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Article: DailyFX Analysts Correctly Bet On The Pound To End April, Where Do They Stand Now?
- Article from:
- Mena Report
- Article date:
- May 14, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DailyFX analysts correctly bet on the Pound at the end of April as it would appreciate over 800 pips over the past three weeks. Improving U.K. fundamental data, increasing risk appetite and signs that the BoE's quantitative easing program was working all helped fuel bullish sentiment. The BoE left their benchmark rate at 0.50% at their April policy meeting and forecasted that it would take two months to complete their bond repurchase program. Therefore, when signs started to develop that the program was working such as Libor falling to a record low optimism began to build. Improving fundamental data including a 0.3% gain in retail sales and both manufacturing and service ...