DOOM: Sterling

[AtW]

“Remainers are to blame for the run on the pound, claims hedge fund tycoon Crispin Odey

The prominent hedge fund manager Crispin Odey has defended his bets against the pound, arguing that the historic rout in the wake of Kwasi Kwarteng’s tax cuts was triggered by Remainers in the City who “hate” the Government.

Mr Odey, arguably Britain’s best known hedge fund chief, told The Telegraph: “I never felt the kind of hate that Friday stirred up for a long time.

“Amongst lots of friends of mine who are Remainers, they just decided that they hate this Government. Obviously Kwasi they hate now as well, and they think Liz Truss is useless. They can't stand poor Jacob Rees-Mogg.”

https://www.telegraph.co.uk/business...-crispin-odey/

The Remainers are taking over!

[AtW]

"Tory donor says bets against UK government bonds ‘gifts that keep giving’

Multimillionaire and Tory donor Crispin Odey is among the hedge fund managers cashing in on the UK’s market meltdown, saying that his bets against Britain’s government bonds were “the gifts that keep on giving”.

The investor – who is known for profiting from the Brexit referendum by making similar bets – said his position against the pound had “been helpful”, adding that sterling was unlikely to gain substantial ground against rival currencies such as the dollar.

Odey said he believed the pound, trading at about $1.08 on Tuesday following Monday’s sharp fall, could fall further and hit one-to-one parity against the dollar. “It’s so close” to parity, he told the Financial Times, “I don’t think you can start getting bullish on sterling.”

The hedge fund tycoon also described his bet against UK government bonds – also known as gilts – as “the gifts that keep on giving”.

https://www.theguardian.com/business...at-keep-giving

[Paddy]

"Tory donor says bets against UK government bonds ‘gifts that keep giving’

Multimillionaire and Tory donor Crispin Odey is among the hedge fund managers cashing in on the UK’s market meltdown, saying that his bets against Britain’s government bonds were “the gifts that keep on giving”.

The investor – who is known for profiting from the Brexit referendum by making similar bets – said his position against the pound had “been helpful”, adding that sterling was unlikely to gain substantial ground against rival currencies such as the dollar.

Odey said he believed the pound, trading at about $1.08 on Tuesday following Monday’s sharp fall, could fall further and hit one-to-one parity against the dollar. “It’s so close” to parity, he told the Financial Times, “I don’t think you can start getting bullish on sterling.”

The hedge fund tycoon also described his bet against UK government bonds – also known as gilts – as “the gifts that keep on giving”.

https://www.theguardian.com/business...at-keep-giving

Hedge funds are pure gambling and they should not be provision for this on the stock market. The stock market should be as originally intended ie: To raise finance for companies and projects.

[dsc]

Kwarteng to ask financiers not to bet against pound. [Sky claims]



Wtaf is happening, how the hell are these people in charge?

[DealorNoDeal]

Wtaf is happening, how the hell are these people in charge?

I always thought we would be in for some entertainment with Truss but I never expected her to deliver so much, so quickly.

[jamesbrown]

I always thought we would be in for some entertainment with Truss but I never expected her to deliver so much, so quickly.

Well, she delivered exactly what she promised. If you'd been watching Truss over her Cabinet career, I don't think you'd find this tremendously surprising. She enjoyed her reputation as being a bit nuts. She was always going to go for "broke" - literally - and it happened roughly as quickly as she promised during her leadership campaign.

[AtW]

Hands off Her Majesty’s PM!

Hope she orders immediate arrest of traitor Rishi, followed by fair trial and quick implementation of the sentence for treason

[ladymuck]

Hands off His Majesty’s PM!

Hope he orders immediate arrest of traitor Rishi, followed by fair trial and quick implementation of the sentence for treason

FTFY

[AtW]

FTFY

Glad we agree on the substance…

[AtW]

“South Africa’s rand, the currency considered a proxy for emerging-market risk, has been an underdog for years when it comes to trading against the British pound. But fiscal turmoil in the UK is turning that convention on its head.

Options traders now favor buying the rand against the pound and stepped up long positions on the South African currency to the most in six years. The so-called 25-Delta risk reversal on the pound-rand pair over the next month dropped to -1.86 percentage points, underscoring the shift in momentum.”

https://www.bloomberg.com/news/artic...?sref=o1Dqf087