Maximus wrote:Paphitis wrote:miltiades wrote:erolz66 wrote:So here is a report from people who actually know what they are talking about
https://uk.reuters.com/article/uk-globa ... KKBN21601NStocks, bonds, gold and commodities fell as the world struggles to contain coronavirus and investors and businesses scramble for hard cash.
and
In currencies, everything except the dollar and the euro collapsed. Sterling GBP= teetered near its lowest since at least 1985. The yen fell 1% to 109.16 per dollar.
Compare this reality with some of the dogma laden BS from the likes of Paphitis and CG.
The two ...Plonkers you mentioned are no doubt still considering Sterling as a ....safe bet. The idiots can not see that the pound due to BREXIT and tbe effect it will have on the UK economy will continue to slide even more. The General, he considers the EU as a ....Mafia organization, has a habit of having an opinion on everything and everyone, typical trait of a complete moron. As for the bucketman , well he is excused due to his permanent " sitting" on his one and only one brain cell. Over my long life I have met many idiots, this one tops the list.
By the way, this morning I withdrew some cash on my Barclays debit card. The rate ?
1.013 euros to the pound. !!!. The ...little money I have is in euros having converted a couple of months back but still have Stg coming to my account on my state and private pension.
I never said the Sterling was a safe bet.
there are no safe bets at times like this.
However, the Sterling is one of the better placed currencies to deal with the crisis. the UK is in a position to be able to lower interest rates to 0% and to print as much money as they deam necessary to help alleviate the economic impact of Coronavirus.
Countries like Greece and Cyprus are not in that position or able to control anything.
In addition, you are NOT correct on making any correlation between BREXIT and any currency fallout to the GBP. BREXIT is literally the last thing on anyone's mind and isn't even on the financial radar as having any impact at all.
The economic uncertainty around Brexit and how the UK is dealing with corona virus has compounded an unprecedented sell off of GBP.
Its at 1.16 USD to the pound now. this is more than a 30 year low.
The pound has just been getting hammered since the Brexit vote.
Its lost 18 cents to the dollar in the last 10 days alone...That is unprecedented and I would mostly attribute that the Boris delaying putting the UK in to lock down. There was too much talk about letting the masses contract the virus, sacrifice a few hundred thousand lives, to build up herd immunity. There was not enough talk about protecting people and being prepared. Which created lots of fear..
Max, the 18 cent loss to the USD is due to Coronavirus. We are in unprecedented times.
The AUD has also lost 13 cents to the USD in the last 4 days, and we have no BREXIT issue in Australia. And that is off the back of dramatic falls due to the fall in commodity prices. Australia is also at 30 year lows.
The reason is quite simple. Everyone is dumping their AUD, GPB, Euros, Yen and buying up the USD and Swiss Franc. This happens every single time when there is a crisis and we certainly are at crisis point now.
If you look at the stats from Italy, there are about 500 people dieing from Coronavirus every day. This could be a sign of where other countries are headed.
QANTAS just stood down 20,000 staff without pay. People with mortgages and supporting families.
Thankfully, Australian Banks have declared that all home loans, and business loans will be put on pause where people don't have to make payments but can still volunteer to do so if they can. Good move from the Banks and welcome news for so many people I am sure. people hate the Banks, but they have really come to the aid of the people, proving they have a soul.
The stimulus package announced in Australia, has just been doubled with more to follow. If it is not for this, I have no doubt Australia is headed towards where Greece was in 2010. That is how bad things are. It's pretty dam BAD. But not just bad for us, it would be even worse for Europe, Asia and US. We are headed towards a major train-wreck which in Australia we have never seen since the 1920s. Australians have never had a taste of war and depression or poverty before. because of that, we have become spoilt brats and taking our good fortunes for granted. Now hunger and depression could be headed our way. I am not exaggerating. If this crisis isn't controlled soon, we are all in deep shit.
