Friday October 24
 
17:42
 
146.84

Every time I transfer money from yen to pounds the rate drops like a whore’s pants. Last week I transferred when Xe was showing around 174. As I write this now, the rate is 146.84.

A few months ago I transferred at, what was it, 206? 204? Now.. blimey.

When will this craziness end?

From The Times:

The prospect of lower interest rates makes holding sterling less attractive compared with the dollar. Official US interest rates are much lower at 1.5 per cent, leaving less scope for further reductions.

In Britain, a cut to 4 per cent next month looks quite possible while some economists are predicting it could be down to 2.5 per cent next year. That could drive the pound down to $1.50 by Christmas according to Citigroup economists. Of course, forecasting currencies is a mug’s game and some rivals are predicting the pound will end the year at about $1.80.

Currently the pound is $1.55.

In the time of writing this article the GBP/JPY rate has fallen again to 144.91 144.51 144.18.

Britain’s official currency will soon be replaced by the peanut.