Pound continues fall
The sterling has continued to slide as financial markets suffer, with the poor results mirroring trends that were witnessed just prior to the deepest part of the recession. The currency exchange rate slid to a one-month low against the dollar this morning to USD1.60, surely correlated to poor manufacturing data released yesterday. Tuesday also proved to be burdensome as the UK suffered from unexpected falls in output, keeping sterling on track for its fifth straight day of losses.
Other currency news shows that the dollar index rose to 80.688 in US trading, but nerves are growing ahead of second-quarter US company earnings. Traders brace themselves for uninspiring results, therefore increasing demand for the greenback. The euro has also suffered this week falling to USD1.39 following a report showing increase in German factory orders.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.