Pound stronger thanks to base rate cut
www.moneynews.co.uk > General finance > Pound stronger thanks to base rate cut
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Pound stronger thanks to base rate cut
Fri 9th Jan 2009
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According to FairFX, a foreign exchange website, the pound strengthened against both the euro and the US dollar and is now worth 1.1211 euros or $1.5232.
Previously experts had feared that cuts in the base rate could have caused the pound to fall if investors had interpreted reductions as a sign of the weakness of the UK economy.
Chris Towner, chief currency strategist at HiFX, another foreign exchange provider, had warned that a base rate reduction could cause the value of Sterling to drop.
However his colleague Marc Cogliatti admitted yesterday that "for the time being the market seems to agree that Sterling is undervalued and GBP is coming back into favour."
FairFX predicted the sterling would continue to gain value, claiming the pound "is expected to claw back further gains in the coming months as Europe and America start to look as vulnerable as rival economies".
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