Market sentiment: Who cares who wins?
Sterling’s recent fall back below 1.90 against the dollar was attributed by some to the apparent near outbreak of civil war in the UK’s ruling Labour Party. However, since there was little lasting weakness shown against other currencies, most market participants played down the impact that Labour’s shenanigans to oust its leader and UK prime minister Tony Blair had on the pound. Instead, cable’s fall was seen more as a product of unexpected dollar strength.
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