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Another Wall Street Bank Bets on Pound-US Dollar Parity By End of Year
The UK is walking into the kind of existential crisis last seen when the country voted to leave the European Union, putting a slide in the pound to parity with the dollar in sight, according to a Bank of America Corp. currency strategist. The “back-of-the-envelope economics” from the new government’s fiscal plans in the past week have done nothing to foster investor confidence in the UK, strategist Kamal Sharma wrote in a note to clients. Rising borrowing costs are exposing the strain on public finances, he said. It’s the latest call by a Wall Street bank to bet on pound parity by the end of the year, ... (full story)
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