FX round-up: Sterling down vs euro

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Date: Thursday 28 Feb 2008

LONDON (ShareCast) - Sterling was near all-time lows against the euro on Wednesday as figures showed consumer spending had slowed while poor performing banking sector also weighed.

Preliminary estimates for fourth quarter growth from the Office for National Statistics revealed an unrevised 0.6% increase on the previous three month period. GDP rose 3.1% for the year 2007 as a whole compared with 2006.

The ONS also reported a £3.1bn hike in the level of inventories mostly due to higher stocks of construction. That was the biggest increase since the final quarter of 1988.

Banks were lower after HBOS warned fierce competition in the mortgage market and higher funding costs had squeezed margins and could get worse.

Dollar again hit new-lows against the euro on Wednesday.

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