Ryan,
The currency moves on the surface may not seem dramatic, but on a percentage basis a bunch. A year ago, a currency transaction from British Pound to Dollar that would net $100,000 is US currency, today would net $77,000. Of course that is why Draghi announced today, again I might add, that the ECB would use every policy tool if necessary.
Igy
Register your name and people steal it anyway.
5 minutes again! You're making this too easy
becuz wrote:
His ignorance topped only by his ineffective obnoxiousness.
Ineffective obnoxiousness? So he's not obnoxious?
Say wha? wrote:
becuz wrote:His ignorance topped only by his ineffective obnoxiousness.
Ineffective obnoxiousness? So he's not obnoxious?
Oh no. He's quite obnoxious. It just does not rile people up like he hopes.
Do you really need that explained to you?
HI, K5/Igy! If it doesn't rile you up, why do you keep responding? Your actions speak louder than your words.
The bottom line is that Europe as a whole is a mess. The problems with Greece haven't gone away. There is Deutshce bank. But also the banking system in Italy and Spain remain vulnerable. Germany remains dead set against changing anything.
I think it highly likely that the Euro currency implodes within the next few years. Or, it will be viewed as such a disaster that the powers that be prevent from it happening. But they will go to the brink of disaster before that happens.
Ghost of Igloi wrote:
Ryan,
The currency moves on the surface may not seem dramatic, but on a percentage basis a bunch. A year ago, a currency transaction from British Pound to Dollar that would net $100,000 is US currency, today would net $77,000. Of course that is why Draghi announced today, again I might add, that the ECB would use every policy tool if necessary.
Igy
Keep in mind that these transactions are highly leveraged. The "standard" leverage in the FX market is 50:1 (2% margin), though a couple of recently active currencies (BP and JY) have been a bit different. This is not a game for the squeamish.
coach d,
This transaction was not for speculation purposes. At some firms you can maintain a money market deposit account in a foreign currency. The advantage can be a conversion at a higher rate. Fortunately in this instance the conversion was done to the individual's benefit. In some currencies there is now a negative carry and the individual is charged interest instead of receiving interest. I believe those currencies include Swedish Krona, Japanese Yen and Suisse Franc.
Igy
K5 detector wrote:
HI, K5/Igy! If it doesn't rile you up, why do you keep responding? Your actions speak louder than your words.
To steal a phrase but to use it in the proper context for a change.
Ah, the irony.
Ghost of Igloi wrote:
coach d,
This transaction was not for speculation purposes. At some firms you can maintain a money market deposit account in a foreign currency. The advantage can be a conversion at a higher rate. Fortunately in this instance the conversion was done to the individual's benefit.
Igy
That's pretty much the definition of speculation.
becuz wrote:
Ghost of Igloi wrote:coach d,
This transaction was not for speculation purposes. At some firms you can maintain a money market deposit account in a foreign currency. The advantage can be a conversion at a higher rate. Fortunately in this instance the conversion was done to the individual's benefit.
Igy
That's pretty much the definition of speculation.
Now there is the type of dumba$$ comment accompanied by name theft that actually identifies the poster.... the Try to Keep up, Detector moron
Probably right except for the part about it being a dumbass comment. Even you should have enough brains to understand that.
Baba O'Riley wrote:
Probably right except for the part about it being a dumbass comment. Even you should have enough brains to understand that.
I guess you don't know the definition of speculation.
I know it. It's GOI that apparently doesn't know it. Maybe you too.
Baba,You just want to pick at things you know nothing about, either how to do it or why. In this situation the individuals received a check in British Pounds, it took weeks for the check to clear. The value of the Pounds fluctuated in the currency account until cleared, then could be converted. Speculation would be a client purchasing British Pounds with US Dollars in the hope for profit. So Baba go back to your daddy Bubba, cry and try again.Igy
Baba O'Riley wrote:
I know it. It's GOI that apparently doesn't know it. Maybe you too.
Did I hurt your feelings, little guy?
No but daddy Buba will make you a cup of warm milk to soothe your tummy.
My stomach is fine and my dad is dead. Thanks, asshole.
Baba,
Sorry about your pops, mine died 19 years ago. Perhaps mummy will bake you some cookies, chocolate chips of course. You'll feel better.
Igy