Bank of England measure of sterling strength against narrow range of currencies - the effective exchange rates - just released latest figure, calculated from London close on Friday - 73.9972 - only been weaker on 4 trading day closes since 1990.
1990 is when this record began... it was a tiny amount (0.14) above the previous record lows at 4ish pm, when it is measured - it fell significantly after that against both $ & € before US close at 10pm, and has since recovered a bit....
good question - it measures sterling against a range of currencies weighted by value in trade - euro top, then dollar, then everything else in proportion to trade - so it is a broad measure of ingherent sterling strength/weakness against rest of world
NB this morning’s BoE figure (ie calculated at last night’s close) for the narrow trade weighted effective exchange rate was a touch down on Friday’s at 73.9817 - fifth weakest close since this record began in 1990
... And the biggest weight in that - weakness against the euro, which on the official Bank of England figure, calculated last night and published this morning, was at its weakest closing point since 14th October 2009, just under a decade ago. (By €0.0001, or 1/100th of a cent)
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