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UK Energy Crisis Could Knock Pound to $1.14, JPMorgan Warns
The pound risks falling to its lowest versus the dollar in more than two years if a gas supply crisis this winter pushes the UK into recession, according to JPMorgan Private Bank. Already down 13% against the greenback so far this year, the UK currency is starting to reflect concerns that higher gas prices will drive soaring inflation as the economy gets closer to a recession, said Sam Zief, head of global FX strategy at JPMorgan Private Bank. A pound at $1.14 is “absolutely within reach if gas prices continue to do what they are doing,” Zief said. Traders have shifted to selling the pound because of UK problems ... (full story)
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