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euro vs pound

Pound Vs Euro Near a Record Low.

Authored by Phil Meekin

Phil Meekin

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Approximate read time: 1 minute

The pound hovered close to record lows against the euro on Monday after a survey reported another sharp fall in house prices.

Rightmove.co.uk has reported UK house prices were down 6.3 percent year-on-year in December and predicted they could fall a further 10 percent by the end of 2009.

He said recent suggestions from European Central Bank officials that euro zone interest rates may not fall too much further were lending broad support to the euro.

At 9:10 a.m., the euro traded 0.2 percent higher against the pound to 89.59 pence, after climbing to 89.91 pence according to Reuters data, not far off a record high of 89.97 pence hit on Friday.

Broad dollar weakness, however, helped the pound gain against the U.S. currency as worries about the U.S. economy and its stricken auto sector weighed on the greenback.

The pound gained 0.4 percent to $1.5014 as the U.S. currency fell across the board, taking the trade-weighted dollar index to a two-month low.

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