Pound Drops Like A Stone In The Last Month......

[ToraToraTora]

https://www.bbc.co.uk/news/business-62750606

Now I wonder what could have happened just over a month ago to cause that.....🙄

[douglas9401]

First of September 2022 is the date of the article.

[curlyfries81]

I bought two lots of different foreign currencies over the weekend for planned trips which are both within the next month and was unpleasantly surprised to say the least.

[douglas9401]

No need to comment, I'm sure you're very busy.

Suddenly.

[ToraToraTora]

see here then down the page but it keeps moving:

https://news.sky.com/money

 

[barry1010]

"After a turbulent week on the markets, sterling posted its fourth weekly drop in a row on Friday, the longest run of losses since September 2023."

https://amp.theguardian.com/business/article/2024/aug/09/pound-losses-sterling-stock-markets

[New Judge]

I would take little notice of the BBC report since it is dated 1st September 2022.:

“Sterling sank again on Thursday morning, dipping below $1.16 on the currency markets.”

On 4th July it was $1.274. It peaked on 17th July at $1.303 and stands today at $1.276 – near enough the same as it was on the day of the GE:

https://www.xe.com/en-gb/currencycharts/?from=GBP&;to=USD

[Hymie]

The £ lost around 15% of its value against the $US within a few weeks of late June 2016 – I wonder what precipitated this?

[davebro3]

"does not mean, of course, that the pound here in Britain, in your pocket or purse, or in your bank, has been devalued".

H Wilson.

[Old_Geezer]

Wow. It's almost as if some force is trying for parity. 

[New Judge]

"The £ lost around 15% of its value against the $US within a few weeks of late June 2016 – I wonder what precipitated this?"

And it lost around a third of its value between March 1975 and October 1976. I wonder what precipitated that (bearing in mind that a Labour government was in power and that the UK was still a member of the UK, so neither the Tories nor Brexit was to blame).

Strangely the £ recovered virtually all of the losses it suffered following the vote to leave the EU by March 2021. So you could argue that the money markets (being extremely fickle and viewing any reasonably radical event as something which threatens their very existence), spooked by the unexpected uncertainty brought on by the referendum result, recovered their composure by 2021. This may have been because the instablility brought about by the concerted efforts of all parties to trash the electorate's decision, was finally put to bed.

But, as with all matters political, the reason is "Events, dear boy, events" (of which there are many and various).

[douglas9401]

The UK has always been a member of the UK. 😄

 

I appreciate you're in full flow and these things happen.

[curlyfries81]

Irrespective of when the article was written I bought EUR and PLN at the weekend and was expecting a little bit more bang for my buck. I am a frequent traveller so I'm by no means out of touch.