UK GDP falls, Pound down further
28 July, 2011
UK Gross Domestic Product (GDP) data out this morning came in worse than expected, causing the Pound to take a further tumble after an already miserable week for the UK currency.
First quarter GDP showed a decline of 1.9% and a decline of 4.1% for the 12-month period. This was worse than analysts’ expectations of 1.5% and 3.8% respectively.
Negative news in the UK economy usually means lower exchange rates. This has been the case today with the best US dollar exchange rate falling over a cent this morning, and Euro exchange rates similarly affected.
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