$ tumble?

[cybermum]

After the news about possible second economic crash due to recent events in Dubai and several of our banks dropping 5 and 6% in the markets how likely is it that we will see our sterling drop further?

I see from up top of this planning section we have dropped a little but is it likely to be a knee-jerk reaction and hopefully we will see it steadily rise back a bit?

Hopefully its not like last time around where rates dropped to $1.35 or thereabouts.

[Guest]

The Dubai thing is world wide - it effected all the major share markets, including France & Germany.

The rate hasn't tumbled today - it lost a bit earlier - but most seem on the up now.

However, if I was an expert on this, I wouldn't be doing what I do for a living, I'd be a very rich man!

I was happy with my 1.622 the other day...

[Guest]

I have been watching closely all week and wish i had topped up my card last week when it hit $1.66! Was wishing it was going to last untill the end of the month. Hopefully it won't drop too much more!

[megaflyer]

As UAE currency is tied to the $ I would be very suprised if it didnt plunge if/when things in Duabi get worse which is expected in the next few days according to BBC news. I have just ordered £1k worth of dollars to ensure I have a good rate next month.

[cybermum]

This is what I am wondering.I am thinking of getting the rest of our dollars now(2k worth) whilst at this rate in anticipation of further drops given what I am reading and seeing on news reports.

[megaflyer]

I would say we will know more when the US markets open on Monday but it aint looking good.

[Redriva]

Originally Posted by megaflyer

I would say we will know more when the US markets open on Monday but it aint looking good.

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might have known you'd be the voice of doom
how's tricks?

[megaflyer]

Originally Posted by Redriva

might have known you'd be the voice of doom
how's tricks?

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Gee thanks for your warm welcome back

I am doing better than the $ will be I can tell you than - and no-one is a glomy about it as me; have a special holiday coming up which is now going to cost me more ££££ thanks to Dubai

Hope you are OK BTW x

[Therealpommie]

Originally Posted by megaflyer

As UAE currency is tied to the $ I would be very suprised if it didnt plunge if/when things in Duabi get worse which is expected in the next few days according to BBC news. I have just ordered £1k worth of dollars to ensure I have a good rate next month.

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If UAE is tied to the $ would it not be the dollar that tumbles and not sterling, thus we should get a better rate

[Guest]

Originally Posted by Therealpommie

If UAE is tied to the $ would it not be the dollar that tumbles and not sterling, thus we should get a better rate

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Thats how I see it... we will see... Lilys Mum only got 1.57 today... I got 1.622 on Wed.

Never followed the currency markets like this before!