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GBP Hits New Low Against the Euro

Neil Richard Leslie | December 10, 2008

The British sterling has fallen to a new record low against the euro. BBC:

The pound stood at $1.4807 and at 1.1450 euros in London late morning trading.

[...]

At one point, sterling declined to under 1.14 euros. It also touched a new low against a basket of currencies. Interest rates have been cut both in the UK and in the eurozone, but they remain higher in the 15-member euro currency area. The pound was also hit by new data suggesting the UK economy had shrunk by 1% in the three months to November.

[...]

Lower interest rates make it less attractive for foreigners to hold pounds. A weaker pound is better for the UK exporters but is bad news for British holidaymakers who plan to go abroad during the Christmas season, and also makes imported goods more expensive.

Comments

I think the GBP will still remain strong for the rest of the year as compared to the US Dollar. Niche markets will continue to flourish despite the economic slump. People will always find ways to spend their money wisely these days. But I have to agree on the importations getting more expensive. That's something people will try to stay away from.

Yes you're right, that many people find the way to spend their money. I totally agree with your comment.

Everything is having both side! that's absolutely true.

Whereas some of the majors were hesitant to ( undergraduate diploma ) follow this pair’s guidance in earlier weeks, the others ended up capitulating today. The pound cleared 1.66 and set a new monthly high, USDJPY edged to lows ( graduate diploma ) not seen since February, and the New Zealand dollar charged ahead for the biggest advance against the benchmark currency. However, we still have to take account of the moderating pace.

The European single currency meantime ticked below $1.30, pushing the Gold Price in Euros up to a new record high above €700 an ounce.

In terms of the old German Deutsche Mark, gold this morning hit its third-highest Gold Fix in history, equivalent to DM 44,461 per kilo.

( undergraduate certificate | graduate certificate )

I wonder where it will all go.
Mike the Rrod fix dude.

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Look at the US dollar it’s dropping like a rock and with inflation on the way we could be in big trouble.

Save money fix rrod yourself

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