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British Pound at 27 year low vs Australian dollar; pound exchange rates do however recover in wake of BoE assessment
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- Category: Australian Dollar
- Published on Wednesday, 15 February 2012 14:58
- Written by Rob Samson
The British Pound declined against the higher-yielding currencies again over night, recording yet another 27-year low of 1.4560 against the Australian Dollar and this now represents the ninth consecutive week that the Pound has dropped to lowest level since 1985.
"The UK currency also lost ground versus the South African Rand and New Zealand Dollar, as global confidence continues to improve, while the ongoing threat of a UK recession makes the Pound less attractive to investors," says Adam Solomon at UK money transfer company TorFx.
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A report from the Bank of England suggested that the UK economy is likely to remain “weak” over the coming months, amid widespread speculation of a first quarter contraction, which would signal a technical recession.
The Pound dropped to the lowest level in six months against the New Zealand dollar, as UK jobless claims rose more in January than initial estimate, while the BoE actually raised its inflation forecast, which reduced expectations of further quantitative easing over the coming months.
"That should support the Pound and to an extent the UK currency has risen versus the Euro but that is largely due to speculation that the EU and IMF will delay the next bailout package for Greece," says Solomon.
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