Daily FX Commentary
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Daily FX Commentary
Thu, Sep 18 2008, 12:42 GMT
Sterling relief
Following heavy selling, confirmation that banking group HBOS was in merger talks with LLoydsTSB provided some composure and helped trigger a rally. Wider US currency weakness pushed the UK currency to highs above 1.82 against the dollar. The UK currency will gain some underlying support if financial-sector fears ease, although sentiment will remain very fragile.
The latest CBI industrial survey recorded a further sharp decline to -26 in September from -13 previously which will reinforce a lack of confidence in the economy.
The UK currency initially held firm on Thursday with confirmation that an HBOS deal had been agreed, but was unsettled by speculation that the Bank of England would cut interest rates.
UK retail sales were reported to have increased 1.2% in August compared with expectations of a monthly decline, but the sales are liable to have been driven by heavy price discounting which will limit any positive Sterling impact with underlying economic fears persisting.
Published on Thu, Sep 18 2008, 12:43 GMT
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