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STERLING going down the pan.Watch and see what occurs next

 
Anonymous Coward
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03/01/2010 06:45 AM
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STERLING going down the pan.Watch and see what occurs next
Cant find the best link but it aint good i know that much..Quick start the printers or we are foooooked
Anonymous Coward (OP)
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03/01/2010 06:52 AM
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Re: STERLING going down the pan.Watch and see what occurs next
The Pound ????? any takers
Anonymous Coward (OP)
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03/01/2010 06:57 AM
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Re: STERLING going down the pan.Watch and see what occurs next
i will find a link...hold on looks like its taken a 2.5 hit or was it 3....is this the GORDON in again or hung parliment effect?
Anonymous Coward
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03/01/2010 07:01 AM
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Re: STERLING going down the pan.Watch and see what occurs next
Nonsense
Anonymous Coward (OP)
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03/01/2010 07:02 AM
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Re: STERLING going down the pan.Watch and see what occurs next
Nonsense
 Quoting: Anonymous Coward 903913
FRANKFURT (MarketWatch) -- The British pound fell sharply against the U.S. dollar on Monday, pressured by U.K. election jitters and Prudential Plc's plan to buy the Asian operation of American International Group.

The euro was flat against the greenback, underpinned by media reports of potential financial support for Greece.

The British pound slipped 1.6% to $1.4986 after hitting an intraday low of $1.4963. Ahead of that, sterling fell below $1.50 for the first time since May 2009. On Friday, it traded at $1.5249.

Prudential /quotes/comstock/13*!puk/quotes/nls/puk (PUK 18.50, +0.22, +1.20%) /quotes/comstock/23s!a:pru (UK:PRU 518.00, -86.00, -14.27%) said Monday it will buy AIA, the Asian operation of AIG, for $35.5 billion of cash and stock.

The pound "made another leg lower" on the Prudential news, said analysts at Action Economics on fears that there will be another sterling outflow on the deal. If the deal goes through, the buyer would need to sell sterling to buy U.S. dollars.

"The latest U.K. election polls added to the negative tone after they revealed that the Conservative lead over Labor narrowed to just two points," they said. That raises the risk of a hung parliament, which may hinder deficit-cutting measures.

The U.K. will hold a general election on June 3.

Economic data released on Monday also weighed on sterling. The U.K. CIPS/Markit purchasing managers' index for February was 56.6, unchanged from January, which was a fifteen-year high.

Euro steady
The euro edged down to $1.3603, compared with $1.3618 in late U.S. trading on Friday.

A plan led by Germany and France to bail out Greece with as much as 30 billion euros ($41 billion) was in the works, as German and French officials worked out timing and terms, the Wall Street Journal reported Saturday.

A media report Friday said Germany is considering whether to buy Greek bonds through state-owned bank KfW Group. The move would ease fears that Greece will have trouble tapping the market for much-needed financial support.

/quotes/comstock/11j!i:dxy0
DXY 80.73, +0.30, +0.38%


908580757010MJSNF"While these articles are good news for the euro, we caution that it is early days for these proposed solutions, so any positive impact on the euro is still subject to the ebb and flow of the politics surrounding them," David Forrester, a currency economist at Barclays in Singapore, wrote in a note to clients Monday.

The dollar bought 89.22 yen, up from 88.90 yen late Friday.

The dollar index /quotes/comstock/11j!i:dxy0 (DXY 80.73, +0.30, +0.38%) , which measures the U.S. unit against a trade-weighted basket of six major currencies, stood at 80.605, up from 80.379 late Friday.

On Friday, the dollar fell as much as 0.8% against the euro, as a report about the possible deal to help Greece boosted the European currency. See Friday's Currencies report.

Polya Lesova is reporter for MarketWatch, based in Frankfurt.

Lisa Twaronite is MarketWatch's Tokyo bureau chief.


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dlsy 5 hours ago0 Votes Request sentGreek Public Sector Union Eyes New 24-Hr Strike March 8
28/2/2010
22:28
ATHENS -(Dow Jones)- Greece's public sector umbrella union, ADEDY, has decided to stage another 24-hour strike later this month in a further sign of protest over the government's austerity measures, a union official said Sunday.

