Published by Zeb BhamThe pound closed below the $1.50 mark yesterday after a stern statement concerning the UK's timetable for recovery from ratings agency Fitch.Brian Coulton, the agency's head of sovereign ratings, warned that the pace of recovery was "frankly too slow" and urged for measures to be put in place to quickly bring the country's spiralling budget deficit under control.Speaking to the Telegraph, Colin Ellis, economist at Daiwa Capital Markets, said that recent data showing an unexpected £1.4 billion fall in exports in January has also undermined hopes that the UK would see a trade-led recovery as the pound languishes in global foreign exchange trading."In terms of GDP during 2010, it is increasingly looking like net trade may not provide that much impetus to growth after all," he said.Elsewhere, Credit Suisse has warned that the UK may see another credit crunch as banks attempt to shore up their balance sheets in line with new lending ration regulations.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site