Sterling at record low vs Euro
- Can it fall further?
- US Dollar still the favourite for defensive investors

From €1.2250 to €1.1550 the Pound gave away another seven cents between Monday morning and Thursday night. Since then it has been edging upwards and it opened in London this morning at €1.17.

It was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a US$580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

The figures from the Euro zone as a whole were scarcely any better. Industrial production fell by 2.6 per cent between August and September. Consumer prices were unchanged in October, pulling the inflation rate down from 3.6 to 3.2 per cent and opening the door to further interest rate cuts from the European Central Bank. Germany's economy shrank by 0.5 per cent in the third quarter and Euroland "officially" entered recession with a second quarter's negative growth. House prices in the Euro zone never appear on the radar because no pan-European data are compiled but let's guess they did not go up.

Some big-time US investment banks look for the Euro to continue its advance against the Pound. One says the Pound will fall by another 8 per cent - 10 cents down from current levels. Technically it is hard to argue with the projection but some equally clever and well-connected researchers told us not so long ago that we would see oil above $200 a barrel before Christmas.

Although Sterling's fall against the Euro looks over-extended that does not mean it cannot go further. Tedious though it may be to offer the same advice again and again, the prudent risk management strategy for most buyers of the Euro is to hedge the exposure, buying half the requirement forward. Anyone needing price certainty has no alternative but to buy the lot. Although there is every chance we will see Sterling higher than this in the new year that is of no consolation to investors with business to do in the meantime.

Sterling at six year low
- Is a 20 year low on the cards?
- Dollar still the favourite for defensive investors

The gestation period for the Gulf Cooperation Council's monetary union has been long and painful. When the GCC was formed, more than quarter of a century ago, it was with the assumption of a single market and, by implication, a single currency. The official project took shape in 2001, with 2010 the target date for implementation. Officially that has not changed but the clock is ticking faster than the boxes. Ministers will meet at the end of this month in Muscat to decide the next step. Will they press on regardless or accept reality and postpone the deadline?

In the meantime the Dirham will soldier on, tracking the US Dollar wherever it goes, just as it has done since the eighties. The Sterling/Dirham exchange rate depends entirely on what happens to Sterling/Dollar.

Sterling lost 25 fils over the week, touching below Dh 5.35 on Thursday. Consolidation over the weekend allowed it to open in London this morning at Dh 5.44, close to its lowest level for six years.

It was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a $580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

As has become the norm, bad news for the global economy was good news for the US Dollar. Investor nervousness was more than enough to offset what would otherwise certainly have been Dollar-negative developments. Treasury Secretary Hank Paulson announced that the much-trumpeted Troubled Asset Relief Program would no longer be taking on board the troubled assets originally envisaged. Instead buying up dodgy mortgage-backed assets it would in future be used to recapitalise the banks directly. The market was utterly unconvinced that this change of tack was a positive development.

Nor was there unrestrained jubilation at the news US retail sales suffered their biggest ever monthly fall in October. But never mind, the market's love affair with "safe" US treasury assets remains undimmed. Some big-time US investment banks look for the Dollar to continue its advance against the Pound as far as $1.28 - 10 cents down from current levels. Technically it is hard to argue with the projection but some equally clever and well-connected researchers told us not so long ago that we would see oil above $200 a barrel before Christmas.

Sterling's fall against the Dollar looks over-extended but that does not mean it cannot go further. Tedious though it may be to offer the same advice again and again, the prudent risk management strategy for most buyers of the Dirham or the Dollar is to hedge the exposure, buying half the requirement forward. Anyone needing price certainty has no alternative but to buy the lot. Although there is every chance we will see Sterling higher than this in the new year that is of no consolation to investors with business to do in the meantime.

Aussie and Pound suffer together
- Aussie the winner on points
- US Dollar still the favourite for defensive investors

Sterling lost three cents against the Australian Dollar over the week, dipping from $2.30 to $2.27. It was not a convincing move, covering a range between $2.20 and $2.38 that included half a dozen changes of direction.

There was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a US$580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

Like Sterling and the Kiwi, the Aussie Dollar is blighted by its "risky" status and the prospect of lower interest rates. Last week's figures were all on the soft side. The NAB Business survey dropped ten points to -11, its lowest level this century. The wage price index fell short of forecast, leaving wage growth steady at 4.1 per cent for the third successive quarter. Inflation expectations among consumers fell from 4.4 to 3.3 per cent.

The numbers provided an appropriate background to the Reserve Bank of Australia's statement on monetary policy. Economic progress has become more important to the RBA than the risk of continued high inflation. Local analysts believe further rate cuts are on the cards and the consensus at the moment is for the Cash Rate to fall to 3.5 per cent in this cycle.

