QE3 will be positive for GBP


The conventional wisdom is that quantitative easing (QE) by central banks causes the currency concerned to weaken. That might be true for some currencies, notably US dollar. For others, including sterling, the implications are more ambiguous, and there is a case for thinking the next round of QE in the UK will be associated with sterling appreciation rather than depreciation.

If surveys of analyst expectations are any guide to what markets are pricing in, there appears to be complete clarity on

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