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  • Sinking Dollar Presents Great Currency ETF Opportunities [View article]
    Looks like you were a bit early:
    <blockquote>
    <b>U.K. Pound Advances for Sixth Week on GDP Report, Rates Outlook </b>

    he pound posted its longest winning run against the dollar in more than a year after a report showed U.K. economic growth unexpectedly quickened in the second quarter, fueling expectations of higher interest rates.

    The U.K. currency rose to a 26-year high on speculation the Bank of England will raise rates half a percentage point from 5.75 percent by year-end while the Federal Reserve stays on hold. The pound also advanced as the Fed trimmed its forecasts for economic growth and Bear Stearns Cos. reported losses on hedge funds that bet on bonds backed by subprime loans.

    ``We've been positive on sterling for some time now, and remain so looking ahead,'' said Steven Barrow, chief currency strategist at Bear Stearns Intl. Ltd. in London. ``The rates story favors sterling as does the underlying strength of the U.K. economy.''...
    </blockquote>

    Source:
    www.bloomberg.com/apps...;sid=aCQlLqq7NUt
    Jul 22 09:40 am |Rating: 0 0
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