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According to Reuters, sterling plummeted to $1.5867 as weak consumer confidence was revealed.
The GfK NOP consumer confidence index dropped by eight points this month to 29 - its biggest decline since 1992 - due to high prices, meaning speculation the Bank of England may up the interest rate due to high inflation was dampened.
And this comes after the gross domestic product surprisingly contracted earlier this week.
Geraldine Concagh, economist at AIB Group Treasury in Dublin, said: "The confidence data has weighed on sterling, which is under pressure going into the weekend, but it is still within range."
In addition to this, the euro was up by 0.1 per cent against the pound at 86.31 pence.
This comes after the single currency was down against sterling yesterday morning by 0.3 per cent.
Posted by Greg Secker