"The executive committee will meet Tuesday to decide the details. That there will be a strike, that has been decided," said Andreas Petropoulos, spokesperson for ADEDY. "It is just the date that hasn't been decided."

In a newscast late Sunday, Greece privately-owned Mega TV station reported that the strike could come March 8.

The strike would be the third declared by ADEDY in the past several weeks, and comes just as Greece's socialist government prepares to announce a new set of austerity measures later this week after a visit by European Union Monetary Affairs Commissioner Olli Rehn on Monday.

The measures, expected to be announced on Wednesday, are expected to target a further EUR4 billion in spending cuts and new taxes, and may pave the way to a European-backed aid package now being negotiated between Greece, Germany and France.

Among the new measures widely expected, the Greek government may announce a sharp cut in public sector pay that includes eliminating one of the two extra-months pay civil servants receive over their normal twelve-month salaries.

Reply Link Track Replies Report Abuse dlsy 5 hours ago0 Votes Request sentUPDATE: Merkel: Euro In Most Difficult Phase Since Creation
28/2/2010
18:33
(Adds details.)

FRANKFURT -(Dow Jones)- The euro is in its most difficult phase since its creation, German Chancellor Angela Merkel told German television station ARD, prereleased ahead of broadcast Sunday evening.

"It now very important that we are aware that it is our joint currency but also that we get to the roots of the current difficulties," she tells ARD, referring to the high Greek deficit as well as lost credibility.

"Therefore I am very grateful that the Greek government plans very courageous cost-saving and austerity measures against the deficit," she said.

"I have said it must now be ensured that the [European] Commission, European Central Bank and also the International Monetary Fund...believe that the Greek consolidation and savings program will actually solve the problems," Merkel said.

Merkel stressed the European Union treaty doesn't allow for the bailout of states and there are no provisions in the German budget for any aid for Greece.
Reply Link Track Replies Report Abuse darkseid 2 hours ago+4 Votes (4 Up / 0 Dn) Request sentMy European friends who live in Germany HATES the Euro and it has been a curse to both of these economies. The prices of goods doubled when it first became the official joint currency of Europe. My friend Elliot complained that a beer was 2 deutchmarks back in 1995 but then the Euro was introduced and it became 2 Euros. However, his pay was cut in half because he made 1 Euro for every 2.5 deutchmarks so his take home purchasing power after socialist taxes went from $25,000 down to $10,000 US equivalent a year in 1999 when Germany first accepted the exchange of Deutchmarks to Euros. The European Union has robbed it's citizens of more than half their earnings and are laughing all the way to the bank. It benefits them but destroys the wealth of it's citizens. It doesn't work for the economy but central banks love joint currencies because they profit heavily from them even if it fails. I would go as far as to say they will pull the same tricks here in North America, Asia, and Africa to see what they can get away with.Reply Link Track Replies Report Abuse oriocookie9 44 minutes ago-1 Vote (0 Up / 1 Dn) Request sentnot a happy customer i see .... same thing happened everywhere in EU .. and it is not fair to blame governments and banks .. did you complain when you saw the beer go from 2 DM to 2 EU ? did you stop BUYING it ... no .. so it is our fault for not shouting loudly enough .... and yeah some peple are laughing their way to the bamk cause they think we are stupid ... other than that ... inflation in 1995 to 2010 would have made your beer 5DM by now ... so quit complaining and vote the right person to govern you and not who carries your fancy at the moment ...Reply Link Track Replies Report Abuse StarlightDave 36 minutes ago0 Votes Request sentAnybody else find it messed up that a computer is keeping the USD/JPY between 89.3 - 89.35 so a big player can short it at a premium price at 8:30 ... ?Reply Link Track Replies Report Abuse « «
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My European friends who live in Germany HATES the Euro and it has been a curse to both of these economies. The prices of goods doubled when it first became the official joint currency of Europe. My friend Elliot complained that a beer was 2 deutchmarks back in 1995 but then the Euro was introduced and it became 2 Euros. However, his pay was cut in half because he made 1 Euro for every 2.5..."

