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Pound to hold mostly steady vs dollar, unless Scots vote aye LONDON: Sterling should hold steady against the dollar in the coming year because financial markets have already priced in higher interest rates, according to a Reuters poll, but those forecasts could be scuppered in the still-unlikely event the United Kingdom breaks up.The pound dropped to a seven-month low against the dollar this week amid concern Scots may yet vote for independence, pulling apart the United Kingdom. A YouGov poll showed the pro-independence camp was just 3 percentage points short of victory in the Sept 18 poll.Largely taken ahead of the YouGov poll, the Reuters survey of around 60 strategists put sterling at $1.67 in one, three and six months and $1.65 in a year, slightly weaker than in an August poll, but not far from where it is now trading.A snap survey on Wednesday of 25 regular contributors to the monthly Reuters FX poll suggested that sterling would fall around ...

Swiss franc's rally, ECB policy to test SNB patience with currency cap LONDON: The Swiss franc's rise to near two-year highs against the euro is threatening the Swiss National Bank's cap, stirring speculation it may take strong measures if the European Central Bank opts for asset purchases.Expectations the ECB may resort to quantitative easing (QE), in coming months are growing and could weaken the euro more.With official rates in Switzerland already near zero, analysts said options for the SNB include lifting the cap to 1.25 francs per ...
Upbeat data fails to ease sterling's Scotland jitters LONDON: Sterling hit a fresh seven-month trough against the dollar on Wednesday despite some upbeat British data, as investors fretted that Scotland may yet vote to break up the UK later this month.A poll on Monday showed the pro-independence camp just 3 percentage points short of a "Yes" vote in the Sept. 18 poll, prompting the first major bout of nerves around the issue among financial market players. That compared with a poll at the ...
Sterling, FTSE aided by bullish UK services survey LONDON: Sterling recovered some ground against the dollar on Wednesday after a survey of purchasing managers (PMI) in the British economy's dominant service sector came in better than expected.The pound, under renewed pressure this week after a survey showed Scotland's nationalists gaining ground in their bid to secure independence next month, had hit seven-month lows in Asian trading earlier on Wednesday.Shortly after the PMI data, sterling was trading around 0.1 percent higher against the dollar ...
Euro recovers broadly on Ukraine ceasefire talk LONDON: The euro climbed against almost every major currency on Wednesday on speculation of a possible ceasefire in eastern Ukraine, offering some comfort to the euro zone economy which has borne the brunt of the impact of the conflict.The euro bounced after Ukraine's President Petro Poroshenko press office said an agreement was reached with Russia's Vladimir Putin for a "permanent ceasefire" in eastern Ukraine's Donbass region.The news sent European stocks higher and safe-haven German Bunds ...
Sterling hit hard by growing support for Scottish independence LONDON: Sterling fell and the cost of hedging against sharp currency swings surged on Tuesday, after a poll showed record support for Scottish independence just two weeks before a referendum that poses risks for the pound.The YouGov poll showed support for the pro-independence "Yes" campaign had risen to 47 percent, a four point gain since mid-August and up eight points since the start of the month. The lead held by the "No" campaign to reject ...
Sterling 1-month implied volatility jumps on Scottish poll LONDON: The cost of hedging against sharp swings in the British pound in the near term jumped on Tuesday, on track for its biggest one-day rise in three years as investors sought to insure against the risk Scotland breaks away from the United Kingdom.One-month sterling/dollar implied volatility rose to around 6.10 percent, its highest level in five-months, up from 5.10 percent on Monday.A YouGov poll late on Monday showed support for the pro-independence "Yes" campaign ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln