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Forex Flash: Sterling has been pummeled - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman states very clearly, “Sterling is perhaps the most interesting among the dogs. It has been pummeled.”

He notes that it has lost 4.5% against the dollar thus far this year and almost 6% against euro. With the government committed to austerity and the current leadership at the central bank seemingly reluctant to provide more monetary stimulus, he comments that the economy remains in its trough.

He writes, “BOE Governor King talked sterling down in perhaps a somewhat more deftness than Japanese officials, but talk it down he did.” The bad news stream of the week finished with a dismal January retail sales report. Sterling made a new low for the move, but then recovered. This was the first sign of life in several weeks. He notes that patience is needed and given the magnitude of its headlong plunge, a short lived technical bounce, if nothing else is possible. He notes that the first test comes near 1.5575, and a move to 1.5650 would indicate a deeper retracement should be expected.

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