Sterling sold off heavily on Wednesday after UK unemployment jumped in February, while the Bank of England looked on course for further quantitative easing in the coming months.
The pound was down 1.1 per cent against the dollar to $1.3893 and fell 1.3 per cent against the euro to ￡0.9385 after the double dose of bad news for the UK economy.
Unemployment rose above 2m in the first quarter for the first time since 1997 the Office for National Statistics said. Meanwhile, the number of people claiming unemployment benefits jumped 138,400 in February, the biggest rise since records began in 1971.
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