July 29, 2007
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By Agnes Lovasz - Bloomberg.com
July 30 (Bloomberg) — The pound may decline against the dollar before a report that will probably add to evidence the housing market is slowing after five interest-rate increases in a year.
The currency may fall for a fourth day from near a 26-year high versus the dollar before the Bank of England’s mortgage lending report, which is forecast to show approvals of loans for home purchases dropped. The pound last week had its biggest weekly decline against the yen since March as concern U.S. subprime mortgage defaults will hamper global growth prompted investors to sell higher-yielding assets.
“Figures this week may form part of an accumulation of evidence that will undermine the market’s hawkishness and the pound,” said Daragh Maher, senior currency strategist at Calyon in London. “More immediately the fortunes of sterling will likely hinge more on the newsflow on the U.S. subprime market.” More…
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