Global managers negative on sterling
Of the 202 fund managers that responded to the monthly survey, 52% saw the pound as overvalued, although this number was down 8% on the March figures. The survey report said the past six months had seen sterling fall more than 13% against the euro and 17% against the yen, "experiencing the biggest devaluation since it was ejected from the European exchange rate mechanism in 1992".
Sentiment had moved in the dollar's favour, with 50% of asset allocators considering the currency undervalued
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