GBP Lower on BoE Outlook & Unemployment Rate
The Great Britain pound weakened today as the inflation report showed that outlook of the nation’s central bank is pessimistic, while the unemployment rate rose more than was expected.
The unemployment rate increased to 8.3 percent in September from 8.1 percent in the preceding month, while experts predicted a reading of 8.2 percent. The Bank of England said in its inflation report:
The outlook for the UK economy has worsened. Global growth has slowed. And increased concerns about the solvency of some
euro-areacountries have been accompanied by heightened strains in bank and some sovereign funding markets, and by falls in household and business confidence.
GBP/USD fell from 1.5820 to 1.5753 and GBP/JPY went down from 121.82 to 121.34 today as of 15:16 GMT.
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Earlier News About the Great Britain Pound: