Clearly I wasn’t the only one puzzled by Jim Rogers’ prognosis on the UK prospects. My view is that his comments would have had far more validity if he’d told us all to short cable when it was above 2.10, not below 1.40.
The Royal Bank of Scotland’s David Simmonds (its head of FX and emerging markets strategy) and Ross Walker (its UK economist) were also baffled and felt moved to write an open letter to Rogers that articulated their opinions far more intelligently and eloquently than my mini-rant.
The letter is below:
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