Sterling Drops to 37-Year Low as European Markets Retreat Further

Sterling dropped to the lowest level in 37 years, dominated by strong dollars on the back of Fed’s potential rate hike and recession concerns.

For the first time since 1985, the British pound fell as low as $1.135 before bouncing back to $1.1378 on Friday.


Meanwhile, European stocks continued the decline into their fourth-straight day. German DAX fell 1.87%, UK’s FTSE dipped 0.21%, French CAC dropped 1.47% and Euro STOXX600 shed 1.28%.

The Australia and New Zealand Banking Group ANZ said stocks would continue to struggle on inflation concerns and expectations of the US Fed’s rate hikes next week.