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Sterling surrounded by negative sentiment

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An expert has suggested that the sterling currency is surrounded by negative sentiment at the present time - to the extent that a great deal of positive news is being overlooked.

Director of forex advisory services at foreign currency exchange brokers HiFX Chris Towner claimed that sterling is weakening on the basis of this.

He acknowledged that this is very often the case when it comes to trading - although it has also bee indicated that the UK economy could be set to benefit from some much more positive developments in the near future.

The National Institute Economic Review recently published a forecast paper on the UK's economic growth prospects for the next year.

While the UK suffered from zero growth in 2012, it was predicted that this figure would expand considerably to 0.7 per cent by the end of 2013.

Further expansion to 1.5 per cent is expected by the end of the following 12 months - and if is the case then the nation could be on the road to recovery.

Mr Towner noted that yesterday (February 20th), a currency comparison would have indicated that sterling was weakened against the US dollar and the euro.

This came at precisely the time when the Monetary Policy Committee of the Bank of England published minutes from its last meeting, which revealed that three of its members - including governor Sir Mervyn King - voted to increase the government's asset purchasing quantitative easing initiative by a further £25 billion.

A move such as this would take the total value of the scheme to £400 billion.

"It's good to see that Europe has managed to survive the sovereign debt crisis; however, structurally they still have lots of high hurdles," the expert remarked, noting that high unemployment is one.

"Sentiment can turn like the tide; however, structural issues are harder to turn," he continued, adding: "At some stage sterling will reach a point like an elastic band when it has stretched too far!"

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