The "Credit Crunch" and you?

Garp · 24-10-2008, 18:23

Sterling to Dollar exchange rate is now down to 1.52. I have about £30,000 of savings I'm hoping to transfer to Dollars at some point whenever Kari and I are married, it'll need to tide me over for a bit whilst jobless too. So from July's 2.1 ($63,000) through to late October's 1.52 ($45,600) my savings are worth a whopping $17,400 less. All without me having done anything. I could get a pretty reasonable new car for that much.
Sucks, to be honest. Sterling is also at an all time low against the €. Something needs to happen to try and get some strength into our ailing currency.

According to Mr Preston at the BBC it's because Hedge funds and other institutional investors are liquidating any assets they perceive as even mildly risky, especially in eastern Europe, Russia and South America, which usually results in a massive purchase of $ and ¥, boosting their strength. That along with a lack of confidence in the Sterling, leaves me, and our businesses all across the UK, in a crap position.

24-10-2008, 18:23	#11
Garp Preparing more tumbleweed Join Date: Jun 2006 Location: Hawaii Posts: 6,038	Sterling to Dollar exchange rate is now down to 1.52. I have about £30,000 of savings I'm hoping to transfer to Dollars at some point whenever Kari and I are married, it'll need to tide me over for a bit whilst jobless too. So from July's 2.1 ($63,000) through to late October's 1.52 ($45,600) my savings are worth a whopping $17,400 less. All without me having done anything. I could get a pretty reasonable new car for that much. Sucks, to be honest. Sterling is also at an all time low against the €. Something needs to happen to try and get some strength into our ailing currency. According to Mr Preston at the BBC it's because Hedge funds and other institutional investors are liquidating any assets they perceive as even mildly risky, especially in eastern Europe, Russia and South America, which usually results in a massive purchase of $ and ¥, boosting their strength. That along with a lack of confidence in the Sterling, leaves me, and our businesses all across the UK, in a crap position. __________________ Mal: Define "interesting"? Wash: "Oh, God, oh, God, we're all gonna die"?