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‘We have set up a short pound position versus the dollar’“As such, we have been selling European stocks and are now on balance in the process of decreasing our equity exposure,” says Daalder. “Additionally, we have set up a short pound position versus the dollar, as we believe that sterling is the logical variable for the UK to ‘use’ to alleviate the economic pain. The UK runs a current account deficit of close to 6% of GDP, with the EU acting as its biggest trade partner.”