Pound Drops as House Prices Demonstrate Record Drop

The Great Britain pound declined today as house prices demonstrated a record drop this month. The unfavorable data added to concerns that Britain’s economic recovery is struggling.
The Rightmove House Price Index tumbled 3.3 percent in December. The drop, which followed the November’s 1.7 percent decline, was the biggest on the record. It fueled concerns that the UK economy is not in a particularly good shape and the Bank of England is not in a hurry to raise interest rates.
GBP/USD declined from 1.5722 to 1.5671 as of 12:08 GMT today. GBP/JPY dropped from 186.58 to 186.08, touching the daily low of 185.30.

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