Excerpt from: Forex Commentary
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| March 01, 2010 | | Sterling sinks through 1.5000 in currency trading | The U.K. pound has plunged against the U.S. dollar in forex trading on the currency market. The sterling has sunk through the 1.5000 level in currency trading, heading to lows not seen for years. Indeed, the U.S. dollar is showing unprecedented strength, especially considering the fact that commodities are higher today.
Indeed, sterling is lower in currency trading despite economic data that is reasonably good. Manufacturing data and lending are showing positive improvement. However, the fact that the British housing market continues to struggle is outweighing everything.
Another issue is the fact that many are still nervous about the mounting U.K. public debt -- especially after the Greek fiasco. It will take some time for the sterling to dig out of this one.
| Topic Tags: commodities, currency trading, forex trading, housing market, sterling currency trading, U.K. pound, U.S. dollar | |
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