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Forex Flash: GBP looks set to lose the contest of the ugliest in 2013 - HSBC

By FXstreet.com,  January 06, 2013, 08:29:00 PM EDT

FXstreet.com (Barcelona) - According to HSBC FX Team, GBP is poised to be the under-performer in the contest of the ugliest currencies this year. The bank arguments are as follow:

1- Sterling's frailties will emerge from the shadows as the UK fiscal credibility is under threat, thus a sovereign downgrade looms.

2- The pain of austerity is now kicking in at a time when the MPC appears less activist.

3 - The Bank of England leadership transition in July adds another layer of policy uncertainty.

4 - Crucially, the US has stepped back from the fiscal cliff and the fears of a Eurozone break-up appear to have diminished.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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