Alexander
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Euro, Pound Tumble on Bets ECB to Cut Rates - 2008/10/22 19:26
Good day, ladies and gentlemen. Euro and Pound are taking the effects of the financial crisis. The euro fell below $1.28 for the first time since November 2006 and the pound tumbled to a five- year low on speculation European central banks will cut interest rates as the global economy heads for recession.
The euro fell as low as $1.2743 before trading at $1.2916 as of 10:08 a.m. in London, from $1.3063 yesterday in New York. It dropped to 126.95 yen, the lowest since April 2004, and last traded at 127.55 from 103.80. Japan's currency was at 98.77 per dollar from 100.14.
The pound dropped to $1.6203, the lowest level since September 2003, and traded at $1.6263 from $1.6706. It also declined for a third day against the euro to 78.75 pence from 78.17.
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