OPM's Ross Henderson explains why he is recommending a negative stance on sterling.
Since the onset of the credit crisis sterling has steadily declined against most major currencies. Given the political and economic backdrop, it seems unlikely it will stage any meaningful recovery against other leading currencies. Indeed, at OPM Fund Management we see more risks to the downside with further weakness a more likely scenario. Despite recent GDP figures indicating the UK had officially moved out of recession, the numbers were hardly encouraging with a mere 0.1% rise quarter on quarter. Since then we have seen more negative economic news than positive, with poor retail sales...
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