GBP/EUR rate hits 3 year low

GBP is worth 1.120991 EUR now

Time to buy Sterling?

Even lower now James and fast approaching parity! Not good news (putting it mildy!) for those with sterling income of any type. I guess the 52% are having a good laugh at our expense - although their understanding may be somewhat challenged :slight_smile:

Anyway - it gives me great pleasure to think that any UK resident 52%'ers will now be paying a heck a lot more for their European jaunts - especially those with second homes in mainland Europe.

What goes around…

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It’s depressing, 1.40 odd a year or so ago. :rage:

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… It’s nothing to do with us 52% peeps (they say) it’s all to do with you Remainers, dragging us down with your pessimism… :slight_smile:

(or) It’s all the EU’s fault… Blah blah :slight_smile:

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Rattled cage :heavy_check_mark:

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Horrified to learn that this may be due to a weakness in the trading algorithms - having retired from IT software I am guessing software standards have slipped as well as the £.

suspect there may be a Layer 8 error though, Can’t believe any automated software would be able to, let alone allowed to run entirely without input, on the stock exchange.

You never know which unforeseen situations the software will fail on until they arise! You can plan for most, but many are excluded because they cost too much to write in to the system and are too unlikely to happen. The system is only as strong as it is designed to be, after all. User error can’t explain it all, but political interference can’t be ruled out, using tactics to influence the outcome.

I know every condition can’t be coded for but i am amazed that there are software systems allowed to trade that will not throw out a user input in the case of extreme swings, even if its just a “this seems a bit odd, do you want to continue”

eg.

if price.now <= price.then <= price.now
if difference >= 3%
choice = input()
if choice == Y
continue
else
break

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This is how I do my transfers:

I go online to Transferwise, I enter the amount I wish to transfer, it shows me exactly how much I will receive in Euros, I log into my account and select the account I wish the money to be transferred to, I select the card I wish to use and the money normally arrives the same day or the next morning at the latest…whole thing take about 2 minutes, no calls, no fuss.

The likelihood is that most of those with 2nd homes in France will have voted to remain.

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@Mike_Longhurst Yep - funny one that - part-time (and full time!) immigrants voting for an anti-immigration agenda. Is that a demonstration of hypocrisy I wonder?

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Mike,
It was about much more than that…
I believe voting to leave because one is of the opinion that it will be better for Britain in the not too distant future (and knowing for certain that the EU is unreformable and has problems that it will not be able to solve), despite the fact that it will initially and possibly for some time, affect one’s income, is an example of one’s integrity… not the reverse…
See the Stratfor Decade Forecast,previously posted, if you haven’t already…

Today 1 GBP = 1.106 EUR

Is there any economical reason this decline in the value of the Euro will halt at parity? I’m assuming not.

Hi James,

There is a counter-theory that the Euro might also weaking with possible polictical turmoil if they handle their own don’t domestic issues re nationalisms and the break up of the EU. (Élections this year and next re France & Germany )

I would like to point out I don’t want this to happen and regret that we are in this mess…

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If such a facility wasn’t in the specification it won’t be tested for before go-live, and no IT project ever includes all the possibilities in the specification (because it was written by humans) and in any case testing is often squashed out to some degree at the end of the project. Writing a “If it seems a bit odd raise a question” into the spec raises innumerable more questions - What does ‘odd’ mean? By how much? Who decides? etc, etc. Would that it were as simple as suggested, but stopping such a real-time system running is no longer a practical proposition.

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My point was more, how can something automated be allowed to be used on the exchanges when something automated can cause such swings.

I understand you can’t code for everything but just allowing an AI to do what it pleases when so many peoples livelihoods are at risk is something that should not be allowed

Fully understand and agree your entirely sensible point, but systems have moved on to the point where artificial intelligence runs vast tracts of our lives, and it will only be a matter of time before a major calamity causes much worse things than the glitch in the exchange rate mechanism. ‘Just in time’ deliveries to supermarkets comes to mind, as does international shipping. When an unusually serious unexpected delay happens, as it will, perhaps caused by foreign hacking, sunspots, worsening weather storms, tsunamis, volcanos, electrical grid failures, or dozens of other unusual but not impossible future events there will be rioting on the streets and a breakdown of civilization throughout the part of the world that depends on it - Western Europe, North America and some of the far East and Australasia – ie including us!

Perhaps it shouldn’t be allowed, but it has been for many years and how can we turn back the clock? Maybe we just have to focus on protecting ourselves – retain skills and practical abilities like growing food, building small scale stuff, learning more about keeping ourselves healthy without drugs, etc. (No, I don’t think that will be enough either, because most of the population lazily just expects the government to ‘fix it’ for them with no effort on their own part!)

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"I understand you can’t code for everything but just allowing an AI to do what it pleases when so many peoples livelihoods are at risk is something that should not be allowed"
I think we long ago passed the point where individuals mattered. A century or so back, a failed business or losing a job was a personal tragedy. These days it’s a statistic, and a very small one at that. Increasing reliance on artificial intelligence seems to be increasingly dehumanising people’s natural intelligence. Humans are starting to think like computers, rather than the other way round.

Hello all,
Some thoughts on he current demise of the £…in this link…( along the lines of, it was going to happen anyway…)