"The Pound declined for a fourth consecutive day against the U.S Dollar, as a report this morning showed that growth in UK services industries slowed by more than initial forecasts in April, while a separate from Nationwide confirmed that house prices fell in April," says Adam Solomon, exchange rate analyst at TorFx. The spot pound to dollar exchange rate is 0.07 pct down on yesterday's close at 1.6187. The UK currency slipped back towards pivotal support in the region of 1.6170 against the Dollar, as the services data dropped to 53.3, from 55.3 in March. The Pound remained broadly unchanged against the Euro and the Australian Dollar, however, as the report showed that growth in services was still well above the line that would indicate contraction. There is speculation that GDP figures will be revised higher for the first quarter and the data this morning, although not ideal, doesn’t do anything to discourage that. The Euro continued to decline against the U.S Dollar, as the ECB held interest rates unchanged and the Chairman Mario Draghi hinted that further stimulus measures may be introduced to counter the debt crisis. The Pound has risen through 2.00 against the New Zealand Dollar, after unemployment in NZ surged to the highest level in almost two years.

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