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OT: Good news for most of you guys, but I'm frustrated

OT: Good news for most of you guys, but I'm frustrated

Old Nov 30, 06, 4:01 pm
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OT: Good news for the Brits, but I'm frustrated

Looks like my nights out on my upcoming trip are going to consist of spending $4 dollars a beer!

Dollar falls to 14-year low vs. pound
45 minutes ago

NEW YORK - The dollar fell Thursday to its lowest level against the British pound in 14 years and lost value against the euro and Japanese yen.

The dollar's decline came on mixed economic news from Washington and positive developments in Germany, Europe's largest economy.

The Commerce Department said consumer spending increased in October after two lackluster months, but the nation's retailers reported mixed results in November.

The Labor Department also reported that the number of Americans filing new claims for unemployment benefits posted an unexpectedly large increase last week, rising by 34,000 to 357,000.

Meanwhile, Germany said that its unemployment rate dropped unexpectedly to 9.6 percent in November as the number of people out of work fell below 4 million for the first time since October 2002 the latest evidence of a gathering recovery.

The pound climbed to $1.9661 in afternoon New York trading from $1.9462 late Wednesday in New York, marking its strongest showing against the dollar since September 1992, before Britain crashed out of the European Exchange Rate Mechanism.

The euro rose to $1.3250, up from $1.3156 late Wednesday. The euro has risen from below the $1.30 mark over the past week amid expectations that the European Central Bank will continue to raise interest rates, while the
Federal Reserve holds, or eventually cuts, rates.

The dollar slipped against the Japanese currency, falling to 115.75 yen from 116.31 yen.

U.S. economic data are being watched closely for pointers on the Fed's interest rate course, and disappointing news recently has dimmed the prospect of higher interest rates in the world's largest economy. Higher interest rates, a weapon against inflation, tend to strengthen a currency by making investments in it more attractive.

Analysts suggested that the new U.S. data indicated the Fed will likely keep rates unchanged for the time being.

"Inflation remains stubbornly above the Federal Reserve target range of 1 to 2 percent, despite flagging growth in the second and third quarters. The Federal Reserve is not likely to risk additional inflation to shore up the economy by lowering interest rates," Peter Morici, a professor at the University of Maryland School of Business, said in a research note.

Federal Reserve "Chairman Ben Bernanke will want to make sure inflation is safely boxed before stimulating the economy, even if that risks a recession," Morici said.

Analysts said the pound, which is benefiting from rising home prices and merger and acquisition activity in Britain, could reach $2 by the end of the year. It last reached the $2 level on Sept. 8, 1992.

In 1992, the British government raised base interest rates as high as 15 percent in a futile effort to defend the pound's value against the German mark. After Britain dropped out of the Exchange Rate Mechanism, which was meant to eliminate exchange rate fluctuations in Europe, the pound plummeted to around $1.50 by the end of 1992.

In other trading, the dollar bought 1.1982 Swiss francs, down from 1.2090 late Wednesday, and 1.1420 Canadian dollars, up from 1.1380.
http://news.yahoo.com/s/ap/20061130/ap_on_bi_ge/dollar

Just friggin great. Atleast on a positive note a professor from my business school was quoted. But nonetheless

[/rant]

Last edited by terpfan101; Nov 30, 06 at 4:34 pm
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Old Nov 30, 06, 4:05 pm
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Originally Posted by terpfan101 View Post
Looks like my nights out on my upcoming trip are going to consist of spending $4 dollars a beer!


http://news.yahoo.com/s/ap/20061130/ap_on_bi_ge/dollar

Just friggin great. Atleast on a positive note a professor from my business school was quoted. But nonetheless

[/rant]
Sorry you'll have to be on beer instead of champers! But have a great trip nonetheless.

Must go, busy buying US goodies off the internet
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Old Nov 30, 06, 4:28 pm
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Originally Posted by sunrisegirl View Post
Sorry you'll have to be on beer instead of champers! But have a great trip nonetheless.

Must go, busy buying US goodies off the internet
Cheeky bugger!

Well beer and mixed drinks. And to think I thought that a year ago's exchange rate of 1 pound to $1.70 was high.
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Old Nov 30, 06, 4:30 pm
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Luckily this wasn't another thread about the revised seating policy as I feared when I saw the title...
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Old Nov 30, 06, 4:34 pm
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Originally Posted by Pyeinthesky View Post
Luckily this wasn't another thread about the revised seating policy as I feared when I saw the title...
haha I can see how you'd think that by the title.
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Old Nov 30, 06, 4:40 pm
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Originally Posted by Pyeinthesky View Post
Luckily this wasn't another thread about the revised seating policy as I feared when I saw the title...
You and me both! Is the prod rubbing off on you? No, I really can't think of a better way to phrase that, honest
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Old Nov 30, 06, 4:53 pm
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Originally Posted by terpfan101 View Post
Looks like my nights out on my upcoming trip are going to consist of spending $4 dollars a beer!
Beer for 2/$4 a pint - you'll have to let us know where you can find that in London!
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Old Nov 30, 06, 4:54 pm
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I first just saw "Good news for most of you guys, I'm frustrated" and thought that certain members of this board will be getting very excited indeed.
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Old Dec 1, 06, 2:42 am
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$4 a beer? Try $10 a beer - you'll be getting closer to the cost of a pint in a West End pub. 4 / $8 for a small 33cl bottle is also not uncommon now!
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Old Dec 1, 06, 2:46 am
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Originally Posted by aristoph View Post
Beer for 2/$4 a pint - you'll have to let us know where you can find that in London!
Glasshouse Stores on Brewer St... very cheap beer. We almost didn't make the do minimum spend it was sooo cheap
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Old Dec 1, 06, 2:48 am
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Originally Posted by Raffles View Post
$4 a beer? Try $10 a beer - you'll be getting closer to the cost of a pint in a West End pub. 4 / $8 for a small 33cl bottle is also not uncommon now!
I've also noticed the same price for 28cl bottles - that's not even 10 oz!
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Old Dec 1, 06, 2:50 am
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Originally Posted by aristoph View Post
Beer for 2/$4 a pint - you'll have to let us know where you can find that in London!
Or even out in the sticks.
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Old Dec 1, 06, 3:22 am
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Why is sterling so strong?

For an FTer's perspective on /$, watch today's Channel 4 lunchtime news at around 12.15 (unless bumped by the proverbial dead donkey). Sorry, UK only.

James
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Old Dec 1, 06, 3:26 am
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Originally Posted by James S View Post
For an FTer's perspective on /$, watch today's Channel 4 lunchtime news at around 12.15 (unless bumped by the proverbial dead donkey). Sorry, UK only.

James
Aren't promotional messages against the TOS???

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Old Dec 1, 06, 3:26 am
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Monday and Thursday at my Local Bar : Miller AleHouse ...5 Miller Lites for $5.99...less than the price of One Now in some London Pubs.
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