LONDON (AFP) — The pound struck a new all-time low against the euro for the fourth day running amid ongoing concerns about the state of the UK economy following Thursday’s Bank of England quarter point rate cut.

The euro was worth 80.37 pence by 1545 BST, while the pound steadied at $1.9707 against a broadly weaker dollar.

The BoE cut rates by 25 basis points to 5 percent Thursday and said credit conditions had tightened, while the European Central Bank (ECB) kept borrowing costs unchanged.

Thursday’s comments from Jean-Claude Trichet, the European Central Bank’s president, that he deplores volatility in currency markets suggest that the Europeans will at least bang the drum for tighter language in the communique. Overnight, the euro climbed to a new all-time high of 1.5895 dollars.