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This morning the pound collapsed to a 6 year low against the US dollar, the selling started from the open, the high for the day came in around $1.6235 and the selling continue until 10.30 this morning where the pound traded nearly 10 cents lower at $1.5259 against the US Dollar.

The selling was accelerated by a report published showing the U.K. economy contracting, GDP contacted in the 3 months to September by more than twice the amount analysts forecasted. The UK economy is now on course for its first recession since 1991.

Friday 24 October 2008, 03:57pm

The Bank of England governor Mervyn King admitted that Britain is on the brink of recession and faces an extended and painful economic downturn from the worst banking crisis since World War 1. Traders are now expecting further significant rate cuts by the Bank of England Monetary Policy Committee. Overnight investors have dumped the pound and have brought the save haven US dollar currency. Having traded to a high of 1.7198 yesterday morning, sterling has been sold aggressively against the dollar. This morning cable has traded down to 1.6196, a 5 year low!

Over the last 3 months the pound has lost over 20% against the US Dollar. Mervyn King yesterday indicated the UK pound could fall much faster and further than expected.

Against the Euro, on Monday Sterling traded at 1.2994 just shy of the key 1.3000 level, this morning we have seen the pound trade back below 1.2650.

King confirmed that house prices will continue to fall and the pound may depreciate further.

Wednesday 22 October 2008, 09:54am

Sterling has had a good week against the Euro and the US Dollar as traders expect the interest rate cuts and the UK banks bail out to help to stimulate the economy.

Monday was the day for the pound; the Euro lost over 2 cents against Sterling. Since then the pound has held onto its gains. Next week it is expected that the pound will test the previous high of 1.2980. A clean break of this level should see a swift move to the 1.3150 region.

Friday 17 October 2008, 10:50am

The pound fought back against the greenback and the single currency yesterday. As investors continue to absorb the news on the 2nd day of the roll out of the £37 billion bail-out package for the UK’s top banks, sterling has held onto its gains.

Against the Euro, the pound started the day at 1.2588 rallying aggressively to finish the session at 1.2805.

Against the US Dollar, it was a similar story having started the day at 1.7041 the pound gained over 4 cents. It is likely we will see this move continue in the short term. The fact that many central banks committed to lending unlimited US Dollars to their banks increases the pressure on the greenback.

Tuesday 14 October 2008, 11:46am

The Euro has started the week much stronger against the US dollar and the pound. This morning the pound has traded down to 1.2549 against the Euro, having closed the previous week at 1.2732.

The UK government’s bailout plan has inspired the Euro-zone and increased approval ratings, however funding the banks recapitalisations proposals is going to be a difficult task with jobless payments and a decreasing tax-base.

Monday 13 October 2008, 11:36am

The US Dollar has continued to keep the pressure on the pound, sinking Sterling to a 5 year low. This morning the pound has been smashed through the $1.7000 level and has traded down to 1.6775. It has been a dreadful couple of week for the pound, losing over 8%, 14 cents against the greenback. Sterling has failed to find any support against the dollar, the aggressive selling continues.

The UK and Iceland have been in conflict over who should compensate British savers with money locked in account at Kaupthing Bank and Landsbanki Islands. There are strong concerns over the UK’s exposure to the Iceland banking system.

Friday 10 October 2008, 11:54am

The Federal Reserve, European Central Bank, Bank of England, Bank of Canada and Sweden’s Riksbank each reduced their benchmark rates yesterday.

Global policy makers are reducing rates as world economies weaken. As the financial crises intensifies the downside risks to growth increase.

Thursday 09 October 2008, 01:11pm

A rescue package has been rolled out this morning by the UK Chancellor Alistair Darling announcing a £50 billion cash injection for banks to rebuild their balance sheets, in effect part-nationalising the sector.

This morning the pound has seen some huge swing especially against the single currency. Sterling is expected to be extremely volatile today as the chancellor is expected to speak later in the House of Commons.

The Bank of England- Monetary Policy Committee will today start their two day interest rate setting meeting, it is possible we may see a 50 basis point cut tomorrow rather than the expected 25.

Wednesday 08 October 2008, 12:12pm

The 15-nation currency fell to a 14 month low against the US Dollar and the weakest in two years verses the yen. Against Sterling, the single currency has been smashed to a 7 month low having collapsed since Tuesday last week.

The European governments are struggling to take control of the credit crisis, taking reactive measures instead of dealing with the fundamentals of the situation. Traders seem to be disappointed with the results of the meetings over the weekend; it is likely the Euro is going to come under increasing pressure.

The continuing pressure on European banks due to the financial credit crisis is now taking hold in the euro zone, with more banks needing to be bailed out by European economies.

The UK banking sector is still looking frail however it is thought that the European banks still have a lot to show regarding balance sheets and debt over deposits. This morning we have seen the pound rally again against the Euro, trading close to the key 1.3000 level, it is likely we will test this level today or tomorrow. From a technical standpoint the Euro has clearly been pushed out of the range it had formed since the middle of April last year, we should see the move continue over the coming weeks.

Monday 06 October 2008, 11:06am

The legislation approved last night authorised the government to buy troubled assets from financial institutions. The US Dollar continues to appreciate against the other majors as the financial markets tool a sigh of relief. The plan will begin to stabilise the financial industry and kick start credit.

Yesterday the pound sunk to $1.7631 against the US Dollar before finding some support and bouncing back to $1.7811 where traders came in and put the pressure back on. It is possible we may see a test of the $1.7447 low made on 11/09/08. This morning sterling selling has continued down to 1.7605.

Thursday 02 October 2008, 12:52pm

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