- In early trading yesterday the pound weakened against the euro, as the previous day’s unexpectedly sharp downward revision in British first-quarter GDP continued to weigh on sterling.
- In addition, data out in the eurozone, which showed a slowing in the deterioration in the region’s manufacturing sector for the fourth straight month, also helped the euro’s cause mid-morning.
- Sterling fell despite better-than-expected manufacturing PMI figures and a strong performance from London equities, which started the new quarter on the front foot. The FTSE 100 eventually finished the day up 91.50 (2.15%).
- In trading so far today, the pound has continued its slide against the single currency as investors await the European Central Bank’s latest interest rate decision at 12.45 BST today. There are no major announcements due in the UK.
Thursday, 2 July 2009
Pound dips on Tuesday's GDP downgrade
The pound weakened by 0.79 cents (0.67%) against the euro yesterday to close the day at 1.1650.
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