Pound Weakens on Worsening Consumer Sentiment
The Great Britain pound weakened today after the report showed that confidence of UK consumers declined last month, signaling that Britain’s economy won’t likely to improve in the near future.
The Consumer Confidence Index of Nationwide Building Society fell from 55 to 51 in June. The assessment of the present economic conditions was stable and the main reason for the decline was the worsening outlook for the future of the UK economy. Retail sales increased 0.7 percent in June, following the 1.3 percent drop in May.
GBP/USD fell from 1.6151 to 1.6130 as of 9:56 GMT today. GBP/JPY traded near its opening level of 127.22 after rising earlier to 127.72.
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Earlier News About the Great Britain Pound:
- GBP/USD Erases Losses After BOE Minutes (2011-07-20)
- UK House Prices Fall for First Time in 2011, Sterling Weaker (2011-07-18)
- Pound Falls vs. Euro on Jobless Claims (2011-07-13)
- Pound Recovers from Slump on Bad Fundamentals (2011-07-12)
- GBP/USD Goes Higher on UK PPI (2011-07-08)