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Forex trading: Sterling fall affects tourists

Forex trading: Sterling fall affects tourists
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The falling price of sterling has hit the pockets of holidaymakers, Forex traders may be keen to learn.

According to figures from the Bank of England, the pound closed in the UK capital at a low of €1.0199 yesterday (December 30th).

The two currencies have not seen this level of parity since the euro was launched in 1999.

Mike Berg, an analyst with the consultancy firm 4Cast, told the Times newspaper: "There is no good news for the pound coming up that I can see.

"Its fall may accelerate a bit. In January, you will see parity."

Meanwhile, Gerard Lyons, chief economist at the banking group Standard Chartered, predicted that the UK currency would drop to €0.90 within a month.

Reuters reports that the euro gained ground in Forex trading in Asia today (December 31st), with many dealers describing the single currency as the best of a bad bunch.ADNFCR-1681-ID-18951414-ADNFCR