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Sterling to reach $2

Sterling to reach $2

Old Nov 7th 2004, 1:21 pm
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Default Sterling to reach $2

Article from todays sunday times



Sterling to reach $2 as Fed plans new rate hike

STERLING is set to climb to $2 in the coming weeks as the dollar’s slide continues, analysts say, writes David Smith.
The dollar sell-off, which intensified following George Bush’s victory in the US presidential election on Tuesday, has already pushed it down to a record low against the euro.
The dollar is set to remain under pressure in spite of a rise in American interest rates, to be announced this week. The Federal Reserve’s open market committee, which has already raised rates three times this year, will announce a hike from 1.75% to 2% on Wednesday. Following strong employment figures, dealers expect the Fed to signal that the “measured pace� of rate rises will continue.
The Bank of England will also provide guidance on its interest-rate strategy when the governor, Mervyn King, presents its quarterly inflation report. With rates at 4.75% and the housing market cooling rapidly, some analysts think the peak has already been reached and that the Bank will be announcing cuts next year.

A survey of analysts by Idea-global.com, the financial-research company, shows nine out of ten see no more hikes this year and that most expect a more “dovish� inflation report than the last. King is, however, likely to repeat his earlier line that it is too early to say that no further hikes will be needed.
But the dollar’s weakness is likely to be the big theme. Analysts say its failure to bounce following Friday’s US jobs data, which showed an unexpectedly strong 337,000 rise in employment, emphasised the extent of the currency’s woes.
“If anything was going to lift the dollar, that was it,� said Tony Norfield at ABN-Amro, a bank. “The fact that it didn’t shows how much people want to sell the dollar. We think sterling is heading up towards the $2 level.�
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Old Nov 7th 2004, 4:02 pm
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Default Re: Sterling to reach $2

Great news, the rels will be visiting in droves.
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Old Nov 7th 2004, 9:09 pm
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Default Re: Sterling to reach $2

Originally Posted by CaliforniaBride
Great news, the rels will be visiting in droves.
Aye, you can spot the Brits who shop at Freeport, they have trollies and trollies of stuff and can't believe how cheap everything is, and then once they realise the exchange rate, how much cheaper it is again, so go get more stuff *l*
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Old Nov 7th 2004, 10:21 pm
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Default Re: Sterling to reach $2

Originally Posted by Bob
Aye, you can spot the Brits who shop at Freeport, they have trollies and trollies of stuff and can't believe how cheap everything is, and then once they realise the exchange rate, how much cheaper it is again, so go get more stuff *l*
Have to smile when they realise there's sales tax though
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Old Nov 7th 2004, 11:22 pm
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Default Re: Sterling to reach $2

Originally Posted by CaliforniaBride
Have to smile when they realise there's sales tax though
Yeah, I know, but that's still nothing compared to VAT is it...and Freeport is fantastic, it's a retail outlet town, so there's burberry, ralph lauren, nine west, timberlands etc etc etc out there that are dirt cheap to begin with, then they have the sales on top, it's great stuff, the missus got a pair of nine west shoes for $9 and a second for $6 and the third was free...she was pleased
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