Guest The Pom Queen Posted June 24, 2016 Share Posted June 24, 2016 The value of the pound has fallen dramatically as it emerged that the UK had voted to leave the EU. At one stage it hit $1.3305, a fall of more than 10%, and a low not seen since 1985. Before the results started to come in, the pound had risen as high as $1.50, as traders bet on a Remain victory. But following early strong Leave votes in north-east England, it tumbled to $1.43 and then took another dive after 03:00 BST as Leave maintained its lead. The move in sterling is the biggest one-day fall ever seen and London's main share index, the FTSE 100, is expected to open sharply lower, with indications of a fall of around 7%. A weaker pound buys fewer dollars or other foreign currencies, which makes it more expensive to buy products from abroad. However, it should benefit exporters as it makes their goods cheaper. Against the euro, the pound dropped 7% to around €1.2085. The euro also fell 3.3% against the dollar, its biggest one-day fall since the currency's inception. Currency traders say these moves are more extreme than those seen during the financial crisis of 2008. "Never seen anything like it. These are once-in-a-lifetime moves, bigger than Lehmans and Black Wednesday, and we haven't even had the result yet," said Joe Rundle, head of trading at ETX Capital. "It's worth noting that trading desks are not fully staffed and these are only the initial reactions," he added. "We're waiting for the big money to crank into action over the coming days and even weeks, which will likely exert further downward pressure on sterling." Quote Link to comment Share on other sites More sharing options...
Patphillips47 Posted June 24, 2016 Share Posted June 24, 2016 Talk about bad timing for us we have just found out our house sale in the UK goes through on 30th of June ! Beyond our control I suppose but on paper we have lost thousands overnight Will just have to sit on the fence for a while to see if things improve oh joy Quote Link to comment Share on other sites More sharing options...
VERYSTORMY Posted June 24, 2016 Share Posted June 24, 2016 The markets are very short term beasts. Once the realise that not much happens or changes in the coming 2 - 3 weeks and it isn't making daily news, they will go back to normal. Quote Link to comment Share on other sites More sharing options...
Patphillips47 Posted June 24, 2016 Share Posted June 24, 2016 The markets are very short term beasts. Once the realise that not much happens or changes in the coming 2 - 3 weeks and it isn't making daily news, they will go back to normal. i agree no good getting the proverbial in a twist it's swing and roundabouts and we just have to ride it out Quote Link to comment Share on other sites More sharing options...
Parley Posted June 24, 2016 Share Posted June 24, 2016 What is the Pound AUD rate ? Quote Link to comment Share on other sites More sharing options...
Perthbum Posted June 24, 2016 Share Posted June 24, 2016 its gone back up and is only 5% down...pound against the dollar is higher than it was in feb Quote Link to comment Share on other sites More sharing options...
The Raillys Posted June 24, 2016 Share Posted June 24, 2016 Talk about bad timing for us we have just found out our house sale in the UK goes through on 30th of June !Beyond our control I suppose but on paper we have lost thousands overnight Will just have to sit on the fence for a while to see if things improve oh joy Same boat have lost thousands over night as my house sale is in the process of going through. Hope it recovers, I really do. Especially for my pension that I cannot take with me. Quote Link to comment Share on other sites More sharing options...
Backtoback Posted June 24, 2016 Share Posted June 24, 2016 Same boat have lost thousands over night as my house sale is in the process of going through. Hope it recovers, I really do. Especially for my pension that I cannot take with me. I am in the same boat too. Quote Link to comment Share on other sites More sharing options...
Ken Posted June 24, 2016 Share Posted June 24, 2016 (edited) The value of the pound has fallen dramatically Utter nonsense. The value of the pound never falls (or rises). £1 is still worth £1 as it always is. It's all these Johnny Foreigner Currencies that go up and down in value. Take the US Dollar for example. That shot up in value quite spectacularly today. The Australian Dollar went up in value too but not as much. It's all about perspective. Edited June 24, 2016 by Ken Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted June 24, 2016 Share Posted June 24, 2016 Unsurprisingly, we’ve been exceptionally busy today – naturally people want to speak about the exchange rate and the impact of the Referendum result. Quote Link to comment Share on other sites More sharing options...
Johndoe Posted June 24, 2016 Share Posted June 24, 2016 its gone back up and is only 5% down...pound against the dollar is higher than it was in feb Oh that's ok then.............only hits my UK pension by 5%...............that said, I'm glad we're out Quote Link to comment Share on other sites More sharing options...
newjez Posted June 24, 2016 Share Posted June 24, 2016 Oh that's ok then.............only hits my UK pension by 5%...............that said, I'm glad we're out I'm really amazed that all the immigrants care that much. If western Australia seceded from Australia - I wouldn't be that bothered as long as it didn't affect my ability to travel. Quote Link to comment Share on other sites More sharing options...
