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Trade-weighted sterling index hits record low on Tuesday- BoE
October 12, 2016 / 10:16 AM / a year ago

Trade-weighted sterling index hits record low on Tuesday- BoE

LONDON (Reuters) - Sterling fell to its lowest ever level on a broad, trade-weighted index basis on Tuesday, data published on the Bank of England’s website showed.

An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo

Sterling has been under sustained selling pressure ever since Britain’s Prime Minister raised the spectre of a “hard Brexit” where the country will give up full access to the European Union’s single market in order to impose maximum control on its borders.

The index fell to 73.383 on Tuesday, eclipsing its previous low of 73.495 in December 2008.

On Wednesday, the pound was trading 1 percent higher against both the dollar and the euro, earning a bit of a relief after a brutal sell off which saw it drop to 31-year lows on Friday. [GBP/]

For a link to the BOE data: here.x=22&html.y=18&CSVF=TT&C=IIT&C=IIV&C=IPL&C=IIY&C=IQ2&C=M4Z&C=M50&Filter=N

Reporting by Anirban Nag, editing by Jamie McGeever

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