Great Britain poundThe Great Britain pound tumbled today as the Services Purchasing Managers’ Index slumped in August, confirming a bad state of Britain’s economy and reducing attractiveness of the UK currency as a haven from problems in continental Europe.
The Services PMI dropped from 55.4 in July to 51.1 in August, only a little above the level of 50.0 that indicates no change. The report said:
Respondents primarily blaming a weaker underlying trend in new business and general economic uncertainty. There were a few reports that the rioting and public disorder seen in some areas of the country in early August had adversely affected activity.
GBP/USD slumped from 1.6150 to 1.6076, following the jump to 1.6185, and GBP/JPY tumbled from 124.20 to 123.64 today as of 14:01 GMT.
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Earlier News About the Great Britain Pound:
* Pound Profits from Terrible US Payrolls (2011-09-02)
* Forecast: Fundamentals Aren't Favorable for Pound (2011-08-30)
* Pound Goes Down as UK Economy Slows (2011-08-26)
* GBP Falls vs. EUR with Consumer Confidence & Retail Sales (2011-08-25)
* Pound Rises as Inflation Accelerates (2011-08-16)
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