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I seem to recall reading in a textbook that the pound fell to $1.06 (compared to about $1.74 at present) in about 1985. That was back when the UK still had exchange controls, so those were quite exceptionally low levels. By the way Jem, what did you think of Chamonix? I'm going there in a few...

Sorry I meant "[B]would boost[B]"... Don't ask me where I got "would could" from!!!

Interesting point. I wouldn't be too concerned though, China still has a fair amount of slack in its economy. On the other hand, Chinese inflation would could the real exchange rate of the Yuan/Renmimbi vs the USD (assuming a fixed nominal cross) so that might please a few people in the states...

Hmmmm

Very interesting article Matt

:D

Agree 100%... That is why technicals work, they are self perpetuating - if everyone (or at least a lot of people) in the market thing a move will happen, it will happen...

Cable is ALWAYS GBP-USD... Not just sterling. Apparently it was originally traded via some cable along the ocean bed, hence the name (note: that may be BS)

But what about the liquidity trap?

A yen for your thoughts...

Very true. I bought at 111 and I'm not closing out anytime soon...

Russia is a bit messed up: :(

That's more than it costs in England!

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20031027/od_nm/rap_dc_1

...is probably the most informative and inspiring I have ever seen on any board. Paulsta - well done on getting the trading job, I am trying to get into London trading myself. Are you able to give any more away (on- or off-board) about where you're working? Regards Matt

Me too. I suppose IB grad programmes are as good a place as any to start.

Interesting point. I think you are right to point to the demand side... The lack of price elasticity in the US (and everywhere, to be fair) is a big part of the problem. Still, I do not - and will not - agree with commodity cartels Matt

I will claim to have MUCH better teeth than that :D smiley Matt

Hi all I'm not too familiar with the US M3 (and other money supply) figures, but one graph I saw showed the drop in M3 growth (to below zero, thus a drop in the level too) to be a now-vs-3months ago figure. In that case, could it not be a base effect from the big rise in July...