A volatile day for the pound has meant that those with investments in the currency could be missing out on returns.
On Tuesday (November 10th), the sterling dipped against five of the major world currencies – 0.42 per cent against the US dollar, 0.11 per cent against the Australian dollar, 0.54 per cent against the Canadian dollar, 0.05 per cent against the New Zealand dollar and 0.2 per cent against the euro.
According to Foreign Currency Direct, the pound was also affected by trade balance figures for the UK, which showed a negative reading of -£7.2 billion, compared to the previous level of -£6.1 billion.
Brett Evans, senior executive dealer at Foreign Currency Direct, said: "With all the negative news it's no surprise Sterling is seen as a risky currency for investors ."
Foreign exchange firm Caxton FX recently reported that investments in the US dollar may be a good idea because of their strength against the pound.
Investments in sterling suffer drops
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Investments in sterling suffer drops
Thu, 12 Nov 2009
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