Another New Euro Low For Sterling
More bad economic data has sent the pound sprawling to yet another fresh all-time low against the euro, hitting 1.0867 late morning, with one euro breaching 92 pence at 92.05.
A U.K. employment report showed a 75,700 rise in jobless claims, which was the largest increase since 1991.
The total number on jobless benefit is now 1.072 million, surpassing the psychologically-important one million mark for the first time since 2001.
Minutes from teh BOE's MPC meeting showed that this months 1% cut in rates was the minimum reduction considered, pointing to lower rates ahead. With eurozone rates already running at 0.75% above those in the UK, that gap looks set to widen further.
A U.K. employment report showed a 75,700 rise in jobless claims, which was the largest increase since 1991.
The total number on jobless benefit is now 1.072 million, surpassing the psychologically-important one million mark for the first time since 2001.
Minutes from teh BOE's MPC meeting showed that this months 1% cut in rates was the minimum reduction considered, pointing to lower rates ahead. With eurozone rates already running at 0.75% above those in the UK, that gap looks set to widen further.
