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

Sterling hit an all-time low.

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Critics say these economic measures will disproportionately benefit the wealthy and could see the UK take on high levels of debt at a time of rising interest rates.

“[It] It doesn’t look like the UK government is throwing the market a bone here in terms of having a much more dovish fiscal path, and so I think at this point right now, the path of least resistance is going to continue to be lower,” Mazen Issa., senior currency strategist at TD Securities, told CNBC before the pound hit a new low.

“Below $1.05, you really look at parity,” he told CNBC’s “Squawk Box Asia.”

“We’ve seen the euro fall below parity – I see no reason why sterling can’t too,” he added.

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

The Japanese yen was trading at 143 levels against the dollar, weaker compared to after authorities intervened in the currency market last week.

The South Korean won was near 2009 levels at 1,428.52 to the dollar.

The US dollar index gained against a basket of six major currencies.

This is breaking news. Check back for updates.

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