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As we await the deluge of New Year trading statements from the retail sector there are concerns that Marks & Spencer will deliver a downbeat report on the Christmas and New Year period. There...
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Saturday 16th August 2008
Sterling has now fallen against the dollar on each of the last 11 trading days which is the longest losing streak for the currency in 37 years. What started as concerns that the UK economy may take longer to recover than others around the world has now moved on to take in more serious concerns.
Inflation, the balance of payments and comments from the Eurozone about the immediate future have all added to the doom and gloom which has gripped the UK currency. When you also add in the fact that many now believe the Bank of England will be forced into an interest rate reduction soon rather than later, it is easy to see how the exchange rage has deteriorated so quickly. So what next?
While it would be wrong got say that sterling is in free fall there is very little on the horizon which makes you think it can turn around in the short term. There is no way the Bank can increase rates – which would make sterling more attractive for investors – and if anything rates will come down. There is also the growing threat of inflation which is literally eating away at the UK economy from within. |
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