Pressure back on the Euro

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olive
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Pressure back on the Euro

Postby olive » Wed Jul 03, 2013 2:21 pm

1.176 to the pound today. Up from previous days.

Reason? Portugal paying over 8% on the ten year bonds.

Unease over Greece actually being able to meet the requirements laid down to qualify for the bailout.

Then in the background we have the spectre of Italy needing a bailout in the next six months.

http://www.bbc.co.uk/news/world-europe-23162786

With Mark Carney at the helm of BOE suggesting interest rate increases being brought forward, it looks like the exchange rate will be heading back to 1.25 area.

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Re: Pressure back on the Euro

Postby Unicorn » Wed Jul 03, 2013 2:31 pm

I suppose every cloud has a silver lining and looking at Turkey and Egypt I think our tourism may benefit thus helping our ailing economy.
If ever we grumble about our lot think about living with that unrest and uncertainty. All our eyes should be on Cairo during the next few hours.

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Re: Pressure back on the Euro

Postby anyroads » Wed Jul 03, 2013 2:40 pm

It certainly is all doom and gloom right now.

Getting back to the Euro, Caxton Fx which I use to purchase small amounts of Euros now and again, is presently quoting 1.1510, which is the highest they have quoted for some time.

Portugal, Greece are back in trouble again. The third bail-out country Ireland, is keeping under the radar, but there is no employment there for people leaving higher education / university. We all know of the problems in Spain ( and that is before any bailout ) and Italy is a basket case waiting to happen.

Dark times indeed. No glimmer of hope whilst the Euro survives.

anyroads

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Re: Pressure back on the Euro

Postby katy » Wed Jul 03, 2013 3:12 pm

Dark times indeed. No glimmer of hope whilst the Euro survives.

True, the only thing that has kept things quiet for a few months has because Central bank has been buying Portugal/Italian/Spanish bonds, it's pass the parcel time again.

Spain is doing it's bit .
In plans approved last week by Spain's cabinet, some 15,000 properties – from office buildings to agricultural land – will be put up for sale over the next seven years.

Among those being offered include disused army barracks, an aerodrome on the island of Minorca, a military shooting range and thousands of office buildings.a mansion house on Madrid's central avenue, the Paseo de la Castellana, that used to house the Secretary of State for Security, and a country estate in Andalusia comprising 35,000 acres of natural parkland planted with cork trees. So you could grab a bargain :D

Spain should have a bumper year for tourism, not many places left to go short haul that are cheap and cheerful and safe. Would like to revisit Egypt but wouldn't. The Greek islands and Turkey are full of Russian tourists according to friends. Although Turkey is getting dodgy.

anyroads
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Re: Pressure back on the Euro

Postby anyroads » Wed Jul 03, 2013 5:11 pm

"Although Turkey is getting dodgy"

Well, it has been a long time since Christmas !

Can't really see a queue forming for those government buildings.

anyroads

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Re: Pressure back on the Euro

Postby Beachcomber » Wed Jul 03, 2013 5:54 pm


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Re: Pressure back on the Euro

Postby rafiki » Wed Jul 03, 2013 6:24 pm



Blimey! What a mess.
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Armageddon was yesterday - today we have a *really* serious problem.

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Re: Pressure back on the Euro

Postby Mowser » Wed Jul 03, 2013 6:25 pm

1.176 to the pound today. Up from previous days.


Typical. I took money out on Monday. :(
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Re: Pressure back on the Euro

Postby rafiki » Wed Jul 03, 2013 6:29 pm

People could make fortunes if they watched my trading pattern and delayed a couple of days. :shh:
Brian

Armageddon was yesterday - today we have a *really* serious problem.

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Re: Pressure back on the Euro

Postby White Horse » Wed Jul 03, 2013 6:53 pm

The Euro has been sitting at about 85p (1.176) since the end of January, so quite stable.
I shall be watching it fall in the next few days if Olive is right.

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Re: Pressure back on the Euro

Postby rafiki » Wed Jul 03, 2013 7:02 pm

It took a bit of a dip lower than that in the last few days though. ~1.164
Brian

Armageddon was yesterday - today we have a *really* serious problem.

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Re: Pressure back on the Euro

Postby anyroads » Wed Jul 03, 2013 7:52 pm

Having said all that.....

Is the £ in any great nick ?

Just to balance the books, all public servants would need a salary cut of 20%. From everyone employed by the NHS to the Police. All unemployment / other benefits ditto.

Bring it on..

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olive
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Re: Pressure back on the Euro

Postby olive » Wed Jul 03, 2013 8:21 pm

anyroads wrote:Having said all that.....

Is the £ in any great nick ?

Just to balance the books, all public servants would need a salary cut of 20%. From everyone employed by the NHS to the Police. All unemployment / other benefits ditto.

Bring it on..

anyroads


Err no. Britain will still run out of money and have its begging bowl out in 2017. The present incumbents have done nothing to actually tackle the debt just tinkered.

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Re: Pressure back on the Euro

Postby rafiki » Wed Jul 03, 2013 8:32 pm

olive wrote:Err no. Britain will still run out of money and have its begging bowl out in 2017. The present incumbents have done nothing to actually tackle the debt just tinkered.


And it will be then, I guess, HM Gov will begin dipping into our personal savings accounts?
Brian

Armageddon was yesterday - today we have a *really* serious problem.

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Re: Pressure back on the Euro

Postby katy » Wed Jul 03, 2013 9:10 pm

...and the pound sterling will be parity or less. Although why would they run out of money when they can borrow so cheaply :?

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Re: Pressure back on the Euro

Postby anyroads » Wed Jul 03, 2013 10:22 pm

"Although why would they run out of money when they can borrow so cheaply"

Good point, however interest payments are already 51 billion a year and rising, and if interest rates increase, could be heading for 100 billion a year odd repayments in a few years.

The lights really are going out.

anyroads

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Re: Pressure back on the Euro

Postby olive » Thu Jul 04, 2013 9:36 am

katy wrote:...and the pound sterling will be parity or less. Although why would they run out of money when they can borrow so cheaply :?


You are looking at today.

When the Conservatives/LibDems have gone and been replaced by Labour and interest repayments have ballooned to 200 billion a year the books will no longer balance. They don't balance now. The UK economy is balanced on a knife edge but no one accepts it or talks about it. They do however talk about other economies(e.g PIIGS) and deflect concern elsewhere.

If you don't believe what I am saying just ask yourself this. No UK government is prepared to tackle the debt problem and get it reducing year by year. As it is increasing every year, at what point does it become unsustainable? 4 years time, 10,20?

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Re: Pressure back on the Euro

Postby anyroads » Thu Jul 04, 2013 10:39 am

"No UK government is prepared to tackle the debt problem and get it reducing year by year. As it is increasing every year, at what point does it become unsustainable? 4 years time, 10,20?"

That really sums it up, it is still growing, too many people employed by the state and living off the state.

Problem is, we do not have "leaders" anymore.

anyroads

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Re: Pressure back on the Euro

Postby Mowser » Thu Jul 04, 2013 10:59 am

too many people employed by the state

Like teachers, nurses, doctors, firemen?
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Re: Pressure back on the Euro

Postby swerve » Thu Jul 04, 2013 11:04 am

Xe quoting €1.1853 @ the mo I know thats not the tourist rate but it's moving the right way.
It always seems imposible until its done. Nelson Mandela


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