//
Bloomberg reports sterling had dropped by as much as 0.3 per cent against the eurozone currency during early activity on the markets today (May 24th), but had recovered slightly by mid-morning.
At 10:23 BST, it was valued at 87.34p, down 0.2 per cent.
The British currency was weaker against all except three of its 16 major global counterparts and chief strategist for FXPro Financial Services Michael Derks was quoted by the news source as saying Moody's announcement "is a fresh source of vulnerability for the pound".
He added the news indicates the extent to which the UK's public finances need to be repaired.
FXstreet.com recently observed the pound has also struggled against the dollar during May, having declined in value steadily since hitting a year-high towards the start of the month.
Posted by Greg Secker
