Sterling effort from Lehman Brothers
From the start of the summer's financial shock, the bank believed sterling was particularly vulnerable to a global slowdown. "Sterling has consistently underperformed during market downturns," said Jim McCormick, head of foreign exchange research at the bank in London. "And given that over a third of the UK economy is directly linked to the financial markets, this year's market crisis was especially menacing."
The bank's prediction of a global slowdown was supported by composite leading
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