Sterling Stronger Despite Expected UK Admission of Forecasting Error

You
GMT
London
New York
Tokyo

Published: Mon, 06 Apr 2009 13:37:16 +0200

Sterling Stronger Despite Expected UK Admission of Forecasting Error

(CEP News) - The pound sterling is stronger on Monday after the Financial Times published an article suggesting UK Chancellor Alistair Darling is expected to admit to the largest forecasting error in the history of his position.

According to the Financial Times, Darling is expected to admit that the recession in the UK is worse than expected, marking the largest forecasting error in the history of his position. The announcement will come on April 22 when his department unveils its budget plans.

In other news, more than 50 people are dead after a magnitude 6.3 earthquake struck 70 miles northeast of Rome, Italy.

The IMF had called for relaxed euro zone entry requirements on eastern European states, saying that such measures would help them meet the budgetary obligations.

Data taken at 7:32 a.m. EST.

GBP/USD up 0.87 cents to 1.4929

Euro/GBP down 0.25 pence to 0.9063

GBP/CAD up 0.95 cents to 1.8346

By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca

CEP Newswires - CEP News © 2009. All Rights Reserved. www.economicnews.ca

The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News.

A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer.

Search

Actualité du forex

Forex News

English
Français

Forex News

Actualité du forex