March 27th, 2013 at 23:26
A fan of 50-pound billsThe Great Britain pound declined today against the US dollar and the Japanese yen after the data confirmed the contraction of economy in the last quarter. At the same, time the currency rose versus the euro, which was hard-pressed by the problems in the eurozone.
Britain’s gross domestic product fell 0.3 percent in the fourth quarter of 2012 according the final revision. It was unchanged from the previous estimates. On top of that, the annual growth was revised down by 0.1 percentage point to 0.2 percent. All in all, the economic health of the country does not look pretty.
Meanwhile, the problems in Europe made the euro even weaker than the pound, allowing the GBP/USD currency pair to rise. The UK currency is often viewed as a haven from problems in the rest of the European Union, though Britain’s own difficulties made the sterling less attractive in such role.
GBP/USD fell from 1.5156 to 1.5127 and GBP/JPY declined from 143.15 to 142.73 as of 23:26 GMT today. At the same time, EUR/GBP went down from 0.8481 to 0.8444.
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