Long-Term Decline
Britain's currency is set for a long-term decline against the euro and the yen as the nation's economic outlook deteriorates, said Neil Jones, head of European hedge-fund sales at Mizuho Capital Markets in London.
``One of the most significant trends I spotted in the market is that sellers of the pound are longer-term entities,'' said Jones. ``These clients tend to have a six- to 12-month horizon. It isn't a short-term opportunistic trade. This looks like a longer-term disinvestment in the pound.''
Britain's currency is set for a long-term decline against the euro and the yen as the nation's economic outlook deteriorates, said Neil Jones, head of European hedge-fund sales at Mizuho Capital Markets in London.
``One of the most significant trends I spotted in the market is that sellers of the pound are longer-term entities,'' said Jones. ``These clients tend to have a six- to 12-month horizon. It isn't a short-term opportunistic trade. This looks like a longer-term disinvestment in the pound.''
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