Tuesday saw the English pound lose value to 15 of its 16 top counterpart currencies in response to remarks from the British Chamber of Commerce stating more monetary stimulus from the Bank of England will not reverse development and growth of the UK's hobbled economy, according to Bloomberg.
When compared with the Australian dollar, the moneypiece dropped to its lowest value since early September 2011 after the Royal Institution of Chartered Surveyors said local property markets are under duress because of the shaky economic situation.
"Sterling is following a broader move in euro/dollar, so euro/sterling has fallen like a stone, and Cable is falling as well," currency strategist Peter Kinsella with Commerzbank told Reuters. "We still see more downside in euro/sterling, and it will probably be the same story in Cable."
Only one economist of the 41 surveyed by Bloomberg said the Bank of England will not leave its bond-purchase target unchanged on Thursday when policy makers meet.
Sterling was hovering by its top value in 16 months when compared with the common currency of the European Union, according to Reuters.
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