The Great Britain pound weakened today after Fitch Ratings stated that “UK fiscal challenge is formidable”, spurring the demand for the safety among the investors.
According to Fitch Britain requires more budget cuts and needs to perform them with faster pace to avoid the budget crisis. The slump of the pound reflected the concern about the possible spreading of the debt crisis. Filth didn’t said anything really new about Britain’s economy and the reaction to the statement just showed that the underlying theme in the market remains the same and the traders are wary about any sign of the crisis.
GBP/USD traded near 1.4419 today as of 11:01 GMT after it opened at 1.4466.
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