Saturday, 27 August 2011

Pound Goes Down as UK Economy Slows

The Great Britain pound weakened against the japanese yen and slowed its advance versus the US dollar when the report showed the united kingdom economy grew with slower pace in the second quarter.

The revised figure for growth of UK gross domestic product in the second quarter of 2011 was 0.2 percent, constant as in the preliminary estimate. It indicates slower expansion, compared to 0.5 p.c growth in the first quarter. The report additionally mentioned that several special events affected Britain’s economy in Q2: the additional April public vacation, the royal wedding and the aftereffects of the japanese tsunami.

GBP/JPY fell from 126.12 to 125.68 nowadays as of 9:24 GMT and touched the daily low of a hundred twenty five.41 earlier. GBP/USD climbed from 1.6278 to 1.6332.

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