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mrsquirrel
Joined: 13 Dec 2006
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 Posted: Sun Jun 01, 2008 6:51 pm Post subject: Pound Slumps and keeps on slumping Today 17th June 1,987.85 |
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une 2 (Bloomberg) -- The British pound fell the most in three weeks against the dollar on concern Bradford & Bingley Plc, the U.K.'s biggest mortgage lender to landlords, will have to raise more capital as bad-debt provisions widen.
The currency also declined against the euro and the yen after Bradford & Bingley said chief executive Steven Crawshaw quit yesterday citing health reasons. The bank, which had already been seeking about 300 million pound ($592 million) from a rights issue aimed at bolstering its balance sheet, will probably say today that profit missed analysts' estimates because of loan defaults.
``The pound fell sharply because of this news,'' said Kenichi Nishii, manager of the foreign-exchange trading department in Tokyo at Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan's biggest publicly traded lender. ``There is talk about a profit warning, raising concern over subprime-related losses in the U.K.''
The pound declined to $1.9720 against the dollar as of 10:53 a.m. in Tokyo, from $1.9823 in New York late last week. It also declined to 78.77 pence per euro from 78.46. It weakened to 207.93 yen from 209.16 yen. The U.K. currency may decline to 81 pence per euro within two weeks, Nishii said.
The pound has fallen 6.7 percent this year against the euro on concern a deepening housing slump will erode U.K. corporate earnings and consumer spending. U.K. house prices fell in May by the most in at least 17 years as the shortage of credit starved the property market of buyers, Nationwide Building Society said on May 29.
Housing Slump
``The U.K.'s housing slump is fairly bad,'' Masafumi Yamamoto, head of foreign-exchange strategy in Tokyo at Royal Bank of Scotland Group Plc and a former Bank of Japan currency trader, wrote in a research note today. ``This will adversely affect personal spending.''
The Bank of England will keep its benchmark interest rate on hold at 5 percent at its June 5 meeting, according to all 60 economists surveyed by Bloomberg News.
``The BOE is facing a dilemma of stagflation risks,'' said Yamamoto, who forecasts the pound will fall to 82 pence per euro by Sept. 30.
To contact the reporter on this story: Kosuke Goto in Tokyo at [email protected] |
Go Sterling drop your arse some more.
Last edited by mrsquirrel on Tue Jun 17, 2008 3:49 am; edited 2 times in total |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Sun Jun 01, 2008 6:57 pm Post subject: |
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| So how much is it to the won? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Sun Jun 01, 2008 7:02 pm Post subject: |
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2026 today
That is a drop of 50 in the last 9 days.
Peaked at 2201 in March.
With any luck it will get back below 2000.
It dropped 10won today.
Come on UK go into a recession for 6 months or so. |
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spyro25
Joined: 23 Nov 2004
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| Posted: Sun Jun 01, 2008 7:57 pm Post subject: |
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| this is great news! |
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bogey666
Joined: 17 Mar 2008
Location: Korea, the ass free zone
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| Posted: Sun Jun 01, 2008 7:58 pm Post subject: |
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| mrsquirrel wrote: |
2026 today
That is a drop of 50 in the last 9 days.
Peaked at 2201 in March.
With any luck it will get back below 2000.
It dropped 10won today.
Come on UK go into a recession for 6 months or so. |
more to come.
the US dollar will strengthen vis a vis Europe and Japan.
what it does vs the won is a different story, for which I don't have a prediction (though I think it will stay in the hood of 1000 to 1) |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Sun Jun 01, 2008 8:06 pm Post subject: |
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I hope so.
The Euro is meant to be heading for a slump as well.
All got to hope is that the Won doesn't follow suit.
I don't give a shit if it doesn't strengthen as long as the pound continues this week long weakening for another couple of weeks.
Come on Labour *beep* the country one last time before you go. |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Sun Jun 01, 2008 8:33 pm Post subject: |
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| Yeah, the pound needs to be lower cos I am going hommmmmmmme for a visit to see my lovely mummy... I need the pound to drop. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Sun Jun 01, 2008 8:35 pm Post subject: |
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Well
If you spent 2000 quid last week it would have cost you 4152000
This weeks it's 4052000
100k in a week is ok. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Mon Jun 02, 2008 1:37 am Post subject: |
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1.00 GBP
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2,005.98 KRW |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Mon Jun 02, 2008 8:25 pm Post subject: |
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1.00 GBP
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1,990.93 KRW |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Mon Jun 02, 2008 10:06 pm Post subject: |
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| mrsquirrel wrote: |
1.00 GBP
=
1,990.93 KRW |
Yay! Keep dropping, pound!!!
8 years ago when I first came, it was around 1600 to a pound. Needs to be that again!! |
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PeteJB
Joined: 06 Jul 2007
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| Posted: Mon Jun 02, 2008 10:17 pm Post subject: |
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I send money from UK to Korea often, it's one of the most fluctuational (not a word I know but it is now) currencies against the Won. A few months back I got 1970 won, last month I got 2060 or there abouts. I think it will keep bouncing around like it has done for a few years. Don't hold your breathe yet. If I see 1800 or less I'm going to the river  |
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squexx
Joined: 24 Mar 2008
Location: Korea
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| Posted: Tue Jun 03, 2008 6:17 am Post subject: |
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| It'll be closer to 3000 by Christmas, get used to it or get gone! A huge recession is on the way! |
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BS.Dos.
Joined: 29 Mar 2007
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| Posted: Tue Jun 03, 2008 4:06 pm Post subject: |
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*Edit*
Sorry, completely misread the post.
Carry on. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Tue Jun 03, 2008 4:14 pm Post subject: |
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| squexx wrote: |
| It'll be closer to 3000 by Christmas, get used to it or get gone! A huge recession is on the way! |
You are right.
There is a hug recession due in the UK. It's going to be hit hard. |
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