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WORLD FOREX: Pound Sinks; Euro Drops Below $1.35

Wall Street Journal - Mar 1, 2010

The U.K. pound sank against the dollar Monday as the country's shaky fiscal position and uncertain political picture led investors to sell off sterling more than 2.25% on the day.

The euro also fell against the dollar--dropping below the key $1.35 level--as investors wary of Greece's swollen debt questioned whether reports of a possible aid plan would pull that country--and the rest of the teetering euro zone periphery--from the fiscal doldrums.

A report on the state of U.S. manufacturing also sent the euro lower against the dollar. Even though the report's headline number was worse than expected, the index showed some improvement in the employment sector, helping boost the greenback, said Jacob Oubina, currency strategist at Forex.com in Bedminster, N.J.

Read Full Article from Wall Street Journal

- Posted: 2010-03-01 10:45:17


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