Will Sterling Rise Under Brexit Adjustment Process?
The pound just had its worst day ever, and few analysts expect the U.K. currency to recover all of the losses that sent it to the lowest level since 1985 -- at least, not in the foreseeable future. BNP Paribas SA, one of the biggest sterling bulls before Britain voted to leave the European Union, cut its third-quarter forecast to $1.35, from $1.58. Had the pound ended the day lower on Friday, it would have been in line for a slide to $1.30 or even $1.25, according to Gain Capital Holdings Inc.’s Forex.com unit. Janus Capital Group Inc., which oversees about $190 billion, predicts a year-end level in the $1.20s. HSBC Global Head of Currency Strategy David Bloom discusses with Bloomberg's Francine Lacqua and Jonathan Ferro on "Special Report: OUT BRITAIN LEAVES."
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