London
England
Tuesday, February 09, 2010

The weak and ailing British currency the UK Pound once again took a battering on the currency exchange markets as February 2010 saw the Pound hit a new low against the US Dollar

Features :-


• UK Pound Sterling crashed to an eight-and-a-half month low against the US Dollar and analysts warned further falls were on the way

• The wilting Pound fell for a fourth day running against the US greenback to a new year low of $1.5535 - its weakest since May 2009

• Analysts now fear it could descend to as low as $1.50 during the course of 2010

• Last summer 2009 it was at $1.70 US Dollar

• In January 2010 it was at $1.65 US Dollar

• The analysts put the latest decline partially on the weak economy in Greece and the troubled Euro countries of Spain and Portugal

• UK Government borrowings are set to hit £178 billion this year

• Britain is now hooked and tied with a debt equal to 12.6 per cent of gross domestic product

• Investors fear that Britain could lose its AAA credit rating

The much feared double dip recession looms on the horizon for the United Kingdom

What are the government going to do stop another crisis, that if it develops could see the UK Government rushing to the International Monetary Fund (IMF) to bail out the economy

That would be catastrophic resulting in another devaluation of the UK Pound!


Address and Contact Data

The Financial Times – Currencies

London
England

http://www.ft.com/markets/currencies