Daily FX Commentary
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Daily FX Commentary
Mon, Sep 1 2008, 10:39 GMT
Sterling remains under pressure
Sterling sentiment remained under severe pressure on Friday and the UK currency weakened to a fresh 2-year low against the dollar with a trough near 1.8170. The August decline against the dollar was the sharpest since 1992 and the trade-weighted index dipped to a fresh 12-year low during the session. The UK currency was badly damaged again in early Asian trading on Monday following an interview from the Chancellor in the weekend press that the downturn would be the most severe for 60 years.
Attention will be focussed on economic developments as speculation over an interest rate cut before year-end will continue to build. There will be additional pressure for government action to support the economy and any measures to support the housing sector would provide some degree of Sterling support.
Sterling weakened to fresh two-year lows near 1.80 against the dollar and also dipped to a record low against the Euro as confidence in the UK economy and currency crumbled.
The PMI index for the manufacturing sector recovered to 45.9 for August from 44.1 previously which will be a slight relief, but sentiment will remain weak, especially as the mortgage approvals data remained at historically very low levels.
Published on Mon, Sep 1 2008, 10:40 GMT
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