Sterling has a mixed start to the day - strength against the Euro, Swiss Franc and Dollar AED - Losses against AUD NZD CAD & ZAR

This morning has seen a mixed start to the month for Sterling - In early morning trading the Pound has made losses against the Australian Dollar, New Zealand Dollar & South African Rand whilst making gains against the Euro and Dollar.

The losses may be down to carry trading as it merely seems to be the Antipdean currencies that have gained strength against the Pound.

The gains by the Australian Dollar will have been mainly down to the interest rates over there being increased by 0.25% very early this morning (the third monthly increase in a row).

When an economy raises interest rates it generally has a positive effect on the currency concerned as investors look to shift their funds to higher yielding currencies to get a better return for their money.

There is now concern that the Pound may have a poor December - i'm not 100% convinced however there are worrying signs slowly creeping in again so we could easily see another dip before things start to pick up again.

I personally believe that the early part of next year is when the Pound will start to gain ground as it is currently clearly undervalued in my opinion. Once we are confirmed as out of a recession and data releases/confidence starts to come back into the U.K I think things will serioyusly pick up speed again - providing our banks have not invested too heavily in Dubai!!!




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