This month as a service for our friends in the U.K. we have added a U.K. Historical Price Converter. This handy little calculator will tell you the equivalent value of any prices from 1751 to the present. It is based on the "Retail Prices Index" which was instituted in Great Britain in 1947 in an effort to determine how much the war was affecting prices. The data was later "backdated" to include prices back to 1751 by Jim O’Donoghue, Louise Goulding, and Grahame Allen in a paper entitled ‘Consumer Price Inflation Since 1750’. In it they state that, their article presents: "a composite price index covering the period since 1750 which can be used for analysis of consumer price … [Read more...]
Pressures Mount on Bank of England (BOE) to Devalue Pound
October 7, 2010 By Chris Ciovacco The Bank of England (BOE) is due to make a statement today at noon in London (7:00 a.m. ET U.S.). The BOE’s actions in the next 45 days may be important to investors in the U.S. and global commodity markets. All things being equal, a weak U.S. dollar tends to provide favorable headwinds to both U.S. stocks and commodities, such as oil (USL), copper (JJC), gold (GLD), and silver (SLV). With the BOE facing more bad news on the housing front today, political pressures to join the money-printing parties in the United States and Japan are mounting. As shown below, the U.S. Dollar (UUP) and British Pound (FXB) tend to be negatively correlated. Should the … [Read more...]
