Speculators not to blame for sterling weakness says BOE's Cross
ZURICH – The Bank of England's foreign exchange head told delegates at FX Invest Europe speculators are not driving sterling weakness.
London-based Michael Cross, head of foreign exchange and reserve management at the Bank of England, recalled the 1964 sterling crisis. At that time British politicians blamed sterling's fall on the activities of Swiss bankers, which they disparagingly called the "gnomes of Zurich".
He does not believe recent weakness in sterling is caused by hedge fund
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