SunnyJim wrote:Why is the pound falling so fast when the BoE a holding rates steady? Is it speculation that they will have to lower them in April? Have there been some bad UK figures?
At a guess because our economy is up the swanee? At some point, the markets must begin to realize that we're a US "mini-me" and that we're going to suffer the same fate. If you want to stick a label on any falls today, how about the Council of Mortgage Lenders saying that mortgage approvals for house purchase in Jan 2008 were 50,300? In Aug 2007, the figure was about 103,000,
Peter.
Does anyone know where the love of God goes when the waves turn the seconds to hours?
Platts wrote:The energy complex has rallied significantly in recent sessions as funds continue to invest heavily ignoring signs of slowing demand. Only a few hours ago the IEAy trimmed its estimates of world oil demand and non-OPEC oil supply for 2008 by around 100,000 b/d each. In its latest monthly report, the Paris-based IEA said it now expected world oil demand to average 87.54 million b/d, 80,000 b/d less than it had previously predicted.
Would it be helpful to compare the orice in pound sterling, or do I have it all wrong?
E.G. Price then was $80 a barrel = x pound sterling and is now $160 per barrel = x pound sterling.
Would this not be a more accurate indicator the real impact the dollar price increase has on the U.K. economy? If the currency then was $1 to ?1, (I know it wasn't - just an example) - and now is $2 to ?1. In the above example, would the price to us have remained steady at ?80 per barrel? Or do most currencies devalue in step with America, therefore devaluation of the dollar has little real significance overall??
Sorry, haven't been following exchange rates - just hoping that if the dollar falls enough, we may one day be paying less sterling per barrel than before - would make a bit of a nonsense regarding escalating pump prices.
