Sterling, euro weaken versus US dollar

The pound weakened versus the US dollar on Wednesday on the continuing possibility that the Bank of England will cut interest rates again soon in order to protect the UK economy from slowing, marking the first time in three months that it cost less than $2 to buy a pound.

In early afternoon trade in New York the dollar traded at $1.9959 to the pound while the pound traded at €1.4359 against the euro and it took ¥226.2453 to buy a pound.

The euro lost ground to the dollar on comments from the president of the European Central Bank which indicated that there will be no interest rate cuts in the Eurozone next year.

In afternoon trade in New York, it took $1.4359 to buy a euro.

The yen strengthened in relation to the euro, but lost gains versus the dollar as it traded at ¥162.7663 to the euro and at ¥113.3550 to the US dollar.

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