Pound and euro need to fall further to reach "fair value" - IIF

One Euro and British pound coins are seen in this illustration taken, November 9, 2021. REUTERS/Dado Ruvic/Illustration

LONDON, Sept 29 (Reuters) - Britain's pound is still 18% above its "fair value" and the euro 11.6% above its fair value despite the sharp falls seen by both currencies this year, the Institute of International Finance estimated on Thursday.

"Although the Euro and the British Pound have already fallen substantially, we estimate that they will need to fall further in order to converge to their new fair values," the IIF's Robin Brooks said commenting on its latest FX fair value estimates.

Reporting by Marc Jones; editing by Danilo Masoni

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