For a while at the beginning of last month the Pound was looking good against the Aussie. That promise has since evaporated and Sterling has given back most, if not all, its gains. With both currencies fighting against roughly the same investor objections (risk and falling rates) it leaves the Australian Dollar with the edge, in that its economy is still growing and its yield should remain higher than that of Sterling. Buyers of the Australian Dollar should hedge at least half their exposure, buying half their requirement through a forward purchase. Anyone needing absolute price certainty has no alternative but to buy the whole lot.

Loonie edges higher
- Sterling suffers on wider front
- US Dollar and Yen still favourites for defensive investors

The Canadian Dollar lost less ground against the US Dollar than did Sterling. A downward drift took Sterling from C$1.85 to C$1.82 without any great sense of purpose.

There was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a US$580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

Business confidence, housing starts and the balance of trade were the main data sets from Canada last week. At 78 the Conference Board's business confidence index hit its lowest level for seven years. It was the fifth successive monthly decline. Just one in eight business leaders think things will get better in the next six months; nearly three quarters reckon things are going to get worse.

The housing starts number was also lower but not horrendously so. Starts were down by about a twelfth from a year ago; not as great a fall as some had feared. Similarly, the balance of trade news was bad but not awful. The trade surplus narrowed by about $1 billion to its lowest level since the beginning of the year.

Given Sterling's thrashing on other fronts last week its relatively modest losses against the Loonie are no great cause for concern. Buyers of the Canadian Dollar should continue to hedge their exposure, buying half their requirement forward. This may come across as boring and repetitive advice but there is no reason to look for Sterling/Canada to move off in either direction at this stage.

Beware the technical picture
- Yen seemingly impervious to bad news
- Dollar and Yen still favourites for defensive investors

Starting from ¥156 last Monday the Pound opened in London this morning at ¥144, a dozen Yen down on the week. The whole of the decline took place in the first half of the week. Since Wednesday Sterling has remained in a ¥139 - ¥146 range.

There was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a US$580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

As with the Dollar, the Yen gained support from its reputation of safety rather than from any superiority in economic performance. The week began with news that machine tool orders fell by 40.4 per cent (no misprint) in the year to October after a 20 per cent annual decline the previous month. Condominium sales were down by more than a quarter. Oh, wait, industrial production rose in the year to September but by just one fifth of one per cent.

As an export-led economy (especially in the last decade and a half) Japan is suffering from falling global demand. This morning it transpired that Japan has become one of the first developed economies to win official recognition for its recession. It would be no surprise if the Bank of Japan were to readopt the Zero Interest Rate Policy that it pursued (give or take) between 1998 and 2006.

So are potential buyers of the Yen worried? Not a lot. The surprise news of recession has added the merest one-and-a-bit Yen to Sterling's value. It is no disincentive to the many Japanese investors who are busily repatriating the assets they have spent the last two decades squirreling away offshore.

Look carefully at the chart. The selling of Sterling looks increasingly overdone but that does not mean it cannot carry further. But a fall of another five Yen or so could spark a new rush of technically-driven selling that would take the Pound 15 points lower. Buyers of the Yen should speak to their account manager now to make sure their orders are correctly in place. This is not one to ignore.

Kiwi and Pound suffer together
- Sterling the winner on points
- US Dollar still the favourite for defensive investors

Sterling gained a couple of cents against the NZ Dollar over the week. Covering a range between $2.55 and $2.77 it showed no sense of direction, trading repeatedly at last Monday's opening level on Thursday and Friday. It opened in London this morning at $2.65.

There was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a US$580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

Like Sterling and the Aussie, the Kiwi Dollar is blighted by its "risky" status and the prospect of lower interest rates. Also like Sterling, it is having to cope with softening of the domestic real estate market. REINZ figures showed house prices 4.3 per cent lower than a year ago with turnover down by more than a third. Retail sales volumes are still weak, down by nearly 1 per cent between June and September.

Local analysts do not believe domestic weakness would of itself encourage the Reserve Bank of New Zealand to accelerate its monetary easing. Rather, they look at the weaker tone of the global economy. With less activity around the globe it will mean less going on in New Zealand. Best guess now is that the RBNZ will lower its policy rate to 4 per cent by the middle of next year.

For a while at the beginning of last month the Pound was looking good against the Kiwi. That promise has since evaporated and Sterling has given back all its gains. With both currencies fighting against roughly the same investor objections (risk and falling rates) it leaves the NZ Dollar with the edge, in that its economy is still growing and its yield should remain higher than that of Sterling. Buyers of the New Zealand Dollar should hedge at least half their exposure, buying half their requirement through a forward purchase. Anyone needing absolute price certainty has no alternative but to buy the whole lot.

