Thursday, May 6, 2010

The Pound as a Safe Haven

Here's an interesting quote from a Foreign Exchange analyst at some Tokyo firm I've never heard of (emphasis mine)

"The pound is now considered to be a safe-haven currency from the euro zone, which is suffering from concerns over a contagion of sovereign problems," said Toshiya Yamauchi, a senior foreign-exchange analyst at Ueda Harlow Ltd. in Tokyo.

The Euro is truly up the creek if people are buying pounds against it for safety. This does not bode well...

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