I'm in an unusual position financially in that I'm based in Dublin but Hodder and Stoughton, my publisher, are in the UK. So my earnings are in sterling but my outgoings are mainly in Euros. For years it was an advantage to be paid in sterling, but the recent slump in the UK currency has hit me hard.... sterling has lost about a third in value against most currencies. (Don't worry, I'm still doing OK!)
As a result of the slump in the pound, I keep a close eye on currency movements. Plus I was a financial journalist for many years and I've maintained an interest in currency and share markets.
Anyway, this was reported by Bloomberg yesterday and it annoyed the heck out of me!
“The high amount of leverage will take several years to clear out,” said Hans-Guenter Redeker, global head of foreign- exchange strategy in London at BNP Paribas SA, France’s largest bank. “Sterling is going to come under pressure once again and current levels in euro-sterling are a buying opportunity.”
The pound will weaken to 96 pence per euro, according to Redeker, who said he will abandon the forecast if it strengthens to 88.6 pence.
This man claims to be an expert? Good grief. Just look at what he's saying. He predicts that the pound will weaken, unless it doesn't, in which case it won't! How much is this man paid by BNP Paribas? However much it is, it's far too much! These so-called experts created the present economic crisis, so why do they still have their jobs?
I'm working hard on the new book.... just hit 67,000 words and it's picking up speed. Thought Dark Justice might make a good title. Or True Justice. Real Justice? I don't know, but Hodder will want a title soon!