In foreign exchange markets there are different ways of calculating historic lows, depending on whether it was day close, or intraday, or for really long time periods weekly/ monthly close. Also you can have NY or London close, and generally people seem to have slightly diff data
.. late last night however, sterling fell significantly, again, to multi year closing lows against both dollar and euro - the vast bulk of its trade-weighted strength...
Anyway - sterling against the single currency the current closing value is €1.0737 - the last time it was lower than this on the Bank of England chart was €1.0706 on 14 October 2009...
1/2
Those daily numbers don’t include intraday lows such as the flash crash
Either is valid depending on your purpose - if you’re an economist or a company or tourist looking to change money - daily rate probably more helpful. If you work at a hedge fund shorting the pound, then the intraday rate is more relevant...
BoE’s official number released monday
Our data providers’ software defaults to weekly, monthly or quarterly numbers over a longer time period, so that’s why, for now, I am comparing to the Bank of England daily database...
Different organisations report lows and highs using different measures...think it’s quite important to bring some relevant consistency to this.
Strikes me daily closing value is more relevant to most people than intraday - best for those in market.
interested in views....
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