Pound Hits All-time Low Vs Euro
The pound set a record low against the euro on Monday as investors worried over a bleak economic outlook and prospects of more monetary policy easing after the Bank of England's dramatic interest rate cut last week.
Sterling hit 82.07 pence, breaking through the 82 pence barrier for the first time in the history of the single currency.
The ECB only cut interest rates on the continent by 0.5% last week, meaning that UK interest rates are now lower than those in the euro zone for the first time since the euro's inception in 1999.
Data on Monday showed British factory costs fell by a record 5.6 percent in October as oil prices dropped by nearly a fifth of their value.
This news adds weight to the argument that further interest rate cuts from the BoE lie ahead.
Sterling hit 82.07 pence, breaking through the 82 pence barrier for the first time in the history of the single currency.
The ECB only cut interest rates on the continent by 0.5% last week, meaning that UK interest rates are now lower than those in the euro zone for the first time since the euro's inception in 1999.
Data on Monday showed British factory costs fell by a record 5.6 percent in October as oil prices dropped by nearly a fifth of their value.
This news adds weight to the argument that further interest rate cuts from the BoE lie ahead.
