Sterling has today lost ground against most major currencies due to Mervyn King warning of a possible recession and also tying in the fact that inflation should sort itself out over the coming 18 months, which has now left the door open for possible rate cuts over the coming months to rekindle the slowing economy.
Also in data released today the unemployment rate has shown to have rose at the sharpest rate in 15 years.
All of this news has led to the pound losing 1.38% against the Dollar, 1.35% against the Euro, 0.81% against the Australian Dollar and 1.78% against the New Zealand Dollar.
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Daniel Wright
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