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| Pound sees biggest one-day fall against euro since 2010 | Pound sees biggest one-day fall against euro since 2010 |
| (about 1 hour later) | |
| The pound has continued to weaken against the euro, seeing its biggest one-day fall in almost three years, on continuing signs that the worst may be over for the eurozone economy. | The pound has continued to weaken against the euro, seeing its biggest one-day fall in almost three years, on continuing signs that the worst may be over for the eurozone economy. |
| At one point on Friday, sterling fell 1.8% against the single currency from a day earlier, the largest percentage fall recorded since May 2010. | At one point on Friday, sterling fell 1.8% against the single currency from a day earlier, the largest percentage fall recorded since May 2010. |
| This meant one pound was worth 1.1473 euros, the lowest since October 2011. | |
| The pound has also been weakened by fears about the UK's AAA credit rating. | The pound has also been weakened by fears about the UK's AAA credit rating. |
| This follows after credit rating agency Fitch warned last month that the UK could lose the top rating if the government does not reduce its sovereign debt. | This follows after credit rating agency Fitch warned last month that the UK could lose the top rating if the government does not reduce its sovereign debt. |
| Continuing concerns about the UK economy, which contracted by 0.3% in the final quarter of 2012, have also hit sterling. | Continuing concerns about the UK economy, which contracted by 0.3% in the final quarter of 2012, have also hit sterling. |
| At the same time, the eurozone economy is showing more signs of slow recovery, helping to boost confidence in the euro. | At the same time, the eurozone economy is showing more signs of slow recovery, helping to boost confidence in the euro. |
| Data on Friday showed that while contraction in the eurozone's manufacturing sector had continued in January, the rate of decline had slowed. | Data on Friday showed that while contraction in the eurozone's manufacturing sector had continued in January, the rate of decline had slowed. |
| In later Friday exchanges, the pound recovered some ground against the euro to stand at 1.15000, 1.5% lower than a day earlier. | In later Friday exchanges, the pound recovered some ground against the euro to stand at 1.15000, 1.5% lower than a day earlier. |