Pound Settles After AAA Loss
Published / Last Updated on 27/02/2013
Pound Settles After AAA Loss.
Following the UK’s loss of its AAA rating, sterling fell globally against all major World currencies.
This has now settled with the pound settling at around €1.51 and €1.14.
Our view
These are nowhere near the levels when the banking crisis broker, with the £ virtually on par with the Euro and down to $1.39.
The UK’s Aa1 rating is now the same as the US and still higher than virtually all Euro nations, with only Germany still retaining is AAA.
A weak pound is actually good for UK exports as our goods and services are cheaper overseas.