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US Dollar hits a new low


Johnny 1989

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Not sure exactly where to put this but according to BBC News reports the dollar is at it's lowest against the pound for the first tiem in ages.

 

According to the currency convertors:

 

£1.00 GBP = $1.98960 USD

 

or

 

$1 USD = £0.502614 GBP

 

Unfortunately there is no story link on the BBC website yet. Could we see $2 to the pound soon.

 

In related news the Yen hits a new low against the Euro

 

http://news.bbc.co.uk/1/hi/business/6558645.stm

 

€1 EUR = ¥162.005 JPY

 

or

 

¥100.00 JPY = €0.617135 EUR

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This really isn't a new low the way currency traders think of it, after all the British pound used to be worth north of $4! The US Dollar index is still above 80, which is the key level of support hit about 5 different times since the 1970s. If that falls below 80, then we will have real trouble.

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One time when I went to Russia the exchange rate of the Ruble fell dramatically in like a week against the dollar, and I was in heaven. Stuff had not gone up in price yet, and there were still price controls but the Ruble was suddenly worth only about 3¢. I remember buying my balalaika that cost 100 Rubles, which had previously cost the equivalent of $70 for a mere $3.

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i just heard that report on the world service ... as long as it falls by the autumn i'm good ;)

 

 

How it stands at the time of this post:

 

£1 = $2.00475

 

Wonder if it'll get to $2.50 to £1.00 :ninja:

 

On a more serious note on BBC 10 O'Clock news last night it said that although it was great for British tourists going to America it was bad for us here in the UK as it meant less American Tourist will be travelling to here.

 

As long as you don't end up with a $5000000000000000 note (like Yugoslavia in the early 1990's) then there shouldn't be a problem ;)

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yeah, I have a bunch of pound coins I got while over there, got them when it was closer to a 1.37 to the pound...I can cash them in and make a bit of money :ninja:

 

Might as well do it whilst you can

 

Updated line graph, thing, from today, so far at time of writing (12:38pm, British Summer Time):

 

Over $2.01 at 8:30 this morning, although that has dropped a bit since. http://news.bbc.co.uk/1/hi/business/6566715.stm (Graph at foot of this post)

 

Our inflation on the other hand is at 3.1%, which is bad for the UK apparently

77_X_SGBPUSD_bbc_big_thick_line_intraday.png

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