Currencies Direct Reviews Labour Losing It!
30, September 2009
Once again, sterling is making waves. In contrast to its recent bout of weakness against the US dollar, the pound moved significantly higher following yesterday morning’s meeting of ‘City’ economists convened by the Bank of England. On the face of it, this price action appeared to reflect a reassessment by markets, which had anticipated a possible announcement on cutting the interest rate paid to banks to keep money on deposit.
In the event, the meeting was designed to raise the Bank’s level of communication with market participants and also to clarify the objectives of its asset purchase programme (quantitative easing, or QE). This morning rallies on Sterling have failed at $ 1.6125 and €1.1020 however we are well placed for moves higher.
Overnight once again the Australian economy goes from strength to strength with retail sales improving and a clear signal that the Aussie economy may be over the worst and it could be the RBA that are the first to raise rates.
The UK newspaper The Sun, proclaimed today “That labour has lost it”,and it now seems that Mr. Brown is just seeing out his term.Perversley this could have a positive effect on Serling as the markets welcome “the change” the conservative party could bring.
Report by Phil McHugh.
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