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FX FUNDAMENTAL ANALYSIS Sterling in Uncertain Times


Howard Jones looks at what has become a major challenge for fund managers this year, namely the sharp gyrations of sterling


Where performance is measured daily and sterling is the base currency, it is becoming a true test of skill in hedging, for international investors.


Te high drama of U.K. politics has been riveting.


If the script


soap opera, and there are certainly similarities,


this were requiring


a a


Grand Finale, or indeed an additional season, could not have been better written. Te set is strewn with bodies, the boss held captive by secretive powers, hungry lieutenants jockeying for power, revolutionaries at the wall


22 FX TRADER MAGAZINE April - June 2019


(well on College Green), the money man a flitting shadow paying off all and sundry. And the ideal cliff hanger scene is set, with old clan leaders in the background now in the pay of foreign states, elderly cast members struggling through the series, and others waiting to be written out before the next season starts, if they still can't agree on their excessive pay.


Sterling has consequentially been the most volatile currency, with an overall solid gain as the fear of "No Deal" gets priced out.


To see MPs back a motion to seek to block no deal under any circumstances, was confirmation that most of our representatives have no idea about negotiating.


If you ever wanted justification for


rejecting the short termism,


opportunism and populism of representative democracy, this was it.


Politics have a huge bearing on currencies. Markets tend to extrapolate events, probably to exaggerate their significance. Ten those with foreign


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