Excerpt from: Futures and Commodity News
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| October 03, 2006 | | Pound snaps losing streak; looks toward a possible rate raise next month | Speculation over whether the Bank of England will raise interest rates next month has already got hawks talking about the possibility of the pound gaining strength. The sterling snapped its four-day losing streak against the greenback yesterday, and it looks good for further appreciation in currency trading on the FX market, reports Bloomberg:
``I think we are still going to see another hike in rates
before the end of the year,'' said Simon Derrick, chief currency
strategist at Bank of New York in London. ``Sterling is still one
of the most sensitive currencies to interest rates. I think
sterling is going to continue to appreciate.'' | | |
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