BLBG: U.K. Pound Retains ‘Ability to Collapse,’ MIG Investments Says
The pound may tumble amid persistent “economic problems” in the U.K., MIG Investments SA said.
“Though the pound has performed splendidly over the past six weeks, the economic problems do not seem to be going away despite some better-than-expected numbers last week,” Paul Day, chief market analyst at MIG in Neuchatel, Switzerland, wrote in an e-mailed note today. “The pound remains a currency that has the ability to collapse at some point in the future.”
The British currency rose 0.6 percent to $1.4928 as of 8:26 a.m. in London. It strengthened 0.2 percent to 90.69 pence per euro.
