The U.S. Dollar extended its 2008 highs against major currencies due to falling oil prices, and the expectations that global inflation would fall. The Euro dropped to a 7-month low against the U.S. Dollar, dropping below $1.45. Analysts have predicted a bleak economic outlook for the U.K. economy and as a result, the U.S. Dollar pushed the Pound Sterling to fall below $1.80, the lowest price since April 2006. The GBP also fell to a new record low versus the Euro and experienced a 12-year low versus a basket of major currencies.