|09-08-2014, 02:55 PM||#1|
Scotland poll swing push down the pound, GBPUSD near 10-month low
The pound opened sharply weaker against the U.S. dollar today after polls released over the weekend showed a surprising surge in support for Scottish independence, traders say the pressure is unlikely to ease.
Pound tumbled to a near ten-month low Monday. The decline of the pound was tied almost exclusively to growing possibility of a win for Scottish separatists in next week`s referendum.
Opinion poll by YouGov Plc announced that the Scottish independence campaign gained a lead for the first time this year with the vote looming on Sept. 18.
Polls showed 47 percent of those surveyed voted "yes" to independence, while 45 percent said "no", with the rest undecided.
Sterling has been weakening as the probability of Scots breaking away has increased. The referendum, due to take place a week on Thursday will have a huge impact on Scotland and on the rest of the UK.
Investors are betting that a win for Scottish independence would force the Bank of England to delay a much anticipated cycle of monetary tightening.
Britain’s currency slid to the weakest against the dollar since November, the GBPUSD is currently trading at $1.61722 after opening at $1.62174. The pair so far hit its intraday low at $1.61446.
The Australian dollar on Monday weakened slightly in Europe after it hit a new high against the British pound earlier in the day.
The UK currency has lost more than 6 percent against the Aussie in the past two months, and is nearly 10 percent off this year`s high in late January.
Pound pared some of its losses against the Australian dollar, pushing the GBPAUD pair to trade at 1.72821.
Earlier in the day, China showed new positive sign of improvement for the world`s second largest economy, taking the government another step towards realizing the targeted growth of 7.5 percent.
China`s trade balance surplus came in at $49.83 billion in August compared with a previous surplus of $47.30 billion, topping analysts` estimates of $40 billion.
Exports in August jumped 9.4 percent from the year-ago period, beating estimates for an 8 percent gain. But imports fell an annual 2.4 percent
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