abrdn's Athey maintains short on sterling versus Japanese yen despite rally

'Easy gains have been had for now'

James Athey, investment director at abrdn, is maintaining a short position on sterling versus the Japanese yen despite the pound’s recent rally, due to concerns over the worsening outlook for the UK economy.

On Tuesday (29 November), the pound rose against the dollar, which declined against the majority of other currencies as market mood improved amid expectations that China might relax its tight zero COVID-19 policy. The pound was last 0.45% higher against the dollar at $1.2014, moving back toward last week's three-month high of $1.2153, according to Refinitiv data. It also gained marginally on the euro, which declined 0.1% to 86.46p. Sterling rallies on Hunt emergency statement "Sterling has been one of the biggest beneficiaries of the market's latest attempt to price an immacula...