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UK pound sterling falls as investors flee to the dollar
UK pound sterling falls as investors flee to the dollar
UK pound sterling falls as investors flee to the dollarThe pound sterling fell to its record low on Monday as frightened investors poured into the US dollar.
According to Rabobank strategist Michael Every, investors should be buying the dollar as a risk-free trade and that is all they can really do.
"The Bank of England will undoubtedly have to step in today and at that point everyone will end up with significantly higher mortgage rates to try and stabilize the pound sterling," he added.
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