Comments: Worries about the UK’s debt and the possible downgrading by the credit agencies from it’s AAA status resulted in sterling losing ground especially against the US$. The level of UK debt was already high before the crisis and until there is a clear plan of action to reduce the debt we are not going to see sterling have significant upside. The problem seems to be that the Government with an election next year and a Prime Minister with limited authority do not have the will power needed to put in place the unpleasant course of action required. Effectively sterling has lost its attraction as an investment currency.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

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