Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The pound will hit $1.30 next year and keep climbing against the dollar as traders who bet against Britain are proven wrong again, according to analysts.
Kit Juckes, chief foreign exchange strategist at Societe Generale, the bank, said there was an “enormous amount of negativity” about the British economy that was unwarranted.
Kamakshya Trivedi, head of global foreign exchange at Goldman Sachs, said he too was sticking with his prediction that the pound would rise from $1.28 today to $1.35 within the next 12 months.
Mr Trivedi said he was confident that sterling would keep rising despite last month’s big drop in inflation as the pound tended to track rising share prices and as fears eased about high interest rates plunging the world into a prolonged recession.
The Bank of England has said it believes the economy will flatline next year, while most analysts believe it will expand by just 0.4pc in 2024.
Mr Juckes noted that most forecasts for a flatlining UK economy next year were much more pessimistic than for other economies, including Sweden and the eurozone, suggesting that there was a lot more room for Britain to outperform.
Stick with what you think Solley. I personally can’t see this share getting much above 50p for a good while. I reduced my holding down to 20,000 shares from 80,000 last time it got into the 50s and put the money elsewhere but this share must come good one day. It’s just when 😂
If it’s the Nucky who used to be Nucky Thompson, he always used to like the pain of holding these. Glad to see you back Nucky. Indeed Chip’s 80p by the end of the year is looking unlikely. Another big buy back next year would be welcome at this price.