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| Pound tumbles to a five-year low | Pound tumbles to a five-year low |
| (about 2 hours later) | |
| The pound has tumbled almost 3% against the US dollar - falling to its lowest level in five years on recession fears. | The pound has tumbled almost 3% against the US dollar - falling to its lowest level in five years on recession fears. |
| Sterling's fall came after the Bank of England governor, Mervyn King, warned that Britain was probably entering its first recession in 16 years. | Sterling's fall came after the Bank of England governor, Mervyn King, warned that Britain was probably entering its first recession in 16 years. |
| The pound dropped to $1.620 in Asian trading, its lowest since September 2003. It later recovered to $1.639. | |
| The euro fell 2% to hit a two-year low against the dollar - which has itself been rising against other currencies. | The euro fell 2% to hit a two-year low against the dollar - which has itself been rising against other currencies. |
| The euro slid to a low of $1.2743 at one point, before recovering to stand at $1.2914. | |
| POUND STERLING v UNITED STATES DOLLAR: 22 October 2008*All Times GMT | |
| The dollar has jumped to a two-year high against a basket of currencies as investors have bet that interest rates outside the US will be cut sharply to try to bolster global growth. | The dollar has jumped to a two-year high against a basket of currencies as investors have bet that interest rates outside the US will be cut sharply to try to bolster global growth. |
| Concerns there may be a deep slowdown in the world economy have prompted investors to cash in more of their bets against the US dollar which had built up in recent years. | Concerns there may be a deep slowdown in the world economy have prompted investors to cash in more of their bets against the US dollar which had built up in recent years. |
| "Investors continue to flock to the dollar as speculation mounts that central banks elsewhere will continue with aggressive rate cuts in an attempt to stimulate growth in the near term," said James Hughes, an analyst at CMC Markets in London. | |
| "The pound has to be the stand-out, with losses here being compounded by unprecedented comments from Mervyn King last night, essentially confirming the fact that the British economy is now in a recession and any recovery will be far from swift," he added. | |
| At one point this year, the euro reached a record high above $1.60. | |
| Currency traders said a wide range of players from hedge funds to Japanese institutional investors were now rushing to cancel their positions and cut their losses. | Currency traders said a wide range of players from hedge funds to Japanese institutional investors were now rushing to cancel their positions and cut their losses. |
| POUND STERLING v EURO: 22 October 2008*All Times GMT | |
| The dollar fell to 99.29 yen in Asia on Wednesday, down from 100.23 yen late on Tuesday. |