FX: Great Britain Pound Loses Ground on Budget Cuts Woes
The Great Britain pound tumbled against the US dollar today on unfavorable macroeconomic indicators, which spurred concerns about the budget cuts hurting Britain’s economy. According to Halifax Home Price Index, cost of houses fell by 0.6% last month, following a similar downturn in May. Economists were, ironically, expected the prices to increase by the same figure. Analysts are expecting the sterling’s previous gains to be pared during the nest sessions. GBP/USD traded at 1.5156 at about 12:09 GMT today, a fall from the opening rate of 1.5189.
