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Nomura expects sterling to hit parity by end-November, $0.975 by year-end

Wall St slides, dollar gains on sterling and yen
Wall St slides, dollar gains on sterling and yen Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
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LONDON - Japanese bank Nomura said on Monday it expected sterling to reach parity versus the dollar by end-November and then keep on falling, predicting further pain for the battered British currency.

In a research note, Nomura analysts said they expected the pound to hit $0.975 by year-end and $0.95 in the first quarter. It hit a record low of $1.0327 earlier on Monday.

"This is a fundamental balance of payments crisis, with politicians hoping it will eventually just calm down. Hope is not a strategy, and markets are reflecting that," Nomura analysts said.

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