Why is the pound strengthening?

[Puggit]

Quite something, what news made this happen?

http://newsvote.bbc.co.uk/1/shared/fds/hi/business...

Pound up against every currency on the page (except Yen)?!

£:€ chart:

Edited by Puggit on Friday 30th January 09:49

[Plotloss]

All the banks have recovered massively as well.

It could be good news.

It could be one massive shorting exercise.

Anything could happen in the next half hour.

[Sarkmeister]

I dont know, but im hoping it continues to rise until my holiday in Europe in July......

[off_again]

Don't worry, someone will be along in a minute to explain that this is a really bad thing and that we are are screwed.

[bigTee]

This is a bad thing and we are all screwed.

[Puggit]

Typically we transferred money in to our French bank account 2 days ago and got €1.04

[M3CHA-MONK3Y]

Light at the end of the tunnel? Doubt it. More than likely the government is falsifying evidence to cover its own arse, did a 'friend' in the poltical sector recommend that site?

(Bloody hell, I'm all conspiracy theory nut today)

[thegman]

The pound is no longer being agressively shorted?

[LilCat]

It started to go up when Barclays released their financial report at the beginning of the week..

[911motorsport]

Some GOOD news at last

[bobbylondonuk]

Banks are on the up cos they have to declare losses/write downs.. and the market expects losses/writedowns..so its not adverse news. They still declare profits..so its good news.

Euro is weakening as the EU economies are all haveing trouble...as more EU states show their sad figures...£ starts laughing in their faces.

[ShadownINja]

Looks like it might fall again over the next couple of weeks if the technicals are anything to go by.

</Sceptic Peg>

Edited by ShadownINja on Friday 30th January 10:04

[rude-boy]

Being the fiscal wizard i obviously am can i just say that i hope this is continued back to our usual equilibrium levels and bares out what i have been saying for the last 3 (if not 6) months.

Our st is out there.

Their st has just started to trickle.

On a different subject though, can the Euro, as we know it, survive? I'm not changing my LM money yet...

[bobbylondonuk]

Euro is fked.....you have the combined economies of so many countries that give the Euro its value...and only a few countries that are credibly developed and strong. the rest of them will drag the Euro down...

Bring on the 1.7euro/£ and the 911GT£ will be about £70k imported!!

[ShadownINja]

Was it the right level back then? Or is the right level around now? I recall some PHer saying the pound was overpriced before.

[rude-boy]

IMO the 'right' level is about £1 to 1.40Euro. I would expect to see a variation of 0.05Cents either way.

Likewise £1 to $1.65, again with about the same degree of variation.

Of course I have absolutely no training whatsoever in this, but that is just my perception having had half an eye on the rates for many years.

[dazren]

Two things spring to mind. Recognition that there are economies within the euro almost as screwed as the UK, plus George Soros has been quoted this week as saying he is no longer shorting the pound.

[Marcellus]

rude-boy said:

IMO the 'right' level is about £1 to 1.40Euro. I would expect to see a variation of 0.05Cents either way.

Likewise £1 to $1.65, again with about the same degree of variation.

Of course I have absolutely no training whatsoever in this, but that is just my perception having had half an eye on the rates for many years.

so with your non expert oppinion when will it recover??

I need to move c£250,000 over and am crying in my biere a ce moment?

[richardxjr]

A 10% rise in the £ against the euro over the next month would be very helpful to me (as well as all the other euro importers).

Newsnight last night had a piece on the euro being in big trouble: half it's members solvent (for now), but the other half...

That, and the fact that a lot of euro countries trade with even less stable, Eastern european coutries outside the euro.

[emicen]

Our banks have brought out their dead, the world has suddenly twigged the Euro ecconomies' banks have toxic debt too but theyre still trying to sweep it under the carpet.

France have mass strikes and protests to declare to the world how bad their ecconomy is, brings it to the front of people's minds.

Finally the facade of success of the euro zoners is slipping and hence so is their currency.

(and since I'm heading over there for 10 days, may the decline in their currency's worth be quick and sharp...)