Pound Falls as Consumer Confidence Index Remains in Negative Territory
The Great Britain pound fell today against the US dollar and the euro as the report showed that confidence of Britain’s consumers remained negative.
The GfK Consumer Confidence index stayed unchanged at -29 in July, while economists hoped for a little improvement to -28. Nick Moon, the Managing Director of Social Research at GfK, commented on the report:
According to the latest GDP figures, the economy has suffered a further 0.7 per cent decline between April and June. This is the third quarter in a row the economy has contracted, meaning the UK is now stuck in the worse double-dip recession since modern records began. It is not surprising therefore that the Index has remained the same this month, as consumer confidence remains as stagnant as the economy.
GBP/USD fell from 1.5704 to 1.5681, erasing its previous gain to 1.5730, while EUR/GBP rose from 0.7802 to 0.7817 as of 9:22 GMT today.
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Earlier News About the Great Britain Pound:
- UK Pound Struggles Against Dollar on Recession Concerns (2012-07-30)
- Pound Climbs as Draghi Spurs Risk Appetite (2012-07-26)
- Pound Drops as GDP Shrinks (2012-07-25)
- Pound Steady in Forex Trading (2012-07-24)
- UK Pound Gains against Euro, Even with Disappointing Data (2012-07-20)