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Dollar Gets Pounded

Posted Apr 18, 07 11:53 AM CDT in World,  Business 

(Newser) – The British pound hit a 26-year-high against the dollar this morning, triggering inflationary fears there as it pushed past $2 for the first time since Margaret Thatcher's early reign. As  inflation figures spiked to 3.1% in March—the highest  in 10 years—the middle class got hit the hardest, the Daily Telegraph reports.

Research in today's Telegraph suggests that the cost of living for middle-class Britons is double the official rate, with housing and gasoline prices skyrocketing. But it is good news for the tourist industry here: Anticipate a surge in British travel to the States.

Source Guardian (UK)

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In this photo illustration, two British pound coins rest upon a US$1 bill, in London Tuesday April 17, 2007. The British pound broke through the US$2 mark on Tuesday for the first time in nearly 15 years...   (Associated Press)
Dollar exchange rates are displayed in London, Tuesday April 17, 2007. The British pound broke past US$2 in European trading Tuesday morning for the first time since 1992 but the dollar gained some ground...   (Associated Press)
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inflation • money • interest rate • currency • exchange rate • pound


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