« previous next »
Pages: [1]   Go Down

Author Topic: Pound tumbles to lows not seen since 1985 [after Brexit win]  (Read 2729 times)

0 Members and 1 Guest are viewing this topic.

Offline Suppressed

  • Hero Member
  • *****
  • Posts: 12,921
  • Gender: Male
    • Avatar
Pound tumbles to lows not seen since 1985 [after Brexit win]
« on: June 24, 2016, 04:18:36 am »
Pound tumbles to lows not seen since 1985

There has been a dramatic fall in the value of the pound as traders bet on a Leave victory in the UK's referendum on European Union membership.

At one stage it hit $1.3305, a 10% plunge, and a low not seen since 1985.

Before the results started to come in the pound rose as high as $1.50, as traders bet on a Remain victory.


[Excerpt.  Read more at  http://www.bbc.com/news/business-36611512 ]
Logged
+++++++++
“In the outside world, I'm a simple geologist. But in here .... I am Falcor, Defender of the Alliance” --Randy Marsh

“The most effectual means of being secure against pain is to retire within ourselves, and to suffice for our own happiness.” -- Thomas Jefferson

“He's so dumb he thinks a Mexican border pays rent.” --Foghorn Leghorn

Offline Free Vulcan

  • Technical
  • *****
  • Posts: 23,774
  • Gender: Male
  • Ah, the air is so much fresher here...
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #1 on: June 24, 2016, 04:39:14 am »
S&P E-mini futures down 120 points at the moment. That's around 900 points on the Dow.

Biggest move I've ever seen.
Logged
The Republic is lost.

Offline Suppressed

  • Hero Member
  • *****
  • Posts: 12,921
  • Gender: Male
    • Avatar
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #2 on: June 24, 2016, 04:52:02 am »
Quote from: Free Vulcan on June 24, 2016, 04:39:14 am
S&P E-mini futures down 120 points at the moment. That's around 900 points on the Dow.

Biggest move I've ever seen.

Yup. Britons voted to sacrifice economy to help culture.
Logged
+++++++++
“In the outside world, I'm a simple geologist. But in here .... I am Falcor, Defender of the Alliance” --Randy Marsh

“The most effectual means of being secure against pain is to retire within ourselves, and to suffice for our own happiness.” -- Thomas Jefferson

“He's so dumb he thinks a Mexican border pays rent.” --Foghorn Leghorn

Offline Free Vulcan

  • Technical
  • *****
  • Posts: 23,774
  • Gender: Male
  • Ah, the air is so much fresher here...
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #3 on: June 24, 2016, 05:09:21 am »
They've hit the breakers on the futures. Trading sideways now.
Logged
The Republic is lost.

Offline truth_seeker

  • Hero Member
  • *****
  • Posts: 28,386
  • Gender: Male
  • Common Sense Results Oriented Conservative Veteran
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #4 on: June 24, 2016, 05:37:12 am »

What goes down, also goes back up soon. Relax. Don't panic.

 
Logged
"God must love the common man, he made so many of them.�  Abe Lincoln

Oceander

  • Guest
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #5 on: June 24, 2016, 11:41:43 am »
Quote from: Suppressed on June 24, 2016, 04:52:02 am
Yup. Britons voted to sacrifice economy to help culture.

Economies recover.  Cultures not so much. 

Besides which, do not conflate financial markets with the real economy.  We live in houses, shop in stores, wear clothes, and eat bread; not stocks and bonds.  The two are clearly related, but not lock-step correlated. 
Logged

Offline Mechanicos

  • Hero Member
  • *****
  • Posts: 4,350
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #6 on: June 24, 2016, 12:10:19 pm »
Quote from: Oceander on June 24, 2016, 11:41:43 am
Economies recover.  Cultures not so much. 

Besides which, do not conflate financial markets with the real economy.  We live in houses, shop in stores, wear clothes, and eat bread; not stocks and bonds.  The two are clearly related, but not lock-step correlated.
goopo
Logged
Trump is for America First.
"Crooked Hillary Clinton is the Secretary of the Status Quo – and wherever Hillary Clinton goes, corruption and scandal follow." D. Trump 7/11/16

Did you know that the word ‘gullible’ is not in the dictionary?

Isaiah 54:17

Offline sinkspur

  • Hero Member
  • *****
  • Posts: 28,567
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #7 on: June 24, 2016, 12:21:29 pm »
The idiot culture in Britain rose up and chose to burn down the barn.

No different from the idiot cuture here, following a mentally unstable demagogue.  Hopefully we can avoid going over the cliff with the dolts.
Logged
Roy Moore's "spiritual warfare" is driving past a junior high without stopping.

Offline Free Vulcan

  • Technical
  • *****
  • Posts: 23,774
  • Gender: Male
  • Ah, the air is so much fresher here...
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #8 on: June 24, 2016, 03:03:49 pm »
No surprise, the markets stabilized pretty fast as we got closer to the day session. Overnite futures are thin and tend to overreact.
Logged
The Republic is lost.

