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UK Terrorist Alert

Thu, Aug 10 2006, 14:55 GMT
by Sandra Garcia, Noemi Jansana

FXstreet.com


On August the 10th UK lived a day on maximum terror alert after police said they foiled a terrorist plot to blow up 12 planes flying between Britain and the United States. 21 suspects have been arrested under the Terrorism Act 2000 in London, the Thames Valley and Birmingham.

The terror threat increased volatility in all the markets. In terms of Forex, GBP and EUR were affected: During the day after the facts, GBP/USD and GBP/CHF fell on the news.

FXstreet.com has compiled information on news coming from UK and U.S. and market repercussions on this special report.

In-Depth Analysis

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Analysts Comments

  • Neil Mackinnon, chief economist at ECU Group:
    "The elevation in the terrorist alert has created volatility in the currency markets, and the pound has sold off a little bit and the dollar has come under a little bit of pressure." - AFX News
  • Dariusz Kowalczyk, senior investment strategist at CFC Securities:
    "This could be an accelerated reaction similar to what happened after Sept. 11. After 9/11 prices rose because people were thinking about supply stability. However, later on oil fell, because people said consumer confidence will fall and global growth will slow. After this UK consumer confidence may decline, which will be negative for growth in the UK and beyond, which may affect oil demand." - Reuters

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