EU Internal Markets Commissioner Charlie McCreevy, in an interview with the Daily Mail, says sterling’s decline is “causing difficulties” for some European Union countries.
The official warns “Some countries are very upset that you have a currency that has devalued nearly 30% in a short period of time, it causes difficulties for them” adding “Some people even go so far as to say it is the policy of the British authorities to devalue the pound.” No kidding. Nothing like a bit of benign neglect!!!!
On the matter of sterling weakness; the currency has come under fairly heavy pressure this morning, the move accelerating when stops in cable just below 1.4300 and just above .9000 in EUR/GBP were triggered. We’re presently down at 1.4230 and .9040 respectively.
