Pound Slides to Lowest Since 2010 Versus Dollar on U.S. Payrolls – Bloomberg 03-08-13

Salient to Investors:

Neil Jones at Mizuho Corporate Bank said people are looking to buy the dollar against the most vulnerable currencies, currently the pound and yen. Jones cited much uncertainty about the U.K. economic outlook.

Scott Thiel at BlackRock  said it sold the Pound after the Bank of England left its asset-purchase program unchanged, citing Britain’s struggle to stimulate growth and maintain a cohesive message, consistently above-target inflation, and London’s waning dominance as an international business center.

Jim O’Neill at Goldman Sachs said Cameron’s commitment to cutting Britain’s debt is not working and leaving Britain in a similar position to the weaker euro-area nations. O’Neill said it is unclear what further BOE asset-buying stimulus would do to improve the U.K. economy as the weak pound is increasing import costs and cramping consumers.

Read the full article at http://www.bloomberg.com/news/2013-03-08/pound-strengthens-against-euro-climbing-from-near-16-month-low.html

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