The British currency is heading for the firstly weekly decline against the dollar in a month, after a report released today indicated a less significant service sector growth for the month of June.
The British currency, which was failing to climb versus its main rivals, the euro and the dollar, posted significant gains in the beginning of this week as improved economic data emerged in the latest British reports.
The British pound had a day of gains versus the euro and the dollar as a new wave of risk appetite struck markets today, influencing investors to purchase assets in British stocks, weighing positively on the national currency.
The British pound fell against the U.S. dollar as a report indicated the first fall in U.K. home prices in five months, increasing risk aversion towards the pound sterling outlook.
Retail sales dropped in May for the first time in three months, a fact that was not predicted by analysts, weighing negatively on the pound outlook for this Thursday making it to lose ground against the greenback and the euro.
The pound posted losses versus the main currencies after a bearish day in the stock market followed by a rise in the United Kingdom unemployment figures, damping demand for the British currency.
The Royal Institution of Chartered Surveyors said that the United Kingdom real estate market is stabilizing, spurring demand for the pound sterling after sequential days of losses.
The pound posted the fourth day of losses in a row against the U.S. dollar as a serious political crisis deepens in Great Britain, where Prime Minister Gordon Brown’s Labour party is losing influence significantly.
The British pound fell sharply versus the euro and the dollar as a fifth U.K. minister resigned, increasing the already significant concerns on Gordon Brown’s government stability and the British political future.
The Great Britain Pound hit a six-month high against the Eurozone currency as domestic consumer confidence rose to a two-year high, indicating that recession might soon be over.
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