BarCap rides the commodities surge
Paul Robinson, currency strategist at BarCap in London, said the bank had predicted the US unit would suffer against European currencies, given its dependency on oil. "An increase in the oil price represents a larger negative shock to the economy," he said.
The bank's view was backed by the historical reaction of central banks to oil price increases. The European Central Bank (ECB), for example, has typically viewed higher oil prices as an inflationary shock, and so might move to a tighter
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