At the close of last week worse-than-forecast 4Q GDP figures for the UK (which showed contraction of 0.3 per cent, rather than the 0.1 per cent expected) caused the Pound to weaken against several of its most traded peers, including the US Dollar and Euro.
Sterling begins this week falling for a third consecutive day against its European currency rival amid further signs of fissures in the UK economy.
A report compiled by Hometrack Ltd has shown that, after six months of declines, UK house prices remained unaltered in January.
This stagnation heightened fears that the UK could slip over the precipice and into an unprecedented triple-dip recession, allowing the Pound to drop to its lowest level for over a year against the Euro and a five-month low against its American counterpart.
So far this year the Pound has depreciated by 3.1 per cent. If this week’s influential economic indicators for the UK, including Net Consumer Credit, Mortgage Approvals and Manufacturing PMI for January, also disappoint Sterling could continue to slip.
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1698
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5746
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.5135
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8063
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5894
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.7813
The Pound Sterling to Swiss Franc is currently trading at 1.4586
The Pound Sterling to Japanese Yen exchange rate is currently trading at 142.8800
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