LONDON, July 27 — Sterling dipped against the dollar today as global stock markets sank led by a heavy sell-off in Chinese shares, which sapped risk sentiment and drove a bid for dollars ahead of a US Federal Reserve policy meeting.
“Sterling’s move lower this morning looks to have been driven by the generally rather nervous and risk-averse tone that is dominating the markets this morning, stemming again from the ongoing carnage in Chinese tech stocks,” said Michael Brown, senior market analyst at Caxton FX. Besides the two-day Fed meeting beginning later on Tuesday, investors will also look to the Bank of England meeting next week for future direction.
ING strategists said in a note to clients that euro-sterling appears to have closed “a meaningful part” of its “prior misvaluation” and is now close to a short-term fair value of 85 pence, based on their financial fair value model.
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