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British pound falls to its lowest level since January 2017

2019-08-09 12:42 pm | Resource: News | No Views : 39

 British pound  falls to its lowest level since January 2017

The British pound fell on Friday to levels last seen on January 20, 2017, reaching a daily low of 1.120796 compared to the dollar. The move came after economic data from the UK showed that the country's GDP fell 0.2% in the second quarter and industrial production fell 1.4% in the same period of three months.

Investors are still concerned about the prospect of Brexit on October 31, as Prime Minister Boris Johnson's government insists on handing over Brexit by the current deadline. A day earlier, Johnson promised to abide by the 2016 referendum result and asked lawmakers to do so as well.

UK Finance Minister Javed "does not expect" a recession with falling GDP

British Finance Minister Sajid Javed said on Friday he did not expect a recession, despite disappointing GDP data released earlier in the day, which showed a quarterly contraction of 0.2% in the three months to June. He stressed in a statement to the BBC (BBC) that the data reflect volatility and not surprising in any way, vowing to ensure that the country "lives within its means."

After the release of pessimistic GDP and industrial production data, the pound fell to its lowest level since January 2017 against the US dollar.

The UK economy contracted for the first time since 2012

The UK economy contracted in the second quarter for the first time in nearly seven years, with growing uncertainty about Brexit and weak global growth. The Office for National Statistics data showed that Britain's gross domestic product fell 0.2% in the second quarter on a quarterly basis, while analysts' expectations for it to remain unchanged, after growing by 0.5% in the first three months of the year, the first time the economy contracted since The last quarter of 2012.

It is the first GDP data since Mr Boris Johnson took over as UK prime minister last month, who has vowed to leave the UK on October 31, with or without an agreement.

GBP Trades
  • The pound was 0.36% in the red against the dollar at 12:31 CET, changing at 1.20906.
  • The currency has fallen 3.01% compared to the dollar over the past month and has fallen 5.15% since January.
  • Meanwhile, the euro jumped 0.55% against the pound to 0.92654 at 12:32 CET.


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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

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