Bloomberg: British currency will continue to depreciate
MOSCOW, September 27 – RIA Novosti. After the pound’s record low of $1,035 against the dollar, traders expect the British currency to continue to depreciate. author Bloomberg.
“I think the situation will get worse unfortunately. I don’t want it to get any worse. I make my money in this country,” Jordan Rochester, investment strategist at Nomura International, told the media.
Until last week, the sterling had been under pressure from the dollar’s solid gains, in part as higher energy prices widened the UK’s trade deficit and Fed rate hikes drew funds to the US, the agency said. The decline intensified after the new Prime Minister Liz Truss government presented plans for massive tax cuts in the face of a slowdown in economic growth.
On Tuesday, the pound rose 0.9% to 1.0789 after losing 6.5% over the past five days. In mid-2021, the UK currency was worth about $1.4 and in 2008 it was worth two dollars. The last time the value of a pound approached a dollar was in 1985.
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