BLBG:British Pound Declines Against Euro Before Gross Domestic Product Report
The pound weakened against the euro before the release of data that’s forecast to show the U.K. economy slowed in the second quarter.
Britain’s currency climbed against the dollar as U.S. lawmakers failed to agree on a deficit-reduction plan. The U.K. economy grew 0.2 percent in the second quarter after expanding 0.5 percent in the prior three months, according to the median forecast of 32 economists in a Bloomberg survey before the release from the Office for National Statistics at 9:30 a.m. in London.
The pound weakened 0.4 percent to 88.66 pence per euro as of 7:13 a.m. in London. It was 0.4 percent stronger at $1.6339 and little changed at 127.56 yen.
Sterling has fallen 7.8 percent in the last 12 months, making it the second-worst performer among 10 developed-market currencies after the U.S. dollar, according to Bloomberg Correlation-Weighted Currency Indexes.
To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
