Monday, Mar 15, 2010
Not to worry...
Bloomberg: Pound Bears Bet More Than When George Soros Beat BOE
Wagers on the pound weakening against the dollar outnumber futures that profit on a rise by eight times more than when George Soros made $1 billion betting against the currency in 1992, the year Prime Minister John Major’s Conservative government was forced to withdraw from the European Exchange Rate Mechanism. Sterling fell 19 percent that year.
Posted by mrflibble @ 10:07 AM (780 views) Add Comment
3 Comments
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1. mark wadsworth said...
"Wagers on the pound weakening against the dollar outnumber futures that profit on a rise by eight times more..."
Not true, or at best misleading. The total volume of sterling sold forward must always equal the total volume bought forward. It may be that there are eight small sales compared to one big buy, but that is irrelevant.
2. str 2007 said...
Almost makes you wonder if these stories are put out by the City to get spread traders to short sterling, only to have their pockets emptied.
Oh synical me.
3. str 2007 said...
Ahem
Cynical