- darkseid | 4:37 a.m. Today4:37 a.m. March 1, 2010

+4 Votes (4 Up / 0 Down) First Take
Airlines buffeted by more than storms

There are more bumps ahead for the traditionally volatile sector.

3:39 p.m. Feb. 26, 2010 | Comments: 2

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/quotes/comstock/13*!puk/quotes/nls/puk Prudential PLC (PUK) /marketstate/country/US The market is open7:00:31 am The market is closed7:00:31 am $ 18.50 Change +0.22 +1.20%
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Anonymous Coward (OP)
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03/01/2010 07:05 AM
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Re: STERLING going down the pan.Watch and see what occurs next
and them penguins on the iceberg are all tooled up
Anonymous Coward (OP)
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03/01/2010 07:07 AM
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Re: STERLING going down the pan.Watch and see what occurs next
Traders build up record bets against sterling
By Peter Garnham

Published: March 1 2010 11:12 | Last updated: March 1 2010 11:12

Sterling fell to a 10-month low below $1.50 against the dollar on Monday as figures revealed speculators had built up record bets against the pound and concerns grew over the UK’s record budget deficit.

Positioning data from the Chicago Mercantile Exchange, often used as a proxy for hedge fund activity, showed investors raised their short positions in sterling to 62,884 contracts, worth $6.1bn, in the week to February 23. This was up from 56,079 in the previous week.

EDITOR’S CHOICE
Fresh optimism drives stocks and commodities higher - Mar-01Gilts lose triple A lustre for investors - Feb-28Quarterly growth revised upwards - Feb-26Investment worry forces pound to slide - Feb-25Editorial: Pressure grows for more Greek cuts - Feb-25On London: Sterling loses ground to fragile peers - Feb-19The extension of bets against the pound, which exceeded their previous peak in October, came amid increasing uncertainty over the Bank of England’s asset purchase plan and the possibility of further quantitative easing in the UK.

Gareth Berry at UBS said Bank of England officials had repeatedly emphasised that more QE remained an option, without indicating how soon the programme may be revived, if at all.

Furthermore, he said QE extensions had previously been considered on a quarterly basis in tandem with the preparation of the Bank’s quarterly inflation report.

“It now appears that decisions on QE will be taken at every policy meeting, leading to a heightened state of market uncertainty about the likely timing,” said Mr Berry. “We maintain our three-month forecast for sterling against the dollar of $1.48.”

Also weighing on sterling were opinion polls over the weekend that showed the Labour Party was on course to win the upcoming general election, widely expected in May.

Polls showed the lead of the UK’s opposition Conservative party had slipped to just two points, which, given Britain’s electoral system, would mean the Labour party would be able to form a minority government.

The pound dropped to fresh lows as traders reasoned that such a result would lessen the likelihood that the UK’s record fiscal deficit would be reined in.

Lee Hardman at Bank of Tokyo-Mitsubishi UFJ said with the balance of risks now shifting in favour of the formation of a minority Labour government, he had become even more bearish over the near-term prospects for the pound.

He said a Labour victory would further damage the fiscal credibility of the UK at a crucial juncture, given the party’s reputation for loose fiscal policy.

“So far the Labour government has a commitment to half the budget deficit over the next five years but has no credible plan,” said Mr Hardman.

“Accordingly, we have lowered our target for sterling further, anticipating a fall towards $1.40 against the dollar while maintaining the euro will rise towards £0.95 against the pound over the next three to six months.”

The pound dropped 1.2 per cent to a low of $1.4976, its weakest level since May 8, and dropped 1 per cent to a three-month trough of £0.9073 against the euro. Sterling’s price against gold hit a record high above £738.

The announcement that the UK’s Prudential was buying US insurer AIG’s Asia arm for $35bn, $25bn of which will be in cash, also put pressure on the pound.
Anonymous Coward (OP)
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03/01/2010 07:10 AM
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Re: STERLING going down the pan.Watch and see what occurs next
down down rock lobster
Anonymous Coward (OP)
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03/01/2010 07:24 AM
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Re: STERLING going down the pan.Watch and see what occurs next
big floppy death star toucher

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