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Bank claim: Sterling shows a slight recovery

Sterling has shown a slight recovery following its recent plummet against the US dollar and the euro.

The pound dropped to its lowest value in two and a half years against the dollar and 16 months against the euro following the downgrade of the UK’s AAA credit rating by the major ratings agency Moody’s.

However, during trading, the value of the pound recovered slightly against the dollar and the euro.

Moody’s downgraded the UK’s credit rating from AAA to AA1 because of a lack of growth in the domestic economy and because the value of the pound against the dollar and the euro had been falling for most of the year.

The downgrade of the UK’s credit rating was expected by many as the UK’s domestic economy had not shown much recovery.

Chancellor George Osborne said that the UK would continue with its austerity measures and continue to avoid borrowing money.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801547044-ADNFCR

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