Pound hits 17-month low as dollar rally broadens

Fri Aug 8, 2008 4:02am BST

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TOKYO (Reuters) - The dollar extended broad gains against major currencies on Friday, with sterling tumbling to a 17-month low as mounting signs of a global slowdown prompted investors to dump major currencies in favour of the greenback.

The pound fell 0.6 percent against the dollar to a low of $1.9308 on the Reuters dealing system, the lowest since March 2007. Earlier the euro slide to a five-month trough, while the Australian and New Zealand dollars tumbled to their lowest in 4-½ months and 11 months, respectively.

(Reporting by Eric Burroughs)

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