by FWi staff
STERLING avoided entering the 50-day reference period for Green Pound revaluation which began today — but only just.
The Pound traded within 0.01% of its upper limit against other European currencies during the past 10 days, say analysts.
But it has since risen again to above DM3.00 against the German Mark and a revaluation could be triggered when the next reference period ends on 21 March.
According to the Home-Grown Cereals Authority, the situation needs to be followed extremely carefully.
The Pound is currently at the very top of its 5% band against other European currencies and — if other currencies stay at their current levels — any further rise would mean a revaluation is very much a possibility.