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Sterling Sensitive to Grim Financial News

A second wave of banking concerns is hurting the pound sterling, which is one of the worst performers against the U.S. dollar.During the European trading session, Europe's largest bank, HSBC, reported a 70% drop in net profits for 2008. It also announced that it would raise $17.7 billion in new capital through new share issuance and cut over 6,000 jobs in the U.S.The grim news from the bank has put pressure on sterling, according to currency strategists.

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