Excerpt from: GFT Analysts in the News
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| August 19, 2008 | | UK pound drops in currency trading on the FX market | After a brief period yesterday, in which the sterling found some support in FX trading, things are back to a struggle.
The UK pound is falling in currency trading on the FX market against both the US dollar and the euro. (At this point, the euro needs some major currency to drop against it in forex trading.)
Sterling is at its lowest in two years, and it is declining in consecutive sessions -- the number of which has not been seen for 37 years.
Forex traders are waiting for official indications from the Bank of England that the interest rate will be cut in an effort to stem the tide of recession.
| Topic Tags: Bank of England, currency trading FX market, euro forex trading, FX market euro, interest rate, sterling FX trading, UK pound currency trading, US dollar | |
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