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Showing posts with the label BBC NEWS | Business February 25

Pound Steadies after U. K. ratings cut: BBC NEWS | Business February 25,2013:

  Sterling steadies after Moody's downgrades UK's AAA rating The pound has begun to recover some losses after it fell in reaction to the loss of the UK's top AAA credit rating. Earlier, sterling had hit a two-and-a-half year low against the dollar and a 16-month low against the euro. Ratings agency Moody's downgraded the UK's credit rating on Friday, the first cut since the 1970s. Despite initially falling in Asian trading, the pound pared losses on Monday, while the FTSE 100 was trading 0.7% higher at midday. The value of sterling has been edging down for several weeks following concerns about the worsening outlook for the UK economy and speculation that the AAA rating was under threat. During early trading on Monday, sterling dropped to $1.5069 against the dollar, before recovering to $1.5144. Against the euro, the pound hovered around 16-month lows with one euro worth 0.8745 pence. Pound Sterlin