"Guardian Worldwide" Pound Gains After Rate Cut
"Guardian Worldwide" The Bank of England's less than expected 0.5% cut boosts sterling.
[PressFlow.co.uk, Jan 12 2009] "Guardian Worldwide" sources say the firm believes that sterling's surprise gains against the euro and the US Dollar may be short-lived as figures showing that manufacturing declined to its lowest level in 28 years begin to weigh on currency markets.
Citing figures released by the Office for National Statistics, one of the "Guardian Worldwide" sources said that any respite sterling may have enjoyed this week was likely to evaporate. The statistics show manufacturing output fell by 7.4% which could mean that the economy shrank by more than the 1% many commentators had envisaged.
"Guardian Worldwide" apparently do not believe that the UK will produce any encouraging economic news until the 4th quarter of the year and are thought to be continuing to reiterate their standing advice with regard to UK property and equities with the notable exception of a select group of mining stocks.
"The Guardian Worldwide" source would not speculate on the firm's long-term prediction for sterling's performance saying only that this was largely dependent upon the measures taken by other central banks around the world.
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