British Pound Hits Record Low
The British pound fell to a record low against the Euro as the market punishes the currency for being a measure of risk.
The sterling actually sold off against everything in sight including the US dollar, Japanese Yen and Swiss franc. There was no UK economic data released last night, but consumer prices are due for release tomorrow. They are expected to be strong given the rise in BRC shop prices and producer prices. However that will not matter for the pound if risk aversion dominates the currency market once again.