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July 25, 2008 5:12:57 PM CDT

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Pound Soars Against Dollar

Posted Jul 4, 07 1:24 PM CDT in World,  US,  Business 

(Newser) – The British pound climbed against the dollar today to a level not seen since June 1981, nudging past $2.02 before closing at $2.0136. The third consecutive trading session with a 26-year high came as the UK braced for a interest rate hike and the US braced for an extended stay by the $2 pound.

Analysts had trouble accounting for the skid, which one expert called an "absolute beating," the Telegraph reports. Now that the psychological barrier is breached, one economist told Reuters, $2.07 isn't out of the question. Meanwhile, the euro flirted with a record high against the battered American currency as the European Central Bank prepared for tomorrow's meeting on interest rates.

Source Daily Telegraph (UK)

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A US Dollar exchange rate of over two dollars for a Pound is seen displayed on a currency exchange rates indicator at a Bureau de Change in London, Wednesday, April 18, 2007. The U.S. dollar neared an...   (Associated Press)
A display screen shows the value of the British pound to U.S. dollar, London, Monday June 25, 2007. The British pound briefly topped the US$2 mark before falling back to US$1.9999, up from US$1.9994...   (Associated Press)
  (Index Stock (http://www.indexstock.com))
In this photo illustration, a British pound coin rest upon two US$1 bills, in London in this April 17, 2007 file photo. The decline of the U.S. dollar, which has drawn attention in recent weeks as the...   (Associated Press)
A man looks at a currency exchange rates indicator, where the US Dollar exchange rate of over two dollars for a Pound is being displayed, at a Bureau de Change in London, Wednesday, April 18, 2007. The...   (Associated Press)
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US economy  • money  • US dollar  • euro  • trade  • currency  • exchange rate  • pound  • interest


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