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Sterling rallies against major world currencies

The UK currency was today centre stage on the currency exchange markets after a sharp rebound across the board. While there are suggestions that the Barclays bank statement, indicating that maybe the banking sector is on the turn, has breathed new life into the UK currency many traders believe the news from the high street was far more telling.

If the news on the high street is confirmed over the coming weeks and months it would appear that the UK recession is set to get worse and while talk of a depression seems to have disappeared over the last few days it is something which may crop up again in the future. When you also consider that upwards of 50,000 UK jobs have been lost over the last few days there is real concern about the stability and growth potential of the UK economy.

Some investors expect sterling to pick up over the next few days, in what is commonly called a "suckers rally", having been oversold in recent times. While opinions are mixed as to which way the currency will go in the short to medium term those who believe the UK is "out of the woods" may yet be in for a serious shock.

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