Sterling sold as UK stock market plummets
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
Sterling was sold aggressively yesterday against the Euro and US dollar. UK mortgage lending plunged by 60% during January. The FTSE 100 dropped 5.33% to its lowest level since March 2003 as HSBC shares crashed 19%. The pressure was on sterling from every angle, risk-aversion ruled the day rallying the greenback as the “Safe haven” currency.
Market participant are beginning to speculate on the up and coming interest rate decision, talk of a shift towards quantitative easing is keeping the pressure on the pound.
Tuesday 03 March 2009, 12:29pm
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