Pound Falls To Two-Year Low

By Dan Molinski

The U.K. pound fell to a fresh two-year low against the dollar Friday after U.K. economic growth rates hit their lowest level since 1992, signaling a looming recession.

Broad strength in the U.S. dollar also pushed sterling lower, as a decline in oil prices Friday improved the overall U.S. economic outlook and hopes for a recovery, sending the dollar higher virtually across the board. Crude futures on the New York Mercantile Exchange settled at $114.59 a barrel, down $6.59.

The pound fell to as low as $1.8507 Friday, its lowest point since July 2006, and down 14% from a 27-year ...