Originally posted by Gonzo
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Reply to: USDGBP, pound fights back
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Previously on "USDGBP, pound fights back"
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It's a technical correction and driven by short covering.
The downtrend will resume in a few days.
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Originally posted by Gonzo View PostOn Bloomberg yesterday
http://www.bloomberg.com/apps/news?p...d=amFCO0G0Lx6o
Essentially there has been some positive news from the Bank of England that further Quantitative Easing measures may not be required and if that were to prove the case then the traders think the GBP is currently undervalued.
The pound will be worth much more next year when inflation results in 1970s style interest rates.
QE may not lead to the levels of interest rates you indicate, if it has mainly offset deflation.
I'm seriously thinking of buying a lot of pounds next week.
If it gains another 5% against the major ccy's i'm defo getting in.
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On Bloomberg yesterday
The pound advanced for a fourth day against the dollar after the Financial Times reported yesterday that Bank of England Markets Director Paul Fisher said policy makers would be more likely to suspend asset purchases, giving themselves the option of “doing more later.” Rising asset prices and improved confidence may signal the program is working, Bank of England Deputy Governor Charles Bean said this week.
Sterling climbed 0.5 percent to $1.6342, on course for a 3.1 percent weekly advance, its biggest since May 22. It also strengthened to 91.06 pence per euro, from 91.86.
The pound is “undervalued” as the currency market is underestimating the potential for rate increases by the Bank of England, according to Deutsche Bank AG, the world’s biggest currency trader.
Essentially there has been some positive news from the Bank of England that further Quantitative Easing measures may not be required and if that were to prove the case then the traders think the GBP is currently undervalued.
The pound will be worth much more next year when inflation results in 1970s style interest rates.
Leave a comment:
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USDGBP, pound fights back
http://au.finance.yahoo.com/q/bc?s=USDGBP=X&t=3m
The pound has seriously come back in the last few days against the greenback?
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