British pound drops on fear of "Brexit"

Rutiger · Post by **Rutiger** » Mon Feb 22, 2016 11:51 pm

Temporary blip, I'm sure, due to unfounded fears. There is no way the UK is leaving the EU. But the pound hasn't been this low since a very brief period in early 2009, which was during the heart of the global economic crisis.

LONDON - The pound sterling plunged to a near seven-year low against the dollar in Monday trading on concerns about the possibility of Britain voting to leave the European Union in a June referendum.

The British pound fell to $1.4058 in early afternoon trading Monday, its lowest level against the US dollar since March 2009
The pound fell to $1.4058 in early afternoon, its lowest level since March 2009, after the popular Mayor of London Boris Johnson on Sunday threw his weight behind the campaign for Brexit.

It later recovered somewhat to $1.4127 at around 1510 GMT, compared to $1.4392 late on Friday.

The pound was also under pressure against the euro, falling to 77.98 pence to the euro at around 1510 GMT compared to 77.35 pence on Friday.

http://www.bangkokpost.com/news/world/8 ... exit-fears

YouTube · Post by **General Mackevili** » Tue Feb 23, 2016 3:02 am

A Brit was just telling me that they make about $100 USD more a month than when we started in Saudi because of the currency exchange.

I think the Riyal is pegged to the dollar, so I have no chance of seeing any effect.

Rutiger · Post by **Rutiger** » Tue Feb 23, 2016 3:45 am

You are both paid in Riyals? The charts speaks for themselves. This is SA Riyal to UK pound over the past 2 years.

and vs. the US dollar over 2 years...pretty flat.

TheGrinchSR · Post by **TheGrinchSR** » Tue Feb 23, 2016 8:50 am

Given that Gulf currencies are loosely pegged to the dollar... you'd be able to see that relationship with the USD too.

As for the pound dropping on fears of Brexit... it goes to show what clowns the world's financial people are. Nobody knows what the long-term impact of Brexit would be and at this moment, it is incredibly unlikely that Brexit will take place.

And for the record - I'd prefer to stay in the EU. But, overall it won't be the end of the world either way.

Post by **Jamie_Lambo** » Tue Feb 23, 2016 10:47 am

my rents costing me an extra £11 a month due to the drop in currency!

SinnSisamouth · Post by **SinnSisamouth** » Tue Feb 23, 2016 11:15 am

it will recover don't panic

i brought my cash over in 2014 at $1.70

YouTube · Post by **General Mackevili** » Tue Feb 23, 2016 11:24 am

Rutiger wrote:You are both paid in Riyals?

Yes.

TheGrinchSR wrote:Given that Gulf currencies are loosely pegged to the dollar... you'd be able to see that relationship with the USD too.

As for the pound dropping on fears of Brexit... it goes to show what clowns the world's financial people are. Nobody knows what the long-term impact of Brexit would be and at this moment, it is incredibly unlikely that Brexit will take place.

And for the record - I'd prefer to stay in the EU. But, overall it won't be the end of the world either way.

I thought they pegged it 3.75 Riyal to the dollar pretty tightly. Can't say I've kept a close eye on it though.

Barang_doa_slae · Post by **Barang_doa_slae** » Tue Feb 23, 2016 11:41 am

Since England never paid it's fair share of EU budget I almost wish they vote to exit.
The shitstorm that would fall on the city and from there on the London real estate bubbling market would be very interesting to watch.

Post by **Jamie_Lambo** » Tue Feb 23, 2016 11:49 am

SinnSisamouth wrote:it will recover don't panic

i brought my cash over in 2014 at $1.70

in 2008 i got $1.92 to the £1

im sure someone was telling me a while ago that when they first came over it was like $2.50 to the £1

YouTube · Post by **General Mackevili** » Tue Feb 23, 2016 12:32 pm

Jamie_Lambo wrote:
SinnSisamouth wrote:it will recover don't panic

i brought my cash over in 2014 at $1.70

in 2008 i got $1.92 to the £1

im sure someone was telling me a while ago that when they first came over it was like $2.50 to the £1

I remember when I first came to Thailand back in 2002 I was getting about 44 Baht to the dollar, and Brits we're getting double that.

British pound drops on fear of "Brexit"

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