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| Version 0 | Version 1 |
|---|---|
| Pound in another record euro low | Pound in another record euro low |
| (20 minutes later) | |
| The British pound has continued its sharp decline against the eurozone currency, reaching a new record low of 1.1238 euros on Thursday. | |
| It is the lowest level since the euro was launched in 1999. | It is the lowest level since the euro was launched in 1999. |
| Sterling was pushed lower after figures from the Confederation of British Industry confirmed a sharp downward trend in manufacturing. | Sterling was pushed lower after figures from the Confederation of British Industry confirmed a sharp downward trend in manufacturing. |
| Meanwhile, the pound gained one cent against the US dollar, reaching $1.4924 in afternoon trading. | Meanwhile, the pound gained one cent against the US dollar, reaching $1.4924 in afternoon trading. |
| The UK currency is expected to remain under broad selling pressure amid a grim outlook for the British economy. | The UK currency is expected to remain under broad selling pressure amid a grim outlook for the British economy. |
| POUND STERLING v EURO: 11 December 2008*All Times GMT | POUND STERLING v EURO: 11 December 2008*All Times GMT |
| Interest rates have been cut both in the UK and in the eurozone, but they remain higher in the 15-member euro currency area. | 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 Bank of England has made two sharp cuts in rates, bringing them down to 2%, and many analysts expect more in the pipeline. | The Bank of England has made two sharp cuts in rates, bringing them down to 2%, and many analysts expect more in the pipeline. |
| Lower interest rates make it less attractive for foreigners to hold pounds. | 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. | 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. |
| Some currency dealers are expecting that the pound will approach parity with the euro by the end of the year. | Some currency dealers are expecting that the pound will approach parity with the euro by the end of the year. |