A political bee sting, the Moody's downgrade of the U.K. has Treasury Chancellor Osborne...

|By:, SA News Editor

A political bee sting, the Moody's downgrade of the U.K. has Treasury Chancellor Osborne pledging a redoubling of government deficit-cutting efforts. Those interested in a currency punt might have a look at buying pounds (FXB). Already fallen off a cliff in 2013, the downgrade sent sterling hurtling even lower in thin late trading. If this ratings action is as meaningless as most other sovereign downgrades, a sharp bounce may lie ahead.