Sterling Declines as UK Economy Shrinks
The Great Britain pound extended its losses today after the report showed that Britain’s economy shrank more than predicted in the fourth quarter of the last year.
Britain’s gross domestic product contracted by 0.6 percent in the fourth quarter of 2010, revised down from the previously estimated fall of 0.5 percent. Chris Huddleston, a trader at Investec Bank Plc, said that the decline was caused by the
GBP/USD went down from 1.6135 to 1.6040 as of 15:01 GMT today after rising earlier to 1.6160.
If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.
Tags
Categories
Earlier News About the Great Britain Pound:
- Pound Gains as More Policy Makers Vote for Rates Increase (2011-02-23)
- Weekly Gains of Pound on Anticipation of Interest Rates Hike (2011-02-19)
- Great Britain Pound Jumps as Retails Sales Grow (2011-02-18)
- Pound Rebounds as Sentance Insists on Rising Interest Rates (2011-02-17)
- King Cools Expectations for Interest Rates Hike, Sterling Drops (2011-02-16)
