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FX round-up: BOE warns of downside risk for pound

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Date: Thursday 27 Mar 2008

LONDON (ShareCast) - Sterling continued to move lower against the euro after a Bank of England policymaker highlighted downside risks for the currency.

BoE policymaker Charles Bean told the Treasury Committee that the risks to the currency remained to the downside.

Meanwhile, governor Mervyn King signalled the bank could continue cutting interest rates and said inflation was seen rising to around 3%.

The dollar also continued its slide after figures from the Commerce Department revealed a 1.7% decline in US durable goods orders last month unsettled investors. Analysts had predicted a 0.8% rise.

In Europe, the euro zone industrial orders rose 2.0% month-on-month in January and rose 7.3% year-on-year.

The German Ifo institute said its business climate index increased to 104.8 in March from 104.1 the previous month.

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