Sterli´n is a falli´n

* GBP is currently the premier punchingbag amongst currencies

Why?
- UK interestrate expectations are heading lower, the yield vs Gbp/Usd correlation looks set to increase again.
- BOE Governor King does not seem the least concerned about the recent Gbp weakness, neither should he. A weaker Gbp will be a crucial part of the BOE strategy going forward, as domestic consumption is set to fall further while corporate balancesheets will remain weak, despite the pumping up of assetmarkets. Exports will be crucial.

Being first in the game of competitive devaluations could be an advantage. However, international friction should be on the rise.


* New positions and positionchanges
- Took profit on my short Gbp/Nok after 3%.
- Took half profit on my long Usd/Zar
- Added to my long Nok/Sek

As usual, good luck

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