From: Ad 

George Sherwood wrote:
> On Wed, 18 Apr 2007 19:26:50 +0100, Adam wrote:
>
>> http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c1572b4d-
> fc43-409f-aa02-461c2f6f962e
>> "The dollar extended its slide against other major currencies on
>> Wednesday, hitting a 26-year low against the British pound and
>> approaching an all-time low against the euro, after recent U.S.
>> inflation numbers damped expectations that the Federal Reserve would
>> increase interest rates.
>>
>> The pound climbed as high as $2.0133, its highest level since 1981,
>> after the minutes of the latest Bank of England meeting showed its
>> Monetary Policy Committee voted 7 to 2 in favor of holding interest
>> rates at 5.25% in April. The two dissenters favored hiking rates.
>>
>> "'They don't like the U.S. dollar anywhere and it is
unanimously so,"
>> said Dennis Gartman of the Gartman Letter. "Simply put, the market is
>> now convinced that the future of the U.S. economy is one of relative
>> weakness, while that of Europe is one of strength."
>>
>> In New York trading, the euro stood at $1.3579, compared with $1.3565
>> late Tuesday. It reached a high of $1.3614 earlier in the session, the
>> loftiest level since January 2005. The dollar is within striking
>> distance of its all-time low against the euro, $1.3666, reached in
>> December 2004.
>>
>> The British pound traded at $2.0054 vs. $2.0051, after earlier touching
>> $2.0133, the highest level since 1981.
>>
>> The dollar changed hands at 1.2051 Swiss francs, compared with 1.2088
>> francs.
>>
>> The dollar was last quoted at 118.24 yen, compared with 118.95 yen. The
>> euro fetched 160.55 yen, compared with 161.35 yen. "
>
> But you think this is a good thing?
>


I made no such comment. Were I still in the export business I'd not think
so. Were I planning a US holiday I might.

>
http://www.bloomberg.com/apps/news?pid=20601102&sid=anSEHWa.K2FU&refer=uk
>
> Britain's goods trade deficit widened more than expected in February as
> the value of exports shrank to the lowest in a year and a half.
>
> The gap was 6.8 billion pounds ($13.4 billion), up from a revised 6.4
> billion pounds in January, the Office for National Statistics said today
> in London. Economists expected 6.4 billion pounds, the median of 18
> estimates in a Bloomberg News survey showed. Exports fell 0.5 percent and
> imports rose 1.2 percent.
>

The majority of our exports are to Euro area countries ergo it's
UKLeuro wot matters most to us.

Adam

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