28 July, 2011
The Pound is falling this morning on a decline in risk appetite from investors, who are selling off sterling assets on fears of further global economic weakness.
Other currencies to be affected are New Zealand and Australian dollar exchange rates, which are also being sold off, leading to slightly better rates against the Pound today.
The US Dollar is the main benefactor, strenghtening (becoming more expensive) over 2% against the Pound since Friday. US dollar exchange rates are heading down towards 1.45 (mid-market rate) compared to nearly 1.50 last week.
”Its failure to react positively to the housing data warns that sterling is heading towards a pronounced downward correction,” said Hans Redeker at BNP Paribas this morning.
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