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Pound hits seven-year high against euro

Sterling Cash

Pressure from the European Central Bank's bond-buying programme has pushed down the euro to its lowest level against sterling in seven and a half years, with £1 now buying more than €1.40. Analysts at Unicredit and Nordea believe the pound is on course to climb to €1.45 before the end of the year. The euro also hit a 12-year low of $1.08 against the US dollar, as the greenback continued its surge against most global currencies. The dollar's strength laid heavy on US stocks however, pushing the Dow Jones down more than 1% in afternoon trade, and economists expect the dollar to continue strengthening against a range of currencies, including the pound, in the coming months.

 

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