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Buying Euros or US dollars with Pounds - Read First
By Damian George of IMS Foreign Exchange
There are going to get more shocks/disasters both financial/natural and we are replacing one bubble with another (emerging markets and commodities - who are these countries going to sell too if the g7 can't buy their goods, and what recovery will we get if the supply of oil is cut and the price breaks $80 a barrel) We are not out of the woods yet and the fact we are still getting very bad numbers and the share market has rallied on the back of "not as worse as thought" mentality from a very low base exaggerating the 10% stock market rally. The US economy on a whole can self contain itself and is a safe haven whilst it retains its AAA rating(unlikely this will change) and china is very unlikely to replace the states as a reserve currency. Also both the UK and the ECB want a weak pound/euro and the ECB have been reported as selling Euros to meet demand from SPECULATORS and you can see this on the euro cross rates. (It is also perceived that real money is not in the current move). Also an interesting point to note on UK unemployment is that the unemployment rate is going up at the same time emigrants (poles/Australians/kiwis) are leaving the workforce and not included in the unemployment numbers and if they were the numbers would be much higher. At the other end the HNW are starting the exit due to the new 50/60% tax regime. Than you look at the money we are printing, high unemployment and the potential for 6%+ inflation - therefore the need to increase rates sharply. This could cripple middle England
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This intel was contributed by imsfx
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May, 2012
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