by Adam Solomon
Sterling / Euro and US Dollar
The Pound plummeted against the Euro this morning, falling towards a fresh seven month low, after a report showed that UK manufacturing slowed in April. The report from the Chartered Institute of Purchasing and Supply dropped to a reading of 54.6, the worst result in seven months, emphasising the risks to economic growth. The Bank of England have displayed a real reluctance, as a collective majority, to consider raising interest rates with the recovery at this fragile stage and there has been suggestions that rates will remain on hold for the next 12-months. The Pound also slumped against the majority of the 16 most actively traded currencies, falling towards 1.5150 against the Australian Dollar, a record low, while the UK currency also plunged to 1.6480 versus the U.S Dollar.