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Sterling continues to reflect gloomy economic outlook

Business Materials 28 May 2008 21:07 (UTC +04:00)

Sterling made losses against the dollar following stronger than expected US economic data and a fall in oil prices after an earlier record high, the AFP reported.

Speculation that the European Central Bank will cut interest rates before the end of the year helped the pound end the day slightly up against the Euro, but it was generally gloomy for the British currency as surging inflation and recession fears continue to dog the Bank of England.

STERLING

London 15:35 GMT 12:40

US Dollar 1.9805 up from 1.9724

Euro 1.2677 up from 1.2627

Yen 207.35 down from 207.42

Swiss franc 2.0568 up from 2.0533

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