Published by Mark AckroydGrowing concerns about the ongoing economic crisis in the eurozone have led to sterling hitting $1.5498, its lowest level in foreign exchange trading versus the US dollar in six weeks.The possibility of a recession in Europe increased as recent data indicated poor industrial orders and Germany's bond sale was its worst since the single currency began, reports Reuters.Commenting on the situation, senior dealer at Moneycorp Alex Lawson suggested the pound is currently impacted by changes between the euro and dollar.Bank of Tokyo-Mitsubishi currency economist Lee Hardman said: "Downward pressure remains on sterling against the dollar as there are growing signs of the risk of recession in the UK as well as in Europe."This follows recent comments by the former deputy prime minister Lord Heseltine, made to BBC TV's Politics Show, suggesting that collapse of European banks or the eurozone would have a "catastrophic" affect on Britain.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site