Excerpt from: Futures and Commodity News
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| February 15, 2007 | | Pound struggling as economic data comes in | The dream of the pound hitting $2 on the spot forex market is dead for now as economic data comes in and the sterling declines in spot forex trading. Spread bets, CFDs and spot forex trades should consider shorting the pound for now, and keeping an eye on economic data for further indications. Bloomberg reports:
The U.K. currency was also hurt by an industry survey
showing house prices gained at their slowest pace in seven months
in January. Futures trading indicates investors started reducing
bets on how high the Bank of England will lift interest rates
this year after the retail sales report.
``We're selling the pound,'' said Adam Myers, a currency
strategist at UBS AG in London, the world's second-largest
foreign exchange dealer. ``We've no chance of hitting $2.'' | | |
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