Economic Data Doesn’t Support Britain’s Pound

Economic news from the United Kingdom were good for the most part today, but it did not prevent the Great Britain pound from dropping and reaching the lowest level in a month against the Japanese yen.
Britain’s trade deficit in goods shrank by £1.3 billion to £9.1 billion in August from July, more than was predicted by specialists. The Conference Board Leading Index rose 0.4 percent in August after increasing 0.2 percent in the previous month. Not all indicators were good, though, as construction output declined 3.9 percent in August instead of growing 0.5 percent as was projected by experts.
GBP/USD dropped from 1.6117 to 1.6031 as of 12:39 GMT today. GBP/JPY tumbled from 173.80 to 172.94, trading near the lowest level since September 11.

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