The Pound has declined significantly against the majority of the 16 most actively traded currencies this morning.
The Pound Dollar exchange rate is 1.069% lower with 1 GBP = 1.5726 USD at 1:15 PM in London.
The Pound Euro exchange rate is 0.362% lower with 1 GBP = 1.1975 EUR.
The Pound Australian Dollar exchange rate is 0.078% lower with 1 GBP = 1.7327 AUD.
The British Pound has been in the decline against the majority of the 16 most actively traded currencies this morning.
The GBP USD exchange rate in particular has suffered courtesy of a host of negative UK economic reports.
The GBP EUR also fell to its lowest level this month, after data indicated that the economic recovery is losing momentum.
Firstly foreign exchange markets took on board news from the Royal Institution of Chartered Surveyors that its gauge of the UK housing market reported the first decline in prices for a year in July, led by a decline in demand, as banks maintain a reluctance to free up lending conditions.
UK banks approved fewer mortgage applications in June and the number of estate agents saying that prices fell exceeded those reporting gains by 8 percentage points, compared with a positive reading in June.
Adam Solomon at foreign exchange brokers Tor FX says:
"The report early today is just the latest indication of a slowdown in the sector, just as services and manufacturing also show signs of weakening, after the economy enjoyed the fastest pace of expansion for four years.
"The decline in the major components of the economy has led to speculation that the second quarter figures may just be as good as it gets in the UK this year, especially when we have yet to gauge how the government's spending cuts will impact on the broader economy."
Foreign exchange markets were also grappling with news that the British Retail Consortium showed that stores posted lower sales revenue in July, while the Office of National Statistics reported that the UK trade deficit actually narrowed in June.
The UK economy grew 1.1% in the second quarter, almost four times the pace of the previous three months, but most economists agree that the expansion has cooled in July.
