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  1. #1
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    Pound on a high as Euro plunges due to Greece

    Euro, Yen falls against Pound to four month low




    18 January 2010 [at] 01:01 pm BSTNext Markets Article
    The Pound has risen to a four month high against foreign currencies after fresh housing market data spurred traders to buy the Pound Sterling.

    Early trades saw one euro reach 88.05p by 1144 GMT and then fall again to 87.95p by 1244 GMT.

    The pound was buoyed in recent weeks as the Monetary Policy Committee found that increasingly the UK's economy had emerged from the recession.

    Meanwhile, the Greece scenario is weighing heavily on the 16 nation EU is likely to have a budget deficit.

    "Trichet was dovish last week" said Mansoor Mohi-uddin, head of Currency strategy at UBS.

    "Greece is likely to keep weighing on the euro" with the bank predicting "bearish sentiment on sterling to abate as the UK economy recovers".

    There are reports that the pound is increasing on M&A speculation which would see Kraft face a 19 Jan deadline to up its bid to buy Cadbury.

    French power company GDF Suez is also eying up British company International Power in what Nomura describes as "something we would welcome at the right price".

    The bank sees the acquisition as 'making sense' whilst also increasing GDF's presense in the Middle East "eliminating a competitor" with a transaction at 400p believed to be about the right value.

    The Yen also fell against the pound with the pound's value rising to 148.12 yen at 1300 GMT.
    i'd rather have a phlebotomy than a full frontal lobotomy

  2. #2
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    It's still fooking 53 to the goddamn Baht though.

  3. #3
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    ^And so say all of us!!

  4. #4
    Have you got any cheese Thetyim's Avatar
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    Quote Originally Posted by StrontiumDog
    It's still fooking 53 to the goddamn Baht though.
    Yes not good enough, we want it back up at 73

    I guess the GBP/USD rate is what affects the GBP/THB rate the most

  5. #5
    loob lor geezer
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    Quote Originally Posted by StrontiumDog View Post
    It's still fooking 53 to the goddamn Baht though.
    Better than the 48 I got when I rashly changed 6000 pounds last year though.

    We're buying another house soon so I'm preying hard at the foot of my bed every night for a pound recovery so if it goes up you'll know I have a friend in a high place.

  6. #6
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    Don't hold your breaths. The pound was at a year high against US in August but it made buggar all difference to pound baht rates.

  7. #7
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    Yeah, very true, it seems the Baht is doing its own thing lately. I lost millions of Baht, effectively, when the Pound lost value. So I keep my money in the UK and pray as well.

    Lord, hear my prayer....

  8. #8
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    You and me both. My move to Thailand was meant to cost about 40,000 quid. More like 60 as it turned out.

  9. #9
    I am in Jail
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    if you want the BP to go up against the THB, you fuckers need to consume more imported products here, so that the trade balance becomes less positive

  10. #10
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    as more expats cut on their spending in local currency terms, because of the stronger THB, the more it put pressure on lowers imports (assuming expats make up a large portion of imported goods consumption).

    Exports might fall with a stronger THB, but strangely, imports fall even faster

    so we are doomed, either way

  11. #11
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    You mean like eating french insects?

  12. #12
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    Inflation just jumped to 2.9% in the UK. Pressure on interest rates is going to be mounting...the Pound should shift a little on that. I pray...

  13. #13
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    Can someone tell me why the exchange rate is low against the pound , and how could it improve .Thank you.

  14. #14
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    Forward the red shirts.A revolution might get the Baht back down to 90 -gbp,like last time.

  15. #15
    loob lor geezer
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    Quote Originally Posted by StrontiumDog View Post

    I pray...
    .......... that all the little children get three meals a day ( yawn ) and that the pounds goes up to its previous highs. And please Mr God, get your finger out ... Amen.

    Covers all bases I think.

  16. #16
    loob lor geezer
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    Quote Originally Posted by nevets View Post
    Can someone tell me why the exchange rate is low against the pound , and how could it improve .Thank you.
    Yes sure.....its all very complicated but in a nutshell, its low because we are here, and it will improve 5 minutes after a plane carrying us takes off.

  17. #17
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    Quote Originally Posted by nevets View Post
    Can someone tell me why the exchange rate is low against the pound , and how could it improve .Thank you.
    Because it suits the BoE and the Goverment of the UK.
    Unemployment in the UK just 5%. Commercial property looks cheap, shares look cheap, no state owned housing to speak of and so residential property for buy to let still looks cheap.

    Euro is way overvalued, Greece in the sh*t, Spain and Portugal heading the same way, Ireland came close but may have been hard enough on themselves to keep out on bankruptcy.

