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Britain vs Rest of World
28 August 2015

This week has seen the Pound struggle against all other major currencies most notably the US Dollar and the Euro.

The downfall began with the German govt. ratifying the initial stage of the Greek bailout giving the Greek economy and therefore the single currency much needed strength after the last seven months of continuing weakness. It would now seem the tables have turned with GBP-EUR peaking in July; it would now seem investors are selling off Sterling and investing in newly strengthening Euros and USD.

There were very little major data releases on Tuesday, although the news that China was at risk of financial meltdown rippled through to Western climes, leading to huge volatility in the currency markets. To help counter this, China cut their interest rates (a case of attempting a one step back, two steps forward scenario) by 0.25% to 4.6%.

With the short-term focus taken off the Euro zone and Greece (we will all be awaiting news over the next few months of whether the IMF backs further assistance to Athens) the USD strengthened off the back of further positive data, namely durable goods, consumer confidence and the big one; GDP, up a staggering 1.4% to 3.7%.

Over the past month it has been increasingly more expensive to buy USD and Euros, as the Pound remains very fragile having broken through lower support levels. All indications are that expectations of further weakness is due; we could well see a snowballing effect as investors sell, it causes weakness which in turn prompts further selling. It remains to be seen how and when this shift in power can and will be resolved.

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