Pound Gains vs. Euro on Greece’s Debt Concerns, Falls vs. Dollar

The Great Britain pound strengthened today after the European Union’s officials raised the estimates of Greece’s debt, prompting the traders to seek the perceived safety of the UK currency. The pound slipped versus the US dollar.
Greece’s budget deficit in the previous year was revised from 13.6 percent of the gross domestic product to 15.4 percent. The nation’s debt was revised from 115.1 percent of the GDP to 126.8 percent. The theme of Greece again returned to the news, adding to already significant concerns for the EU economy. The speculation that Greece wouldn’t be able to reach the target, which was accepted to get the bailout, only adds to the worries.
The sterling was outperformed by the dollar as the retail sales in the US grew more than expected. The sales rose 1.2 percent in October, compared to the predicted increase of 0.7 percent. The forecasts about other economic indicators were also in favor of the US currency.
GBP/USD dropped from 1.6125 to 1.6066 as of 18:07 GMT today. EUR/GBP fell from 0.8483 to 0.8469, following the advance to 0.8513.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

thirty eight − 31 =