THE TELEGRAPH: The pound could slide as low as $1.50 against the dollar in the coming years as the exodus of foreign investors from sterling gathers pace, experts have warned.
The days of the $2 pound are gone for at least five years, they added, as sterling dropped to a new two-year low against the greenback. The pound dropped almost two cents compared with its previous close to $1.8386 - the first time it has dipped beneath the $1.84 mark since mid-2006. It also hit a new 12-year low on its trade-weighted index, which measures it against a basket of other currencies, falling 0.1 points to 90.5.
On a day that saw the dollar climb yet further against most of its major counterparts, the pound lost more ground, as investors speculated that the Bank of England will soon have to cut interest rates to help support the weakening economy. Pound Could Slide to $1.50 against the Dollar >>> By Edmund Conway, Economics Editor | August 26, 2008
BBC:
Euro Gains as Dollar Rally Stalls >>> | August 27, 2008
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