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Bank charges: Sterling on the rise

The value of sterling has risen for the last three days against the dollar.

After having fallen to a two and a half year low against the dollar, the value of sterling began to recover following an interview with the Governor for the Bank of England (BoE).

Sir Mervyn King said in an interview that he thought the pound was now valued properly and that it should not fall further. Previously he had said that BoE had hoped for a weaker currency in order encourage more exports.

The pound had been falling against the dollar due to a downturn in the UK’s domestic economy. This was not helped by the fact that the UK recently lost its AAA credit rating when the agency Moody’s downgraded it to AA1.

As the domestic economy has yet to recover and BoE considers more quantative easing, analysts suspect that the pound may fall further.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801557089-ADNFCR

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