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FX Update: Sterling Rises a Touch on Positive Equities

Posted:21/11/2008 9:05 by Peter Burnside
GBP benefited on slight improvement in risk profile following the rebound in Asian equities. However, European indices are struggling to sustain an upturn, with underlying fundamentals still very negative. One development that could capture the sterling market is talk that the UK could make corporate tax changes similar to the US HIA act that would see overseas earnings brought back home without tax implication, which would be a big GBP positive. The FT cites KPMG, which predicts that change. A survey by the group found that 70% of businesses would repatriate cash is the Treasury introduces an exemption for foreign dividends received by British companies. Meanwhile, Cable reclaimed the 1.4800 handle after rallying out of Asian session lows of 1.4718, while EUR/GBP retraced overnight gains to trade back in to 0.8440 from 0.8483 highs. click here to return to the top of the page
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