Pound falls to 37-year low on anniversary of Black Wednesday

Pound falls to 37-year low on anniversary of Black Wednesday
# 16 September 2022 23:10 (UTC +04:00)

Sterling marked the 30th anniversary of "Black Wednesday" by falling to a fresh 37-year low against the U.S. dollar on Friday, and a 19-month trough against the euro, after weaker-than-expected retail sales figures reinforced fears about Britain's economy, APA reports citing Reuters.

The pound fell more than 1% against the dollar to $1.1351, its lowest since 1985, and was last trading at $1.1404.

Most major currencies have been struggling against the dollar in recent months, and the greenback was given another leg-up this week after hotter-than-expected U.S. inflation caused markets to price in a further large rate hike from the Federal Reserve next week.

The pound has particularly struggled, however, and the euro rose to as high as 87.71 pence on Friday, its highest level since Feb 2021. It was last up 0.39% at 87.45 pence.

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