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Sterling plumbed an all-time low versus the euro on Monday, sliding for a fourth straight session as investors continued to bet that the Bank of England will cut interest rates, despite data showing rising inflation.
It also lost ground against the yen, carving a fresh 1-1/2 year trough as the low-yielding Japanese currency benefited from mounting risk aversion stemming from concerns that major US banks will report more credit-related writedowns this week.
Investors mostly shrugged off data showing British factory gate inflation rose to a 16-year high in December, with input prices gaining by a faster-than-expected 11.2 percent on the year. By 1506 GMT, the euro was trading at 75.96 pence, just off an earlier peak of 76.08 pence, the highest inception in 1999.
Against the yen, it slid to a low of 210.66 yen - a level last seen in July 2006 - before clawing back above 211 yen. But the pound rose to $1.9577, well off a 10-month low of $1.9482 set on Friday. In trade-weighted terms, sterling dipped below 95 for the first time in 4-1/2 years.

Copyright Reuters, 2008

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