Swissy still seen as safe haven
- Sterling punished on a wide front
- Defensive investors still favour USD, JPY and CHF

From SFr 1.85 on Monday the Pound accelerated downward. It had reached SFr 1.77 by Wednesday and touched a low of SFr 1.74 the following day. Consolidation over the weekend allowed Sterling to open in London this morning a little higher at SFr 1.77.

There was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a US$580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

As with the Yen and the Dollar, the Swiss Franc managed to hold station with the market leaders on the back of its safe-haven status. The Swiss ecostats, such as they were, told no particular story. SECO's consumer climate index showed confidence falling from -17 to -27. On the other hand, ZEW's survey of business leaders improved from -91.1 to -88.5; it was not a brilliant reading but at least it was an improvement. Unemployment (seasonally adjusted) was steady at 2.6 per cent.

The Swissy continues to hold onto its safety-first branding. Buyers of the Swiss Franc should still hedge their exposure, buying half their requirement forward.

Sterling at six year low
- Is a 20 year low on the cards?
- Dollar still the favourite for defensive investors

Sterling lost 11 cents in the first four days of the week, touching below $1.46 on Thursday. Consolidation over the weekend allowed it to open in London this morning at $1.47, close to its lowest level for six years.

It was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a $580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

As has become the norm, bad news for the global economy was good news for the US Dollar. Investor nervousness was more than enough to offset what would otherwise certainly have been Dollar-negative developments. Treasury Secretary Hank Paulson announced that the much-trumpeted Troubled Asset Relief Program would no longer be taking on board the troubled assets originally envisaged. Instead buying up dodgy mortgage-backed assets it would in future be used to recapitalise the banks directly. The market was utterly unconvinced that this change of tack was a positive development.

Nor was there unrestrained jubilation at the news US retail sales suffered their biggest ever monthly fall in October. But never mind, the market's love affair with "safe" US treasury assets remains undimmed. Some big-time US investment banks look for the Dollar to continue its advance against the Pound as far as $1.28 - 10 cents down from current levels. Technically it is hard to argue with the projection but some equally clever and well-connected researchers told us not so long ago that we would see oil above $200 a barrel before Christmas.

Sterling's fall against the Dollar looks over-extended but that does not mean it cannot go further. Tedious though it may be to offer the same advice again and again, the prudent risk management strategy for most buyers of the Dollar is to hedge the exposure, buying half the requirement forward. Anyone needing price certainty has no alternative but to buy the lot. Although there is every chance we will see Sterling higher than this in the new year that is of no consolation to investors with business to do in the meantime.

Rand back on track
- Pressure on Sterling outweighs pressure on Rand
- Dollar and Yen still favourites for defensive investors

The Rand recovered more of its lost ground against the Pound, principally as a result of Sterling's wider trashing. From R15.7 Sterling drifted well below R15 before opening this morning in London slightly above its lows at R15.

There was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing's announcement of a US$580 billion stimulus package fell into the bad news box for many investors; China's economy must be in a parlous situation to require such a boost. Following the IMF's lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend's G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain's Observer newspaper put it afterwards, the meeting was "...never, in a single afternoon, going to solve a crisis that has been a generation in the making." If anything, it made investors more nervous about the banking sector's recovery prospects: The word "stimulate" cropped up three times while "regulation" appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday's quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

As with the Dollar, the Yen gained support from its reputation of safety rather than from any superiority in economic performance. The week began with news that machine tool orders fell by 40.4 per cent (no misprint) in the year to October after a 20 per cent annual decline the previous month. Condominium sales were down by more than a quarter. Oh, wait, industrial production rose in the year to September but by just one fifth of one per cent.

Retail sales look no better in South African than they do elsewhere. For five months now consumers have been spending less. High levels of debt and high interest rates have eaten into consumers' appetite. Wage settlements are not keeping up with the disincentives to spend.

Manufacturing output in South Africa did improve in September, mainly driven by the automobile and truck production. Local analysts do not believe this rebound will carry through to coming months; the sagging global economy will dampen demand all round.

After a month and a half on the rack the Rand has regained its equilibrium. It is not looking good but it is looking no worse than it did for the first half of the year. Buyers of the Rand should hedge their exposure, using a forward transaction to cover half their requirement. This advice may well seem repetitive, even unimaginative, but there is nothing at this stage to point to a move in either direction for Sterling/Rand.