Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: patron_anejo_por_favor who wrote (17316)	12/1/2004 4:36:53 PM
From: mishedlo	Read Replies (2) of 116555

The pound rose to its highest level against the US dollar in more than 12 years today, in the latest sign that the UK economy is strengthening. Sterling hit a peak of US$1.9223 - its highest level since the UK was forced to withdraw from the Exchange Rate Mechanism in September 1992 - while the dollar fell to a nine-year low against a basket of currencies. The development, which made the prospect of two US dollars to the pound increasingly likely, came as manufacturing data signalled the sector was recovering from its recent weakness.... Tom Hougaard, strategist at City Index, said: "This is momentous. It is really frightening, it is an indicator that the big foreign investors are pulling the plug on the US." guardian.co.uk

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