UK currency drops as USD sees gains
by Elaine Frei
The pound touched a five-month low in relation to the US dollar on Monday after Prime Minister Gordon Brown made remarks about the economy that made analysts expect more strongly that the Bank of England will have to cut interest rates again.
After the pound dropped as low as $1.9653 versus the dollar, it came back to trade at $1.9714 to the greenback at nearly 1 p.m. in New York, while it 74.51p to the euro.
The pounds gains versus the euro came on a decline in confidence in the Eurozone on data showing that inflation is on the rise there.
The US dollar made gains in relation to the yen, the euro and the Swiss franc.
In early afternoon trade in New York, the yen traded at ¥109.1300 to the dollar, while the dollar traded at $1.4688 to the euro and the Swiss franc traded at SFr1.1179 to the dollar.
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