Pound slides as mid-caps are optimistic about overseas growth

<p>Sterling has slipped as mid-capped businesses state they are confident about overseas business growth.</p>

The pound has slipped in forex trading this morning (October 29th) after a survey of 100 British medium-sized enterprises – or mid-caps – revealed companies are confident about overseas growth.

BDO's 2012 Global Ambitions Reports found 78 per cent of such firms anticipate they will generate more revenue from investment coming from abroad in the next three years, while 82 per cent feel optimistic about their international expansion plans.

Furthermore, 61 per cent claimed the sovereign debt crisis that has gripped the eurozone for years has had little or no impact on their overseas growth ambitions, with only eight per cent saying the matter has had a "large impact".

International advisory partner at BDO Kim Hayward advised businesses with plans for growth abroad research the foreign markets they are interested in.

"It is crucial to do thorough research into target markets, choose the right local adviser or partner and take things one step at a time," he said.

At 08:30 GMT the pound slipped by 0.2 per cent versus the dollar to £1 buying $1.606.

Find out about the pound and forex trading at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.