Oceander

  • Guest
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #9 on: June 24, 2016, 03:46:46 pm »
Logged

geronl

  • Guest
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #10 on: June 24, 2016, 04:51:52 pm »
An overreaction, it will all calm down soon enough
Logged

Offline SirLinksALot

  • Hero Member
  • *****
  • Posts: 4,417
  • Gender: Male
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #11 on: June 24, 2016, 04:55:55 pm »
Quote from: geronl on June 24, 2016, 04:51:52 pm
An overreaction, it will all calm down soon enough

For Stock Market Vultures, it's a buying opportunity.
Logged

Offline skeeter

  • Hero Member
  • *****
  • Posts: 26,717
  • Gender: Male
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #12 on: June 24, 2016, 05:01:12 pm »
Quote from: Oceander on June 24, 2016, 11:41:43 am
Economies recover.  Cultures not so much. 

Besides which, do not conflate financial markets with the real economy.  We live in houses, shop in stores, wear clothes, and eat bread; not stocks and bonds.  The two are clearly related, but not lock-step correlated.

Financial markets love low hanging fruit.

They are apt to forget you eventually reap what you sow.
Logged

Offline Suppressed

  • Hero Member
  • *****
  • Posts: 12,921
  • Gender: Male
    • Avatar
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #13 on: June 24, 2016, 07:14:49 pm »
Word on the street is that Trump is going to slap a 55% tariff on the UK for currency manipulation with the pound falling so much.

 ^-^
Logged
+++++++++
“In the outside world, I'm a simple geologist. But in here .... I am Falcor, Defender of the Alliance” --Randy Marsh

“The most effectual means of being secure against pain is to retire within ourselves, and to suffice for our own happiness.” -- Thomas Jefferson

“He's so dumb he thinks a Mexican border pays rent.” --Foghorn Leghorn

HonestJohn

  • Guest
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #14 on: June 24, 2016, 11:15:45 pm »
Quote from: Oceander on June 24, 2016, 11:41:43 am
Economies recover.  Cultures not so much. 

Besides which, do not conflate financial markets with the real economy.  We live in houses, shop in stores, wear clothes, and eat bread; not stocks and bonds.  The two are clearly related, but not lock-step correlated.

Just remember that those houses, stores, clothes, and bread are purchased with money.  With the pound tanking, it will now take more pounds to purchase the same amount of stuff.

And no one is talking about raises... are they?
Logged

Offline sinkspur

  • Hero Member
  • *****
  • Posts: 28,567
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #15 on: June 24, 2016, 11:19:18 pm »
Quote from: Free Vulcan on June 24, 2016, 03:03:49 pm
No surprise, the markets stabilized pretty fast as we got closer to the day session. Overnite futures are thin and tend to overreact.

Uh-huh.  Down 611 for the day.  Worse than expected.
Logged
Roy Moore's "spiritual warfare" is driving past a junior high without stopping.

Offline Chieftain

  • AMF, YOYO
  • Hero Member
  • *****
  • Posts: 9,621
  • Gender: Male
  • Your what hurts??
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #16 on: June 25, 2016, 12:49:09 am »
Exit was a big splash, so no surprize there are waves.  Things will settle down quickly for the Brits and the Pound will eventually be in a position to be a refuge for the chaos to come on the Continent as the rest of the EU finally implodes.

This kind of unrest is tailor made for some muzzie terrorist to take advantage of as well. 

Keep your powder dry...

 :smokin:
Logged

geronl

  • Guest
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #17 on: June 25, 2016, 12:53:13 am »
Liam Fox or Michael Gove should be the new PM
Logged

Offline Free Vulcan

  • Technical
  • *****
  • Posts: 23,774
  • Gender: Male
  • Ah, the air is so much fresher here...
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #18 on: June 25, 2016, 04:25:21 am »
Quote from: sinkspur on June 24, 2016, 11:19:18 pm
Uh-huh.  Down 611 for the day.  Worse than expected.

At these levels, that's a hiccup. They sold into it after the bounce rally and basically moved it sideways. The chart isn't giving any major tells of worry so far.
« Last Edit: June 25, 2016, 04:25:40 am by Free Vulcan »
Logged
The Republic is lost.

Offline Mechanicos

  • Hero Member
  • *****
  • Posts: 4,350
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #19 on: June 25, 2016, 01:40:53 pm »
Quote from: Chieftain on June 25, 2016, 12:49:09 am
Exit was a big splash, so no surprize there are waves.  Things will settle down quickly for the Brits and the Pound will eventually be in a position to be a refuge for the chaos to come on the Continent as the rest of the EU finally implodes.

This kind of unrest is tailor made for some muzzie terrorist to take advantage of as well. 

Keep your powder dry...

 :smokin:
goopo
Logged
Trump is for America First.
"Crooked Hillary Clinton is the Secretary of the Status Quo – and wherever Hillary Clinton goes, corruption and scandal follow." D. Trump 7/11/16

Did you know that the word ‘gullible’ is not in the dictionary?

Isaiah 54:17

Oceander

  • Guest
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #20 on: June 25, 2016, 02:03:28 pm »
The pound, and the UK economy, will recover.
Logged

Offline SirLinksALot

  • Hero Member
  • *****
  • Posts: 4,417
  • Gender: Male
Re: Pound tumbles to lows not seen since 1985 [after Brexit win]
« Reply #21 on: June 27, 2016, 09:58:00 pm »
The UK has existed long before the EU. This whole thing is an over reaction.

I predict:

* After freak out is over, pound will stabilize and increase in value slowly.
* Cheap pound will be around for a while, and it will help the economy a little.
* There will be some flux and talk for a while ...

But after a few months, and people realize that the world is turning ( as it had before the EU existed), and not much has changed, that will give them pause and wonder if it all really mattered.
Logged
Pages: [1]   Go Up
« previous next »