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Pound smashes the $2 barrier today

By homesick_american in United Kingdom

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homesick_american Experienced

homesick_american   1

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Yikes. I smell trouble ahead.

http://news.bbc.co.uk/1/hi/business/6562743.stm

The pound has moved through the $2 mark for the first time since 1992, as investors bet interest rates would have to rise to slow inflation.

Consumer prices rose by 3.1% in March, the Office for National Statistics said. The ONS also said that its retail price inflation rate rose to 4.8%.

Many economists consider an interest rate rise in May to be a certainty.

By late afternoon on Tuesday, one pound was worth $2.005, having been solidly above the $2 mark since late morning.

The stronger pound has been good news for British visitors to the US, but has made life more difficult for exporters.

The last time the $2-level was breached was just before sterling dropped out of the Exchange Rate Mechanism in September 1992.

Analysts are now betting that the Bank of England will raise interest rates when it meets in May in an effort to slow consumer spending and price growth.

For the first time, the Bank of England governor has had to write a letter explaining why inflation has climbed.

Borrowing costs have been increased three times since August.

The key rate currently stands at 5.25% and is widely expected to go up to 5.5% at the Bank of England's next meeting on 10 May.

"A May move is a certainty," said Philip Shaw, economist at Investec.

"It opens up a strong possibility of interest rates rising beyond 5.5%," he added.

Higher borrowing costs act as a tax on consumers, boosting loan repayment costs, taking money out of their pockets and slowing the rate at which they spend and take on extra financing.

Analysts said that the outlook for sterling will also depend on US economic data due later on Tuesday.

David Jones from CMC Markets said, "With US economic data due later in the session, further dollar downside may be seen in due course".

It is not only sterling that is strong at the moment. The euro is at two-year high against the dollar and a record high versus the Japanese yen.

Many traders said they were surprised that last weekend's Group of Seven finance ministers meeting in Washington did not make any comments about the weakness of either the dollar or the yen.

24 June 2007: Leaving day/flying to Dallas-Fort Worth

homesick_american Experienced

homesick_american   1

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  • Author
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Great time to buy dollars!

Umm, no. The dollar has been sliding for a while now, for stability, its best to invest in CHF.

For investment purposes, sure; but if you're moving back to the US like I am, it's a good thing. Of course it's not good if this trend continues. To be fair to the dollar, the pound has not really gained on it since the US markets opened; it broke the $2 barrier in trading before the US markets opened because of a bad inflation report here in the UK...inflation is up to 3.1%...and people are betting on the BoE raising interest rates again. Hence, the pound strengthens. Plus, there's the carry trade to consider...

24 June 2007: Leaving day/flying to Dallas-Fort Worth

Fandango Grand Master

Fandango   1,440

Posted
Filed: Timeline
Posted
Great time to buy dollars!

Umm, no. The dollar has been sliding for a while now, for stability, its best to invest in CHF.

For investment purposes, sure; but if you're moving back to the US like I am, it's a good thing. Of course it's not good if this trend continues. To be fair to the dollar, the pound has not really gained on it since the US markets opened; it broke the $2 barrier in trading before the US markets opened because of a bad inflation report here in the UK...inflation is up to 3.1%...and people are betting on the BoE raising interest rates again. Hence, the pound strengthens. Plus, there's the carry trade to consider...

Exactly.

TimsDaisy Proficient

TimsDaisy   0

Posted
Filed: K-1 Visa Country: United Kingdom
 Timeline
Posted

I do love me some swiss money though ;) I suppose if this visa thing goes pear-shaped, we could relocate to Davos!

I-129F/K1

1-12-07 mailed to CSC

1-22-07 DHS cashes the I-129F check

1-23-07 NOA1 Notice Date

1-26-07 NOA1 arrives in the post

4-25-07 Touched!

4-26-07 Touched again!

5-3-07 NOA2!!! Two approval emails received at 11:36am

5-10-07 Arrived at NVC/5-14-07 Left NVC - London-bound!

5-17-07??? London receives?

5-20-07 Packet 3 mailed

5-26-07 Packet 3 received

5-29-07 Packet 3 returned, few days later than planned due to bank holiday weekend

6-06-07 Medical in London (called to schedule on May 29)

6-11-07 "Medical in file" at Embassy

6-14-07 Resent packet 3 to Embassy after hearing nothing about first try

6-22-07 DOS says "applicant now eligible for interview," ie: they enter p3 into their system

6-25-07 DOS says interview date is August 21

6-28-07 Help from our congressional representative gives us new interview date: July 6

7-06-07 Interview at 9:00 am at the London Embassy - Approved.

