Market Forecast - Sterling Vs. South African Rand 11/05/09
Sterling fell sharply last Thursday after the Bank of England announced an extension to its quantitative easing programme, adding another £50bn to the pot. The Euro managed to escape punishment after the ECB announced similar measures along with an interest rate cut to 1%. The Rand has been relatively weak aver the last few days, and is one of the only currencies that Sterling has actually made a little headway against. However, today's chart shows the situation in perspective. The down trend is still very much in motion, and we are still advising that client with Rand requirements consider buying now, or fixing a forward contract.
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