Nasty.. And there I was thinking we were chatting amicably about inflation.
Dinner sounds good. But maybe best as you suggest I donate yours to the people in real need.
Quoting jen101
Wahhheeyyy!! Cliff's scored!
ROFL. Seems not
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