Excerpt from: Forex News
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| February 17, 2010 | | Sterling falls in forex trading | Today, employment data was released in Britain, showing continued deterioration in the situation. The sterling is falling in forex trading as a result, and concerns continue that Britain will be very slow to recovery from the global financial crisis.
GFT's Boris Schlossberg reports in FX360 on the labor conditions in Britain:
Labor conditions in the UK economy remain challenging as the country
recovers from its worst recession in the post war period. The UK
economy returned to positive growth only last quarter – the last of the
industrialized nations to do so, and even then, the country’s GDP
posted only a meager 0.1% gain. The dour employment news suggests that
growth may remain tepid for the foreseeable future, leaving the BOE
stationary for 2010 and perhaps beyond.
Until things improve for the British economy, the U.K. pound is likely to struggle in currency trading, no matter how much risk appetite is available in the rest of the world.
| Topic Tags: Boris Schlossberg, British economy, currency trading, employment data, forex trading, FX360, sterling trading, U.K. pound | |
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