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Based on Reuters (Dec 1 2006) - The dollar hit a 14-year low against sterling and a 20-month trough versus the euro on Friday after weak U.S. data reinforced expectations the Federal Reserve might cut interest rates next year.

Chart graph for GBP/USD since 1992 to 2006

On GBP/USD chart could be try rollback the history in 1992, break postion over 2.000. The dollar fell as low as $1.9748 per pound (GBP), hitting its lowest for a second day since Sept. 1992 — just before the UK abandoned the European Exchange Rate Mechanism, the precursor to the euro. Investors are looking for sterling to rally to the elusive $2 level, last reached also in Sept. 1992.

U.S. data on Thursday showed activity in the Midwest shrank in November for the first time in 3-1/2 years, which augured ill for the ISM manufacturing survey for November due later.

Markets are also keen to hear from Federal Reserve chairman Ben Bernanke and other Fed officials who speak later, although in recent speeches they have delivered a generally upbeat view.

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