Pound hits two-year low after downgrade

February 26th, 2013

FAKE NEWS for the Zionist agenda

Sterling slid against dollar to $1.5073, its lowest level since summer 2010, after Credit ratings agency Moody’s downgraded the British government’s bond rating from the top AAA to AA1 last week due to the country’s rising debt and slowing growth.

The pound also plunged to a 16-month low against the euro at 0.8745 at one point, despite government efforts to play down the significance of the country losing its triple A credit rating.

“While the downgrade may add to market nervousness about the UK’s fiscal position, the key effect is simply to reemphasize the weakness of the economic outlook,” said Jonathan Loynes, chief European economist at Capital Economics.

Earlier last week, the surprise decision by three members of the Bank of England (BoE), including its governor Sir Mervyn King, to pump an extra £25 billion into the UK’s struggling recovery sent pound to a 15 month-low against the euro and a cent to an eight-month low against the dollar.

MOS/SSM/HE

Source Article from http://www.presstv.ir/detail/2013/02/25/290804/pound-hits-twoyear-low-after-downgrade/