    US$ reserve currency for the world but how much can China and India hold in a dropping currency?
    Last month India bought 250 tons of gold. China wants another asean reserve currency. The Middle East also want their own reserve currency,Most Chinese wage earners save 40% of their income but do not want to be the sole support of the US$, next option, gold.

    In the last 10 years many countries sold off their gold reserves, lots of gold on the market, selling off finished, production costs up, unsettling comments by BoE and UK Goverment, cannot be confidant in the GBP.

    I am not an expert in anything but out of debt out of danger.

  18. #18
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    • JANUARY 20, 2010, 1:31 P.M. ET
    Euro Tumbles, Yields Jump as Pressure on Greece Grows




    By ALKMAN GRANITSAS And KATIE MARTIN

    ATHENS—Greek debt markets reeled Wednesday and the euro tumbled amid increasing concern that Greece may have trouble meeting its financing needs.
    The moves came after the government said it was considering a range of financing options to meet its borrowing needs this year, including the possibility of issuing a so-called popular bond for Greek retail investors.
    "We are looking at everything," Finance Minister George Papaconstantinou told journalists in response to questions.
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    Bloomberg News George Papaconstantinou, Greece's finance minister, speaks during a news conference following the meeting of European Union finance ministers in Brussels, Belgium, on Tuesday.







    He also said that following an auction of three-month, six-month and one-year treasury bills earlier this month, Greece has covered its borrowing needs for January, indicating it wouldn't be issuing a bond this week.



    Market concerns that Greece may have trouble finding financing —and pay dearly for the money it can get—pressured government debt markets on Wednesday. The drop in prices pushed up the 10-year yield to 6.2%, from around 5.9% on Tuesday, while concerns over a possible Greek default crept into other European government-bond markets.



    The price of the two-year government security in Greece tumbled, sending its yield up by more than half a percentage point to the highest level since December 2008, said Kenneth Broux, a senior market economist at Lloyds TSB Group PLC in London.
    The cost to investors of insuring Greek sovereign debt against default rose to a record. Late Wednesday in Athens, Greece's five-year sovereign credit-default-swap spreads were at 3.455 percentage point, compared with Tuesday's closing level of 3.17 percentage point. That rate means the annual cost of insuring €10 million of Greek government debt against default for five years had risen to €345,500 from €317,000 late on Tuesday. That is 10 times the rate paid on German government debt, the region's benchmark debt market.



    "That is the sort of level that Icelandic CDS was trading at shortly before Iceland collapsed," said Simon Derrick, a currencies analyst at Bank of New York Mellon in London.



    "I'm not saying they are the same, but it's clear that people's perception of risk is now the same as it was before the Icelandic collapse," he said.



    Concern over a possible Greek default weighed on the euro, the currency which is shared by Greece and 15 other countries. The euro was under heavy selling pressure against the dollar in the European afternoon, trading at $1.4113, from $1.4302 late Tuesday in New York.



    In an interview on CNBC Television, Mr. Papaconstantinou said that speculation the country would leave the euro zone is "absurd" and stressed that the country has benefited enormously from its membership in the 16-country currency bloc.
    He also said that Greece had no plans to ask for a loan from the International Monetary Fund and reaffirmed the government's commitment to put its public finances in order.
    The European Central Bank has said it won't change its rules to help Greece, a view reiterated Wednesday by Juergen Stark, a member of the ECB's executive board.
    "The Greek government's top priority must be a radical turnaround in its economic policy and wide-ranging fiscal consolidation, he said. "We won't change our rules (for Greece)," Stark said.
    Earlier this month, Greece announced a three-year plan to bring the deficit in line with EU rules by 2012. However, after being hit by a series of ratings downgrades in the past three months, the country has seen its borrowing costs rise sharply even as it scrambles to borrow an estimated €54 billion this year.
    There has been widespread speculation in the market that Greece might issue a longer-dated bond this week, possibly with a five-year duration.
    The interest rate spread between 10-year Greek government bonds and their benchmark German counterparts—a measure of credit risk—widened to 3 percentage points, with concerns about Greece's ability to rein in its fiscal deficit failing to subside.
    — Emese Bartha and Clare Connaghan contributed
    to this article. Write to Alkman Granitsas at alkman.granitsas[at]dowjones.com

  19. #19
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    A bunch of retards run europe from a little office, somewhere.

    How many solvent countries within the EU, Germany are taking a back seat along with france, they have bailed out and subsidised country upon country, can they afford any more.

    Germany is shitting itself over the money they lent to the baltic members to keep thier banks afloat, if they default germany is in big trouble.

    Give it three years and they will start kicking out members, then it will crumble.

    The euro is in deep doo doo.

    When China re-evaluate thier currency, higher, expect the baht to go higher still,

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