Exchange Rates

[lmj52]

My wedding anniversary today. 10 years go it was the start of the financial crisis. Worryingly I am seeing similar signs in the economy and growth rates. I hope this crash will not be so bad. Hang onto your hats! Will be a bumby ride.

[hank]

Since the Referendum result announcement last year there has been a consistent reduction in the value of Sterling and this reduction has caused the Bank of England to reduce the growth forecast for the UK in the coming quarters. Also UK interest rates are unlikely to be held at current low rates for many more months which may further reduce future growth forecasts, although it may help the exchange rate in the short term.
A vicious circle at the moment.

[felipe]

The lowest rate was on 31 Mar 2009 1.08, June 2009 1.16 and by June 2010 it recovered to 1.20, Jan 2011 1.18, Jan 2010 1.20, where it pretty much averaged out fluctuating between 1.20 and 1.25 until July 2015 when it rose to 1.41 and Dec 2015 1.37. Jan 2016 in the build up to brexit vote saw it hover around 1.30 mark. July 2016 it dropped to 1.18 and has continued to drop ever since.

So yes, there was an all time low in 2009 but it did recover within 15 months by 11%. And continued until Brexit. Without brexit it would have remained at around 1.32. That is 20 cents in the pound more than today. Based on a basic pension income of say £600 a month that is 120€ per month lost because of the current rate.

[webejamin]

Cor blimy :c029: :08:

[Angleseyite]

There was a bloke on the telly, saying all our ills are really down to the bank crash 10 years ago, from which the UK has never really recovered, but adjusted down to give the impression it had. He reckoned the UK has reached the bottom now and there are no more tricks in the bag.
Brexit has only exacerbated the situation created by the banks and lack of control by gov.uk. Brexit is also a byproduct of the bank crash. :32:

I think there is some truth in that :08:

[webejamin]

There was a bloke on the telly, saying all our ills are really down to the bank crash 10 years ago, from which the UK has never really recovered, but adjusted down to give the impression it had. He reckoned the UK has reached the bottom now and there are no more tricks in the bag.
Brexit has only exacerbated the situation created by the banks and lack of control by gov.uk. Brexit is also a byproduct of the bank crash. :32:

[gingernut]

Heathlea 11 the last time it did go down to 1.10 it did go back up quite quickly,but not this time.

I'm sure that the majority of people who voted to leave never even thought about the euro going down,or have even been abroad.

Nothing we can do about it just carry on regardless.

[heathlea11]

Hi

Yes,you are correct,it did go back up to 1.30 in 2015!!!!!,pretty quick I think not,
anyway on that premise we have another three years for it bounce back from
the current levels caused of course by BREXIT!!!??? :021:

[felipe]

That is right it was due to the banks screwing things up. BUT..... the pound recovered fairly quickly and the rate went up to 1.30+. Whereas now it has been at the low rate for over a year and will remain that way or worse thanks to Brexit. No Brexit vote = no drop in exchange rate.

[heathlea11]

Hi All

Short or selective memories

During2009.2010.and 2011 exchange rate down to 1.10 and below on some occasions.


All down to BREXIT then.Obviously!!!?? :banghead:

[KJH3]

Yes its bad and i fear will get worse as the shambles of Brexit negotiations reaches its conclusion. After the result i hoped that the Brexiteers had got it right and  things would fall into place. All i see at the moment is a government that is floundering from day to day. I dont have any confidence in the future as there is not a leader with vision in any of the parties. The exchange rate reflects what the international money markets think of us now and what the future holds, rightly or wrongly thats how the financial world operates. The strength of the pound now tells you exactly what they think about the British prospects both now and in the foreseeable future

[Greggers]

How many was it then ? .............amaze me !

[mel20]

And you would be truly amazed how many expats voted for it .... Turkeys voting for Christmas springs to mind !!!

[Rod]

One word for it, Brexit.

[Starburst1]

Its awful and just when I will need to transfer some soon.

[gingernut]

Just had a look at the exchange rates on text 1.10€ Where are all these people who said it would go back to 1.30.