TRADE, EXCHANGE RATES AND BUDGETS

TRADE, EXCHANGE RATES AND BUDGETS Sterling touched its lowest level against the dollar since March 1993, and the euro hit a record low against the yen. In the twelve months to June the current account in the euro area slipped into a deficit of $3.5 billion, a sharp change from a surplus of $51.9 billion a year earlier. Australia's current-account deficit narrowed to $20.9 billion in the year to the second quarter.