Sterling on slippery slope
LONDON - Sterling's suffering looks set to continue, according to market participants, following a week in which UK chancellor Alistair Darling's Budget and a worse than expected decline in GDP saw the pound lose out.
Sterling's latest slide began on April 22, just after Darling announced the new 50% tax rate on those earning more than £150,000. "The acknowledgement of the tax changes proved to accelerate the slide in GBP/USD, as we dropped from around 1.4650 at around 1pm to an intra-day low of
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