mardi 6 janvier 2015
Sterling is at a 17-month low, but has it bottomed?
Posted on 12:26 by nice news
The U.K. pound hit a fresh 17-month low against the U.S. dollar on Tuesday and currency experts are split on which way the currency will head next.
New U.K. data on Tuesday from financial services firm Markit showed activity in the services sector hit a 19-month low in December, with the index suffering its biggest decline in more than three years.
This data, tied with weak manufacturing figures on Friday, has seen the pound be one of the worst-performing major currencies this year.
Sterling fell as low as 1.5150 against the U.S. dollar on GMT on Tuesday, a nadir not seen since July 2013. Meanwhile, the euro edged higher to trade as high as 0.7864 against the pound.
Read MorePerfect storm' could send euro even lower
Alex Edwards, the head of the corporate desk at UKForex, forecast sterling could soon break below $1.50 and Marshall Gittler at IronFX also predicted a downward overall path for the pound.
However, some traders and analysts are less convinced.
"It looks like it could be the perfect storm for the pound right now," said Kathleen Brooks, a research director at FOREX.com , in a note on Tuesday. "However...could it be time to turn against the tide of GBP selling?"
New U.K. data on Tuesday from financial services firm Markit showed activity in the services sector hit a 19-month low in December, with the index suffering its biggest decline in more than three years.
This data, tied with weak manufacturing figures on Friday, has seen the pound be one of the worst-performing major currencies this year.
Sterling fell as low as 1.5150 against the U.S. dollar on GMT on Tuesday, a nadir not seen since July 2013. Meanwhile, the euro edged higher to trade as high as 0.7864 against the pound.
Read MorePerfect storm' could send euro even lower
Alex Edwards, the head of the corporate desk at UKForex, forecast sterling could soon break below $1.50 and Marshall Gittler at IronFX also predicted a downward overall path for the pound.
However, some traders and analysts are less convinced.
"It looks like it could be the perfect storm for the pound right now," said Kathleen Brooks, a research director at FOREX.com , in a note on Tuesday. "However...could it be time to turn against the tide of GBP selling?"
Sterling is at a 17-month low, but has it bottomed?
Categories: but has it bottomed?, Sterling is at a 17-month low
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