Pound Drops with Consumer Confidence, Losses Limited

The Great Britain pound slipped today, following the advance to multi-year highs, as Britons’ confidence unexpectedly worsened in November. Losses were limited as the housing market demonstrated good performance.
The GfK consumer confidence index slipped by one point to -12 in November, while it was expected to improve to -8. Meanwhile, the Nationwide House Price Index increased 0.6 percent this month. British lenders granted 67,701 mortgages in October, the biggest number since February 2008, up from 66,891 in September.
GBP/USD was down from 1.6340 to 1.6336 as of 11:06 GMT today following the rally to 1.6373 — the highest rate since August 2011. GBP/JPY slid from 167.18 to 167.09 after touching 167.88 — the strongest price since October 2008.

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