Which Direction for the Pound (G024)
Despite last week’s interest rate cut of 1.5% the £ rose slightly against the dollar from $1.57 – $1.58 and similarly against the Euro from 1.23 euros to 1.24 euros. One school of thought is that the reduction may stimulate the economy thereby supporting the pound against other currencies.
Patrios believes however, this is only a temporary rise with a significant fall due shortly. The UK economy (according to the IMF last Thursday) is expected to contract by 1.3% in 2009 suffering the worst recession within the Eurozone.
This prediction is holding back any progress sterling may make and will prove a major force in seeing a reduction of the £ to around $1.40 before Christmas. Also, with the Bank of England likely to reduce interest rates again by January the pound is unlikely to stabilize until at least the middle of next year.
From an Associate’s Blog
To try to put a value on Freedom is as futile as floccipaucinihilipilification and the metissage of our societies, as we rummage in the ashes of our dreams, the flotsam of our hopes and the jetsam of our lives.
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I SUGGEST – since there is clearly no political party of repute, advocating or campaigning for withdrawal of these United Kingdoms from the EU and restoration of our independent sovereign, democracy, with Justice & the right to self determination in a free country:
Write Upon Your Ballot Paper:
LEAVE THE EU