Mixed outlook for the pound
MARKET VOICE
The US dollar may be weakening, but the pound’s direction is still open to debate, says Steve Hatton, economist at CMC in Hertfordshire, UK
Essentially the pound’s direction has largely been a function of overriding US dollar weakness since February this year, rather than any major inherent strength in the pound and the UK economy. Therefore, we can focus on the dollar side of the equation first.
Looking at the US dollar index, the recovery of the September 2001 lows of 111.30/40 has failed to
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