The Great Britain pound fell today, touching the lowest level since June 2010 against the US dollar, as underwhelming economic data from the United Kingdom added to the downside pressure on the currency.
The Friday’s economic data was unfavorable to the currency for the most part. Construction output fell 0.9 percent in February even though economists predicted an increase, and while industrial production increased, the growth was just 0.1 percent versus the forecast 0.3 percent. The only indicator that came out in line with expectations was manufacturing production, which expanded by 0.4 percent.
Concerns about the May election outcome continue to drag the sterling down, adding to the pressure from weak economic data. There are even speculations about an exit of Great Britain from the European Union. It is likely to be nothing more than just talks, but even so they remain a negative factor for the currency.
GBP/USD fell from 1.4708 to 1.4643 as of 19:13 GMT today, touching the low of 1.4586. GBP/JPY declined from 177.34 to 176.00; if the currency pair closes near the current level it would be the weakest settlement since October 30. EUR/GBP traded at 0.7238, close to the opening rate of 0.7243.
If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.
Be First to Comment