Forex Traders Are Giving The Pound A Wide Berth
Traders at ForexYard witnessed Stirling fall to a one-month low against the US dollar during this morning’s trading session. Forex traders are giving the pound a wide berth following a fall in European share prices and recent comments made by the Bank of England which have slowed trading of the UK currency across the board.
Traders at ForexYard and other markets across the globe have shown a distinct decline in support for the British currency in the wake of comments made by the Bank of England’s policymaker Martin Weale. While making these eagerly anticipated comments Weale suggested that the UK’s economy was heading in the wrong direction, sliding back into a state of upheaval. Following these predictions the pound slid nearly one per cent against the dollar, its weakest position since June.
However, even as the pound falters against the US dollar it still managed to make headway against the Euro. Yesterday traders at ForexYard saw the pound hit an eight-week high against the single European currency as Forex traders and investors continued to have concerns about the state of Europe’s economy, an economy which is still suffering from the fallout from Greece’s recent financial struggles.
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