The pound weakened against most of its major peers tracked by Bloomberg on concern U.K. economic growth is slowing.The pound was little changed versus the euro amid doubts European leaders will forge a durable solution to the debt crisis, reducing demand for the British currency. U.K. Prime Minister David Cameron warned turmoil in the euro area is having a “chilling effect” on the U.K. economy.
A complete rescue blueprint for a crisis that won’t be released until another European summit is held in two days.
U.K. government bonds fell as stocks rose. “Once the dust settles we’ll be looking into relative growth differentials rather than anything else and clearly sterling is going to be on the back foot,” said Geoffrey Yu, a currency strategist at UBS AG in London. “The U.K. is going to underperform.” Sterling has dropped 1.2 percent in the past six months,according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-market currencies, as the British government introduced the deepest public-spending cuts since World War II in its attempt to eliminate the structural deficit by 2015.
Please see the attached chart below.
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GBP/USD Fundamental Report
Published 10/25/2011, 06:37 AM
Updated 04/25/2018, 04:40 AM
GBP/USD Fundamental Report
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