2008.12.1507:24:00UTC+00Pound declines further against majors

In trading against other major currencies, the UK's sterling extended its recent downtrend in early deals on Monday. The pound edged down to a new record low of 0.9023 against the euro by 7:15 am ET, compared to Friday's closing value of 0.8942. The pound also drifted lower to 1.4924 against the US dollar, 135.54 against the yen and 1.7505 versus the Swiss franc, compared to last week's closing values of 1.4965, 136.28 and 1.7636, respectively.

In economic news released in the morning by the online property agency Rightmove showed that house prices in Great Britain declined in December, but at a slower pace than in November. The Rightmove index registered a month-on-month decline of 2.3 percent, while the index was 6.3 percent lower than one year earlier. While still moving lower, both indices improved from the record declines of 2.9 percent on month and 7.1 percent on year in November.

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