The pound is the weakest performer today, falling 1.15% on the first real trading day of the year.
Deutsche Bank notes that there is a pattern here:
Remarkably, this extends sterling’s losing run on the first day of the trading year to
seven years (i.e. performance on the first trading day after New Year’s Day). Over a
longer lookback, sterling has only managed three positive returns over the past
twenty years of first-day trading
Does it extend?
Not at all, DB found no strong pattern over first-day GBP selling extending or reversing in the following week.
This article was written by Adam Button at www.forexlive.com.
