Euro keeps the pressure on Sterling
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Sterling sank to a new record low against the Euro yesterday, smashing through the 1.1440-1.1460 barrier. This was a combination of a better performing Euro on the back of better than expected German business sentiment data, and more down beat news on the UK economy. Economic analysts say the British industry is contracting at its fastest pace since 1991. Fundamental data has increased expectations that the Bank of England will cut rates further next month. A base rate of zero or close to zero is no longer perceived as being improbable or even unlikely. Analysts expect the pressure to remain on sterling, at least for the short term.
The overall value of the pound against a basket of currencies crashed last week to its lowest level in 13 years ahead of base rate cuts by the Bank of England.
Wednesday 10 December 2008, 12:52pm
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