Yen Reinforced by Increasing Concern for Global Recovery
Dollar Falls on Bright Global Outlook and Grim U.S. Prospects
Pound Falls on Concerns for Budget Cuts
The Great Britain pound weakened today as the shop prices rose in June less than in may, adding to the concern that the budget cuts would slow the economic growth.
According to the British Retail Consortium, the overall shop price index declined to 1.5% in June from 1.8% in May. Does that mean that the fears of the austerity measures strangling the economy proved true? We should yet to see, but for now, the sterling reacts badly to the news.
GBP/USD traded near 1.5130 as of 10:55 GMT today after opening at 1.5148. GBP/JPY traded at 131.99 after it opened at 132.57.
If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.
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Earlier News About the Great Britain Pound:
- Pound Weakens on Fears of Double-Dip Recession (2010-06-30)
- Pound Falls as Concern for China's Growth Spurs Risk Aversion (2010-06-29)
- Great Britain Pound Gains on Improving Confidence (2010-06-28)
- Pound Goes Up on Outlook for Interest Rates Increase (2010-06-23)
- Britain's Budget Cuts Won't Strangle Economy, Pound Strengthens (2010-06-22)