Pound Drops as Britain’s Consumer Confidence Slips
The Great Britain pound dropped today after the report showed that the UK consumer confidence slipped, showing the concerns of Britons about the planned spending cuts.
The Nationwide Consumer Confidence fell from 53 to 52 in October, while it was expected to rise to 55. The report said that “the decrease in sentiment during October was led by continued pessimism towards the future situation”.
GBP/USD dropped from 1.6121 to 1.6030 as of 10:12 GMT today, following the decline to 1.5985. GBP/JPY slid from the opening level of 132.95 to 131.58 after it slumped to the intraday low of 130.99.
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Earlier News About the Great Britain Pound:
- Britain's Inflation Stay Above Target, Boosting Pound (2010-11-10)
- British Pound Gains vs. Euro, Drops vs. Dollar & Yen (2010-11-09)
- BoE Keeps Rates & Bonds Buying Unchanged, Pound Climbs (2010-11-04)
- Britain's Services PMI Report Supports Pound (2010-11-03)
- Pound Weakens on Slower Construction Growth (2010-11-03)