Weak macroeconomic data released from the Unite Kingdom over the current trading session pushed the Great Britain pound lower. The currency reached the lowest level since June 2010 against the US dollar.
Britain’s manufacturing production shrank 0.4 percent in November from October while industrial production was down 0.7 percent. Both indexes were below market expectations. The soft data highlighted difficulties that the UK economy faces and suggested that it is too early for the Bank of England to start hiking interest rates.
GBP/USD dropped from 1.4540 to 1.4417 as of 12:46 GMT today. GBP/JPY slid from 171.19 to 169.91.
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