Sterling smashed against majors!
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
After a positive week last week where Sterling started to look slightly optimistic against the US dollar, by the end of yesterday the pound had given back all its gains and more as weak manufacturing data and mortgage data added to concerns that Britain was facing a deep recession .
The pound plunged 3.5% against the greenback to its biggest one day fall since its decline of around five percent when it dropped out of the European exchange rate mechanism in 1992.
Against the Euro, it was a similar story where sterling lost four cents on the Euro trading at an intraday low of 1.1722 from a high of 1.2128.
The data released prompting traders’ speculation on another big rate cut in the 100 basis point region by the Bank of England again on Thursday. Policy makers will desperately attempt to revive the economy.
Tuesday 02 December 2008, 11:37am
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