UK Recession Fear Pushes Pound Down

[SteveH]

A few Months ago,one could get $2 for £1 and 1.27 Euro`s per £1,
How things have took a turn for the Worse!!
Travelex Today $1.74 for £1
1.20 Euro`s per £1.

Recession fears push pound down
 
http://news.bbc.co.uk/1/hi/business/7591563.stm
 
The gloomy UK economic outlook is weighing heavily on sterling
The pound has hit a record low against the euro and a two-year low against the dollar amid fresh fears about the UK sliding into recession.

Gloomy housing and manufacturing data and comments from the Chancellor about the UK's economic woes are to blame for the pound's decline, traders said.

Sterling hit 81.21 pence against the euro, before trading at 81.14 pence.

In later trade sterling slipped below $1.80 - the lowest since April 2006 - as lower oil prices helped the dollar.

By the end of European trade, one pound was worth $1.8011.

Sterling has fallen sharply over the past month. In mid-July, one pound bought two dollars.
 

[SteveH]

Pound dips further against dollar 
   http://news.bbc.co.uk/1/hi/business/7595518.stm
The pound has continued to fall against the US dollar, hitting its lowest level since April 2006 on fears that the UK is heading into a recession this year.

Sterling fell to a low of $1.7669, and was recently trading at $1.7668. The weak pound weighed on shares, and the FTSE 100 stock index lost more than 2%.

Sterling has fallen sharply over the past month, down from July highs that saw one pound buying two dollars.

Wednesday's slide comes as the Bank of England starts a rate-setting meeting.

The Bank is due to give its verdict on interest rates at midday on Thursday, with most analysts expecting it to keep borrowing costs unchanged at 5%.
 

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