Business Services Industry
Euro zone role in UK trade is exaggerated.
Knight Ridder/Tribune Business News, October, 2004
By Allister Heath, The Register-Guard, Eugene, Ore. Knight Ridder/Tribune Business News
Oct. 10--A key statistic from the Bank of England used to measure the value of sterling against the UK's top trading partners exaggerates the importance of the euro, a report from Goldman Sachs reveals this weekend.
The statistic for the sterling trade-weighted exchange rate is used daily by thousands of analysts and companies, who will be angered by the news.
The Bank of England currently assigns a 65 percent weight to the euro. But a more accurate measure would see the single currency's share slashed to 53.4 percent, according to Kevin Daly and Fiona Lake, economists at Goldman Sachs. The dollar is given a 14 percent share in the Goldman index,...
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