Following the global financial crisis in late 2008, the pound depreciated sharply, reaching $1.38 (US) on 23 January 2009 and falling below €1.25 against the euro in April 2008. There was a further decline during the remainder of 2008, most dramatically on 29 December when its euro rate hit an all-time low at €1.0219, while its US dollar rate depreciated. The pound appreciated in early 2009, reaching a peak against the euro of €1.17 in mid-July. In the following months the pound remained broadly steady against the euro, with the pound's valued on 27 May 2011 at €1.15 and US$1.65.