7-16-07 Visa delivered after 'security checks' completed

I-129F approved in 111 days; Interview 174 days from filing

Handy numbers:

NVC: (603) 334-0700 - press 1, 5; US State Department: (202) 663-1225 - press 1, 0

*Be afraid or be informed - the choice is yours.*

flutter95 Proficient

flutter95   4

Posted
Filed: Citizen (apr) Country: United Kingdom
 Timeline
Posted

Aww but all my money is US now :(

Oooh, unless my blasted tax refund comes in! :lol:

K-1 visa issued: 12/15/2006

107 days from mailing AOS package to receiving green card! Received 6/27/07 dated 6/20/07

Removing conditions:

mailed 5/22/2009

Recieved at CSC 5/23/2009

Check cashed 5/27/09

NOA date 5/26/09 - still not received

I-551 stamp in passport 6/19/09

Biometrics notice date 6/16/09

Biometrics received 6/20/09

Biometrics apt date 7/9/09

Biometrics cancellation notice 6/27/09

Biometrics apt notice date 6/26 recieved 7/7

Biometrics apt 7/22/09

Touch 7/22/09

Finally able to see online info 7/22/09

Card production email 8/19/09 date ordered 8/18

Recieved approval letter in mail 8/19/09 date 8/13!

Touch 8/19

Email stating approval notice sent 8/24/09

Green card in hand!! 8/24/09

Husband joined army and moved from San Diego to Ft. Benning GA! 8/30/11

Filed N400 based on 5 years of residency 9/12/12

Recieved email notifcation recieved package 9/19/12

Biometrics 10/22/12

Early Biometrics 10/04/12

In line for interview 10/8/12 for 8 days

Interview 11/20/12 PASSED!

Widge Collaborator

Widge   0

Posted
Filed: Lift. Cond. (pnd) Country: United Kingdom
 Timeline
Posted

As someone who has to transfers funds from US > UK every month this has been a downward financial spiral ever since I arrived :crying:

LifeacrossthePond

Removing Conditions (here we go again)

July 27th I-751 sent to Nebraska

July 30th USPS delivered

Aug 22nd check cashed

Aug 23rd I797C received - case been transferred to California

Aug 29th Biometrics Appt Letter arrived

Sept 12th Biometrics Appt Pittsburgh

Sept 24th email notice of Approval - card ordered !!!!!!

perfect Rising Star

perfect   39

Posted
Filed: Citizen (apr) Country: United Kingdom
 Timeline
Posted

Me too - have an instalment agreement which I have to pay in UK pounds every month - it's killing me!

OUR TIMELINE

K1 VISA & MARRIAGE - 8 MONTHS

17 February 2004 Sent I-129F petition CSC - It was APPROVED in 147 days

3 September 2004 INTERVIEW IN LONDON SUCCESSFUL VISA APPROVED! MARRIED OCTOBER 16, 2004

ADJUSTMENT OF STATUS - 5 MONTHS

4 January 2005 - Submitted applications for AOS and EAD - 12 May 2005 Conditional Permanent Residency Approved - interview in Santa Ana

4 June 2005 CPR 2-year Green Card arrives in mail

REMOVAL OF CONDITIONS - 3½ MONTHS

8 May 2007 - I-751 sent to CSC - 23 August 2007 - Approved - Card production ordered

30 August 2007 - 10 year Green Card received

K2 TIMELINE (Stayed behind in UK to finish school)

28 March 2005 - embassy interview & medical London - visa granted

01/18/06 Applications for AOS/EAD sent - 03/28/06 EAD approved

4/3/06 - RFE for AOS - requested new medical and vacc supplement

4/26/06 - approved without interview and welcome letter sent

05/02/2006 - Greencard arrives in mail

03/14/08 - Petition to Remove Conditions mailed to CSC delivered - 7/2/08 APPROVED

NATURALIZATION TIMELINE (for myself and son) 5 MONTHS

April 18, 2011 - N-400 Applications Mailed to AZ lockbox

April 21 (received April 25) NOAs

May 12 - FP Letters mailed

May 16 - Received FP appointment letters for June 8 at 11am

August 1 - Interview - approved for Oath Ceremony - OATH CEREMONY 28 SEPTEMBER

 
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