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Sterling hits record low against the dollar, as Asia-Pacific currencies also weaken



Sterling hit a record low.

Matt Cardy | Getty Images

Critics say those economic measures will disproportionately benefit the wealthy and could see the U.K. take on high levels of debt at a time of rising interest rates.

“[It] doesn’t seem like the U.K. government is throwing the market a bone here in terms of having a much more tempered fiscal trajectory, and so I think at this point right now, the path of least resistance is going to remain lower,” Mazen Issa, senior forex strategist at TD Securities, told CNBC before the pound hit a new low.

“Below $1.05, you really look at parity,” he told CNBC’s “Squawk Box Asia.”


“We’ve seen the euro dip below parity — I don’t see a reason why sterling can’t either,” he added.

In the Asia-Pacific region, Japan, South Korea and China’s currencies weakened against the greenback, while the Australian dollar was about flat.

The Japanese yen traded at 143-levels against the dollar, weaker compared to after authorities intervened in the currency market last week.

South Korea’s won was near 2009 levels at 1,428.52 per dollar.

The U.S. dollar index gained against a basket of six major currencies.

This is breaking news. Please check back for updates.

Source: CNBC


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