Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Sterling plunges to lowest level against the US dollar since 1985

by September 8, 2022
September 8, 2022
Sterling plunges to lowest level against the US dollar since 1985

The British pound has hit its lowest level against the US dollar in almost four decades.

Just after 2pm on Wednesday, sterling fell to $1.1407, according to Refinitiv data – its lowest point since 1985.

The pound has lost more than 15% against the dollar so far this year, hurt by both the dollar’s strength and the gloomy economic outlook for the UK.

UK inflation was already the highest of the G7 economies, and a recession has been forecast by analysts for months.

But now Liz Truss has replaced Boris Johnson as prime minister, vowing to help people cope with rapidly rising energy bills but at the same time making it clear she wants to cut taxes.

She has also ruled out extending a windfall tax on oil and gas companies, leaving little option apart from increasing government borrowing to fund her promise.

The pound’s dire performance will also make the Bank of England more likely to hike interest rates when its monetary policy committee meets next week.

The bank has been rising rates in an effort to calm inflation – which hit 10.1% in July, the latest figures available – but a struggling dollar will increase the cost of imports, fuelling inflation.

Sterling’s all-time low against the dollar was $1.0545 in March 1985, just before the Plaza Accord, when action was taken by some of the world’s biggest economies to rein in the Reagan-era superdollar.

Meanwhile, on Wednesday, the pound was also down almost 1% against the euro, at 86.83, although over the year it has performed better against the single currency than against the US dollar.

Read more:
Sterling plunges to lowest level against the US dollar since 1985

0
FacebookTwitterGoogle +Pinterest
previous post
Ad spending on mobile social media to grow by 19% in 2022
next post
Exclusive: Three quarter of Brits pay for subscriptions they don’t use

You may also like

Secrets of Success: Susie Stubbs, Founder of Totter...

January 26, 2024

Master the Table: 3 Innovative Ways to Play...

November 19, 2024

Eco-Friendly Lawn Care: How to Keep Your Grass...

June 10, 2024

Hunt Pledges to Safeguard Key Royal Mail Services...

May 31, 2024

Sunak to hold talks about food inflation with...

May 5, 2023

Mortgage completions surge 50% as buyers rush to...

April 21, 2025

Almost 10,000 start-up loans were awarded to businesses...

September 6, 2023

Twitter joins long list of tech firms ‘Unprepared’...

April 26, 2023

Reeves plans closer ties between National Wealth Fund...

January 24, 2025

Alexander Meskouris Provides Insight Into His Career In...

January 9, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • House Tax Bill Doesn’t Kill Green New Deal Subsidies Fast Enough

      May 15, 2025
    • UAE’s president bestows highest civilian honor on Trump

      May 15, 2025
    • US military would be unleashed on enemy drones on the homeland if bipartisan bill passes

      May 15, 2025
    • House Dems open investigation into Trump’s acceptance of $400 million jet from Qatar

      May 15, 2025
    • Wagyu Farmer in Congress Wants Tariffs on Australian Wagyu

      May 15, 2025
    • Young Americans Like Socialism Too Much—That’s a Problem Libertarians Must Fix

      May 15, 2025

    Categories

    • Business (7,968)
    • Investing (1,963)
    • Politics (15,235)
    • Stocks (3,084)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved