Decoupling
FOR much of the 1990s, the pound remained strikingly stable against the dollar, trading in a narrow range between $1.50 and $1.70. Last year, it held its own against the dollar even as the euro plunged. But this week, sterling fell at one point below $1.40, a level last seen in 1986. The pound is decoupling from the dollar.
This article appeared in the Britain section of the print edition under the headline “Decoupling”
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