Sterling Declines as UK Output Contracts
The Great Britain pound dropped today, touching the lowest level since June 2010 against the US dollar, as both factory and industrial production declined in January.
UK industrial output dropped 1.2 percent in January from December. Factory production declined 1.5 percent in the same period. The data confirmed that Britain’s economy is experiencing tough times, driving investors away from the nation’s currency.
GBP/USD fell from 1.4911 to 1.4860 as of 14:01 GMT today, while its daily low was at 1.4830. GBP/JPY went down from 143.57 to 142.92.
If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.
Earlier News About the Great Britain Pound:
- UK Pound Struggles on Outlook (2013-03-11)
- UK Pound Gets Boost from BOE Decision (2013-03-07)
- Sterling Moves into Recovery Mode, But How Long Will It Last? (2013-03-04)
- GBP/USD Touches Lowest Since July 2010 (2013-03-01)
- Pound Mixed as GDP Matches Forecasts (2013-02-27)