Sterling is currently at its lowest level in 5 months against the US dollar, at approximately $1.51. With global demand for the UK’s goods and services weakening an interest rate rise will be delayed. The Euro has also strengthened in recent weeks against Sterling with the pound currently at 1.35 Euro, having been as high as 1.44 in July.
The Euro has been boosted recently as Mario Draghi, the head of the European Central Bank gave the single currency a boost by saying that further quantitative easing had not been decided. Previously, he had said that he would implement further stimulus when deemed necessary.
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