Sterling to run out of steam
NEWS
David Bloom, global head of FX strategy at HSBC in London, said sterling is too high.
He recalled that sterling had approached the $2 level on December 20, 2004. "I said no then too, even though sterling reached 1.95 from 1.78 in October that year." Already this month, cable has peaked at 1.99, and on January 24 stood at 1.97, after a 3-month run-up from 1.87. Bloom is standing by his cable forecast of 1.88 for March.
Before Christmas, the Bank of New York issued a forecast that sterling would
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