Sterling plunges against dollar

Sterling plunges against dollar


http://newsimg.bbc.co.uk/media/image...31c0aed1e1.jpg The pound has been battered by fears of a prolonged recession in the UK


Sterling has fallen sharply against the dollar as yet more bad economic data points towards a prolonged recession and further interest rate cuts.
The pound was down 5.2 cents to $1.486, its largest one day fall in percentage terms since sterling crashed out of the Exchange Rate Mechanism (ERM) in 1992.
Sharp falls in the FTSE 100 index - down 5.2% on Monday - also served to undermine the currency.
The pound was also down 3.5 cents against the euro, at 0.851 pounds.
The poor economic data increases the likelihood that the Bank of England will cut interest rates on Thursday. HSBC confirmed on Monday it is cutting 500 jobs across the UK, while carmaker Aston Martin announced it will cut 300 full-time and 300 temporary jobs. Mortgage approvals also fell in October, according to figures released by the Bank of England, suggesting house prices may fall even further.


http://news.bbc.co.uk/1/hi/business/7759576.stm

Yep, it don't look good.

Euro

http://i101.photobucket.com/albums/m...apics/euro.png


Dollar

http://i101.photobucket.com/albums/m...ics/dollar.png

we are all doomed :D

Quote:

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Originally Posted by B B Leo

we are all doomed :D

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You can only say that in a Scottish accent.

I would urge you all to consider the bright side.

Spoiler:

My mortgage payments back in the UK are getting cheaper by the day :D

It's no worse than it was a couple of weeks ago. Still bad times for most of us.

the unfortuneate thing it we just have to wait and see if and when it happens, cause there is not a thing wee can do only wait 4 it :(

:( grrrrr.

My DF dollars are doing badly against all currency. :biggrin:

Quote:

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Originally Posted by Brock

My DF dollars are doing badly against all currency. :biggrin:

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that help u out m8 ;)

Very kind of you good sir. It will be a happy Christmas after all. :)