Pound hits record low against dollar, as Asia-Pacific currencies also weaken

Sterling hits a record low.

Matt Cardy | beautiful pictures

Critics say those economic measures will disproportionately benefiting the wealthy and could see the UK taking over high level of debt when interest rates rise.

“[It] It doesn’t look like the UK government is throwing markets to the bone here as there is a much more dovish fiscal trajectory, and so I think at this point the path of least resistance would remain lower,” Mazen said. Issa, senior forex strategist at TD Securities, told CNBC before sterling hit new lows.

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

“We’ve seen the euro drop below par – I don’t see why the pound can’t either,” he added.

In the Asia-Pacific region, the currencies of Japan, South Korea and China weakened against the greenback, while the Australian dollar was flat.

Japanese saddle was trading at 143 against the dollar, weaker than it was after the authorities intervened in the currency markets last week.

The Korean won is close to 2009 levels at 1,428.52 per dollar.

The US Dollar Index against a basket of six major currencies.

This is breaking news. Please check back for updates.

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