British Pound Declines as CBI Index Hits Lowest Level in 16 Years
Like the Euro, the British pound has been hit by weaker consumer spending.
The CBI distributive trades survey dropped to the lowest level since November 1992. Although the Easter holiday and poor weather affected consumer spending, the primary reason why consumers are tightening their belts is the weakening housing market. Conditions will be challenging going forward, which could force the Bank of England to cut interest rates again despite growing inflationary pressures. This morning, BoE Governor King said that inflation will hold near their 3 percent target for longer than initially anticipated. These hawkish comments conflict with the sharp drop in mortgage approvals and the possibility of major layoffs in the
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