Johndoe Posted June 24, 2016 Share Posted June 24, 2016 I'm really amazed that all the immigrants care that much. Do they? I care only because I have 3 sons and 4 grandkids back in the UK. Those sons are all ex forces (recently) and they have all said how Europian directives have impacted on the fighting ability/prowess of British Forces. No different I guess as to why we came to Oz in regards to Thatcher's influence on the NHS Quote Link to comment Share on other sites More sharing options...
newjez Posted June 24, 2016 Share Posted June 24, 2016 Do they? I care only because I have 3 sons and 4 grandkids back in the UK. Those sons are all ex forces (recently) and they have all said how Europian directives have impacted on the fighting ability/prowess of British Forces. No different I guess as to why we came to Oz in regards to Thatcher's influence on the NHS As a lesser power, at least Wengland won't need to go running after the USA like a lapdog and fighting in every corner of the world. We won't need trident either. It would be like a child running around with a machine gun. Actually, it's looking better everyday. Quote Link to comment Share on other sites More sharing options...
Perthbum Posted June 24, 2016 Share Posted June 24, 2016 Oh that's ok then.............only hits my UK pension by 5%...............that said, I'm glad we're out ohhhh hang on, finished the day 2% up...it fluctuates all the time, it goes up it goes down, over a year it does not seriously affect pensions. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted June 24, 2016 Share Posted June 24, 2016 As a lesser power, at least Wengland won't need to go running after the USA like a lapdog and fighting in every corner of the world. We won't need trident either. It would be like a child running around with a machine gun. Actually, it's looking better everyday. This is nonsense. UK still in NATO so will still be pulled into conflicts. Trident will have to go though when Scotland votes for independence. Quote Link to comment Share on other sites More sharing options...
Perthbum Posted June 24, 2016 Share Posted June 24, 2016 This is nonsense. UK still in NATO so will still be pulled into conflicts. Trident will have to go though when Scotland votes for independence. Scotland will never vote for independence, if they do vote it will almost certainly be a vote to stay with the 5th in the world strongest economy. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted June 24, 2016 Share Posted June 24, 2016 Scotland will never vote for independence, if they do vote it will almost certainly be a vote to stay with the 5th in the world strongest economy. I wouldn't bet on it.......and if/when they do 'Little Britain' as it will then be known will no longer be the 5th largest economy of the world. There are pluses as well as minuses to being relatively insignificant rather than a world power. Giving up nuclear weapons is a major plus. Quote Link to comment Share on other sites More sharing options...
Wooba Posted June 24, 2016 Share Posted June 24, 2016 I'm with Perthbum. The EU is crumbling. The people of Scotland won't want to join that. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted June 24, 2016 Share Posted June 24, 2016 I'm with Perthbum. The EU is crumbling. The people of Scotland won't want to join that. But they voted pretty overwhelmingly to Remain in the EU just yesterday which kind of indicates they want to Remain in the EU. In fact the endorsement for the EU was much stronger than the endorsement for remaining part of the UK (in the 2014 referendum) so the implication is that they prefer Brussels to Westminster. Quote Link to comment Share on other sites More sharing options...
ramot Posted June 24, 2016 Share Posted June 24, 2016 ohhhh hang on, finished the day 2% up...it fluctuates all the time, it goes up it goes down, over a year it does not seriously affect pensions. Unusual PB! but I agree with you. We have been in OZ for 13 years, all our income comes from UK and have seen the pound fluctuate from $3 to the pound, down to $1.5 to the pound in that time. We lost out big time when the pound plummeted just as we were about to buy our house, but it had nothing to do with brexit in 2003. The only thing that affects our pensions is the amount we get in dollars when the exchange rate fluctuates, the basic amount in pounds doesn't change. We did exchange a fair amount over on wed. in case the pound went pear shaped it seemed the sensible thing to do. Quote Link to comment Share on other sites More sharing options...
Wooba Posted June 24, 2016 Share Posted June 24, 2016 But they voted pretty overwhelmingly to Remain in the EU just yesterday which kind of indicates they want to Remain in the EU. In fact the endorsement for the EU was much stronger than the endorsement for remaining part of the UK (in the 2014 referendum) so the implication is that they prefer Brussels to Westminster. If they EU was a strong, stable place where it was mostly positive I would agree with you. But if they were to go through a vote any time soon the people are going to say, well I'd like to leave but I don't want to chain myself to that sinking ship. In this case it would be choosing the least bad option. Unless of course the EU flourishes after this, then you will possibly be right. But I don't see anything positive on the horizon for the EU. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted June 24, 2016 Share Posted June 24, 2016 If they EU was a strong, stable place where it was mostly positive I would agree with you. But if they were to go through a vote any time soon the people are going to say, well I'd like to leave but I don't want to chain myself to that sinking ship. In this case it would be choosing the least bad option. Unless of course the EU flourishes after this, then you will possibly be right. But I don't see anything positive on the horizon for the EU. Neither Britain nor the EU are going to flourish. The Scots have already determined the least worst option by a large majority just yesterday so I would be surprised if they changed their mind. Quote Link to comment Share on other sites More sharing options...
Wooba Posted June 24, 2016 Share Posted June 24, 2016 Neither Britain nor the EU are going to flourish. The Scots have already determined the least worst option by a large majority just yesterday so I would be surprised if they changed their mind. I'm not talking about the EU of yesterday, we're talking about the EU of tomorrow.. They are not the same. Quote Link to comment Share on other sites More sharing options...
newjez Posted June 24, 2016 Share Posted June 24, 2016 This is nonsense. UK still in NATO so will still be pulled into conflicts. Trident will have to go though when Scotland votes for independence. How many wars has NATO fought? Quote Link to comment Share on other sites More sharing options...
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