Pound holds up against dollar and euro

091304cf-a-jpg

This strengthening of the greenback belies a longer-term trend of a weakening dollar, said Mansoor Mohi-uddin, chief currency strategist at UBS in London. However, many forecasters predicted that the pound would fall further and weaken much faster against the dollar than European currencies. Mohi-uddin said: "Much of the market was predicting that the pound would peak against the euro because of an end to interest rate rises and we thought this was premature."

It is the European currencies that