Sterling hits fresh 12-year low
The pound plumbed to a fresh 12-year low Friday with it's trade-weighted index against a basket of currencies hitting 89.5, it's lowest since October 1996.
A recent slew of disappointing figures, including a dramatic drop in UK house prices and retail sales on Thursday has added to the view the economy is heading towards a recession.
This has kept the pound dangling just above a two-year low against the dollar and a record trough versus the euro.
The pound fell as low as $1.8260 Friday not far from a two-year low of $1.8238 hit yesterday. At 09.40 am London time the pound was $1.8287 and 80.65 against the euro, just shy of it's lowest level since the single currency was introduced in 1999 of 80.98 pence.