LONDON, Aug 19 — Sterling hit its lowest in a month against the dollar today as a pull-back in global stock markets saw a bid for safe havens such as the greenback, which weighed on risk and growth correlated currencies.
The minutes pushed Wall Street’s main stock index down more than 1 per cent and drove several currencies to multi-week lows against the safe-haven greenback. European markets stumbled at open and US stock futures were pointing to a weaker start. “Outside of the broader macro risk regime, I still like GBP as a currency because the Bank of England is more in line with the Fed’s hawkish policy,” Patel said, adding that the pound was still susceptible to gyrations in this particular environment.
Source: Financial Digest (financialdigest.net)
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