The Pound And The Tories
My latest for Moneyweek :
The pound seemed to like George Osborne's emergency Budget. On Tuesday morning it was standing at $1.47. By mid-afternoon yesterday, it was above $1.49.
But the fact is, the pound has been rallying since mid-May, when news started to leak about the government's austerity plans.
So is the bear market in the pound now over? Or is this yet another case of buy the rumour and sell the news?