O'Sullivan Offers Hedging Option For Euro Salaries
O'Sullivan Offers Hedging Option For Euro Salaries
The Bank of England gave the bleakest assessment of the UK economy for over a decade yesterday, with Mervyn King warning that the coming year was going to be difficult and that there was "bound to be a quarter or two" of negative economic growth, said Currencies Direct commentator, Mark O'Sullivan.
He added: "The pound then declined to its weakest level in 22 months against the USD falling below $1.87, and fell back below €1.26 against the Euro."
"Meanwhile the appreciation of the USD was tempered after US retail sales fell by 0.1% in July; an indication the boost to the US economy from the recent tax rebates may already be fading."
Mark O'Sullivan, is a Director dealing at foreign exchange specialist Currencies Direct, as specialist in how British businesses involved in international trade or with salaries to pay in USD or the Euro can hedge against the effects of the depreciation in Stirling.
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