the British pound has hit a 30+ year low [thanks mostly to Brexit i suppose] i assume that Britain will survive, as well as the Pound i'm doing a little research on Great Britain's currency situation, from a longer term perspective... any thoughts, ideas, pro or con? thanks, marc
It's bad for the UK people. It's good for the rich non-dom and hedge fund managers, essentially being paid in USD while everything is 20% cheaper. My flat used to be 1250£ / week it's not 1050 £ /week so roughly 30% cheaper in USD terms, overnight.... You may see positive fundamentals coming out of it in 4 to 5 years but not before. I think over the long term we're better off without the EU. We'll be more competitive with a lower tax rate. I'm just worried of our prime minister who seems a bit too socialist to make this work.
i can see, until the brExit is close to finished - there will be much uncertainty, which includes the Pound...? marc
Britain will survive, but the value of the pound is very hard to predict bears will continue the attack.
I keep going Long/hedged, get stopped out, then re-do it. Volume going down is starting to reduce, so might find bottom. Only time I can go short is day trading and out by close, but eventually a bottom will happen.
Given that an interest rate is looming over the US and that Brexit uncertainties continue, I am still bearish until strong fundamental news comes out. Which won't happen until after Brexit actually occurs and the results are tallied.
Everyone wants to devalue their currency indirectly, the volatility will only increase as the countries and governments fight it out. The Brexit economic reports are positive so far, Europe is in a slow implosion, and the US still think they're going to increase rates while everyone else is lowering them. It's making for some fruity trading but if you have your heart set on a direction, you're going to be sorely disappointed and whipsawed out, just look at the moves today. Reference: https://www.elitetrader.com/et/threads/holy-grail.302262/page-3#post-4340131
if i decide to buy some Pounds, at some time in the future, what's the best instrument, for the average bloke? FXB ? thanks, marc