British Pound Extends Loses
The British pound extended its losses today, hitting an intraday low of 1.9883.
UK economic data was mixed with the GfK consumer confidence report and Nationwide house prices falling short of expectations. The current account did improve, but not enough to offset the bearish sentiment. The quarterly pace of GDP growth in the fourth quarter was unrevised, but the annualized pace of growth was lowered from 2.9 to 2.8 percent. Like the US, the UK economy is very vulnerable especially since consumer confidence hit a 15 year low. The Financial Times is also worried about the health of UK lenders. All three of the country’s largest banks hiked mortgage rates yesterday, putting further pressure on home
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