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Sterling To Take A Pounding

Sterling fall predicted as Carney keeps rates low

Quote by: Hans Redeker of Morgan Stanley
Quote made on: 17/08/2013
Quote Submitted by: Michael Chetham
Source: The Daily Telegraph (James Titcomb)

Editor's Notes

Around 7 weeks ago in The Daily Telegraph, Morgan Stanley`s head of foreign exchange strategy, Hans Redeker, was reported as speculating that the pound would weaken substantially in the months ahead, as policy-makers affirmed commitments to keep interest rates at record lows.

More specifically, Morgan Stanley predicted that sterling would fall more than 5% from its then current value of  $1.56 to $1.48 within three months.

In the event, the pound stands today at $1.622 – i.e. up 4% – and will need a serious volte-face over the next few weeks  if we are to avoid seeing Hans off with his forecast.

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Published on: October 2, 2013

Category – UK Financial Predictions and Gaffes
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