Sterling trades at record lows against the Euro
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
The pound plunged to a record low against the Euro yesterday, testing the 1.22 support level. Sterling traded down to 1.2177 against the Euro its weakest level since the launch of the Euro in 1999.
The weak pound is going to increase the pressure on the Bank of England to cut rates even more. As the UK economy enters recession, home sales are falling. The financial markets are beginning to price in further rates cuts on weak fundamental data.
Since the beginning of the year Sterling has lost over 11% against the single currency, and over 27% against the greenback.
Tuesday 11 November 2008, 09:42am
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