Pound in another record low versus euro

The pound hit another record low versus the euro on Wednesday at 74.48p to the euro before trading at 74.39p to the shared currency in early afternoon trade in New York.

The UK currency also was lower in relation to the US dollar, trading at 50.50p to the dollar, its lowest level against the greenback in a week in anticipation of more interest rate cuts from the Bank of England soon.

The US dollar was weaker on Wednesday, falling after the private Institute for Supply Management reported that its manufacturing index dropped to 47.7 in December from 50.8 in November and on anticipation of a Labor Department report due later in the week that is expected to show that unemployment rose in Decmeber.

The greenback’s biggest decline came in relation to the yen and the Swiss franc, which traded at ¥109.4100 and SFr1.1159 to the dollar respectively, while it also fell versus the euro, to €1.4730 to the dollar just before 1 p.m. in New York.

The yen advanced against all 16 most-active currencies as investors fled risk on concerns about the US economy, trading at ¥161.1663 to the euro, at ¥216.6646 to the pound, and at ¥96.2698 to the Australian dollar.

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