November 28, 2022

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Sterling hit a record low against the dollar, with Asia-Pacific currencies also weakening

Sterling hit a record low against the dollar, with Asia-Pacific currencies also weakening

The British pound reached a record low.

Matt Cardi | Getty Images

Critics say these economic measures will do The wealthy benefit disproportionately And you can see the UK take over High levels of debt At a time when interest rates are rising.

“[It] The UK government doesn’t seem to be throwing the market here in terms of a more moderate financial path, so I think at this point now, the path of least resistance will still be down,” Mazen Issa, senior FX analyst at TD Securities, told CNBC before the pound hits a level new low.

“Under $1.05, you’re really looking at parity,” he told CNBC’s “Squawk Box Asia.”

“We’ve seen the euro fall below parity – and I don’t see a reason why the pound shouldn’t, either,” he added.

Stock Picks and Investment Trends from CNBC Pro:

In the Asia-Pacific region, the currencies of Japan, South Korea and China fell against the dollar, while the Australian dollar almost settled.

Japanese yen And it was trading at 143 levels against the dollar, which is weaker than that after the authorities intervened in the currency market last week.

The South Korean won approached 2009 levels at 1,428.52 per dollar.

The US dollar index Gains against a basket of six major currencies.

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