Pound gains as Greek doubts surge

Posted On: November 27, 2012
The value of the English pound increased Tuesday against the shared currency of the European Union, reversing four consecutive trading sessions of losses against the embattled monetary unit, according to Bloomberg.

Benefiting the pound was concerns about the deal finalized on Monday evening in Brussels at the meeting of euro zone ministers for Greece. The Aegean nation is forecast to continue struggling even after the pact opens the availability of funds, which are slated to be released next month.

"None of it speaks to it being a smooth process," chief currency strategist Simon Derrick with Bank of New York Mellon in London told the news source on Tuesday. "The euro-zone crisis is not going to go away smoothly, it's just one fraught step after another. The U.K. currency represents a credible safe haven for people looking to diversify away" from the 17-nation monetary unit.

Doubts abound as to whether Greece is able to endure additional economic measures.

As Bank of England governor Mervyn King prepares to leave office, The Guardian reports King said there is no hostile culture at the institution he serves. Staff members at the central bank are free to express doubts as they please, he said.

Category: Industry News

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