Pound falls again as Danish kroner slides
Thursday 04 February 1993
The pound fell by more than one pfennig to a record close of DM2.3583 and dropped by about a US cent to dollars 1.4345, the lowest finish for more than six years.
But hopes of bigger company profits stemming from lower rates and devaluation sent shares up sharply. The FT-SE 100 Index hit a record of 2873.8, up 39.4 points.
The Danish kroner was the latest European currency to fall victim to speculation, dropping to its ERM floor of 3.9016 Dkr to the mark. Dealers believe that without a cut in German interest rates today it faces almost certain devaluation by the weekend.
That would leave the French franc exposed to a renewed assault and might herald the collapse of the European Monetary System in its present form.
The Treasury said yesterday that the pound's latest fall was having little impact on inflationary pressures, which remain weak.
Officials did little to discourage further speculation against sterling, and declined to warn that
interest rates could be lifted to halt the fall. Downing Street ruled out a detailed account of economic policy until the Budget on 16 March.
Tumbling pound, page 24
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Joan Rivers: 'Palestinians deserve to be dead'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
£30000 - £38500 Per Annum + 25 days holiday, pension, subsidised restaurant: C...
£21500 - £40000 per annum: Randstad Education Plymouth: Randstad Education Ltd...
£230 - £260 per day + competitive: Orgtel: MI Analyst-Reporting-Bank-Edinburgh...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...