18 Oct 2022: Pound at crossroad
UK was the global leader many years back. Back then, there were so much power and military might that the world pays attention to it closely.
But what has happened? A change of government or leadership in UK led to the sudden demise of pound? Well, it's not really a big surprise. Poundsgd was around 3 prior to 2008. It hovered around 2 from 2010 to 2015.. but a leg down came around the period of Brexit referendum and with Uk leaving EU, poundsgd came to around 1.7 to 1.8...
Recent days saw poundsgd fearing for its life when it's short duration leader attempted with a tax plan that doesn't go well and led to the collapse of poundsgd to around 1.5.. It currently hovers around 1.61. I am not so sure how much longer can pound hold or can Uk do anything to regain market confidence.
Time is running out for UK leaders to do something that can win back market confidence.. but the look of it, I might see a weaker poundsgd going into future.
As always, this should not be construed as any investment or trading advice.
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Moon lah