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12 Jul 2013
Flash: GBP Endurance is nobler than strength - Investec
Lee McDarby, Treasury Analyst at Investec notes that Prominent Victorian thinker and art critic John Ruskin once said, “Endurance is nobler than strength, and patience than beauty.”
He feels that this is very much the case for UK importers who had the shock of seeing GBP/USD dip into the 1.40’s earlier this week. He feels that with the endurance and patience shown through the release of the Federal Open Markets Committee Minutes (FOMC) on Wednesday night USD buyers have been duly rewarded by rates in the 1.51’s. McDarby write, “This has given rise to the opportunity to protect the popular budget rate of 1.50 with participation if the market continues to move in your favour.”
He feels that this is very much the case for UK importers who had the shock of seeing GBP/USD dip into the 1.40’s earlier this week. He feels that with the endurance and patience shown through the release of the Federal Open Markets Committee Minutes (FOMC) on Wednesday night USD buyers have been duly rewarded by rates in the 1.51’s. McDarby write, “This has given rise to the opportunity to protect the popular budget rate of 1.50 with participation if the market continues to move in your favour.”