UK to leave EU

[account_inactive]

More good news.

http://www.bbc.co.uk/news/business-36648630

[abaris]

Have you read all of the business summary? There's cause and effect to be found on the same page.

http://www.bbc.com/news/live/business-36643181

First, Osborne declaring to increase taxes and to cut public spending. Which may give reason to a slight recovery of the market. But at the end, two rating agencies downgrading Britain. Which, as long as this isn't revoked, will make investors nervous and less willing to spend.

[Edwardo Piet]

This is patently confirmation bias.

#brexshitconfirmationbbias

[Aractus]

I currently stand to lose $8,400 a year because the exchange rate tanked. If it goes down much further it'll easily be over $10k.

Not going to see that money again.

You're not losing any money, it's just that your money is not worth as much as it was before. The Forex market is the most liquid market there is, the values of individual currencies are always responding to the market.

[account_inactive]

Yes, abaris, I have read the whole bloody business summary. I don't agree with what they are doing, but such is life. They were cutting spending even before the Brexit -- that's just Tories for you.

I certainly don't agree with the tax raises either, unless they are imposed on the upper classes and the upper classes only. They'll most likely get voted out in the next election anyway.

[account_inactive]

This is patently confirmation bias.

#brexshitconfirmationbbias

Except it's not.

[abaris]

You're not losing any money, it's just that your money is not worth as much as it was before.

Great consolation, I guess. Can you even imagine what 8.400 less consumer power means? When there are bills and rents to pay? I certainly can, since I went through all of that after 2008. Now I consider myself lucky if I'm even making 14 k a year. Which pretty much was what I spent on luxuries prior to the last crash.

[Tiberius]

I currently stand to lose $8,400 a year because the exchange rate tanked. If it goes down much further it'll easily be over $10k.

Not going to see that money again.

You're not losing any money, it's just that your money is not worth as much as it was before. The Forex market is the most liquid market there is, the values of individual currencies are always responding to the market.

I don't care to get into a stupid semantics argument with you, but whether I'm losing money or losing value, the effect is the same. I get paid in GBP, and I live in America, so I have to convert it to USD every month. The same amount of money I earn in GBP now isn't worth as much in USD, so next month I'm getting less than I was this month. That lost value is gone, it's not coming back, because even if the pound recovers, the exchange already happened at the lower rate.

So yeah, I don't really care about the semantics, because effectively what has happened is my paycheck has decreased by 10% in the currency that I actually use on a day to day basis, and whilst I understand that the pound rises and falls against the dollar due to the market, it doesn't usually fall this much (this was it's lowest point in 30 years), and it doesn't usually stay down.

At the moment, the pound isn't looking like it will recover quickly. Some economists are predicting it could reach $1.20 by the end of the year.

[Edwardo Piet]

Some economists are predicting it could reach $1.20 by the end of the year.

Holy shit that's bad! I remember in around 2006 when it was closer to $2.00

[pocaracas]

You're not losing any money, it's just that your money is not worth as much as it was before. The Forex market is the most liquid market there is, the values of individual currencies are always responding to the market.

I don't care to get into a stupid semantics argument with you, but whether I'm losing money or losing value, the effect is the same. I get paid in GBP, and I live in America, so I have to convert it to USD every month.

I wonder.... how do you convert it?

A friend of mine showed me the revolut card and I think it works quite well... (https://revolut.com/)
Just wire cash to the card's account in GBP (or EUR or USD) and then convert when you want at the stop exchange rate... no extra fees, no nothing.
At least, I had no problems with it during my one week stay at the US!