Pound Slumps To USD1.57
Published / Last Updated on 24/10/2008
Government figures showed that the economy output (GDP) had slumped as huge, and larger than expected, falls of 0.5% in the last three months prompting falls in the stock market with FTSE 100 back down to around the 3,800 market.
In addition, and despite cuts in output, oil prices continued to fall.
The reaction in the city was that interest rates are expected to be cut again following moves in other European Nations such as Sweden doing the same.
A rate cut as much as 0.5% and further cuts next prompted the pound to fall to $1.57. It lowest rate since 1990.
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