UK Economy Recovery Slows, Causing Pound to Struggle

On Thursday the Pound struggled as it lost ground against many of its main rivals after the latest data release highlighted that GDP growth had slowed during Q3 of this year.

When it comes to economic recovery, the UK is behind many of the other main economies while forecasts indicate that growth could slow down further in the fourth quarter. At the end of trading, the currency finished at 1.1675 against the Euro and 1.3365 against the US Dollar according to the Foreign Exchange Market.

A lack of data left the Euro experiencing a mixed day yesterday although it did manage to make up ground against some of the weaker peers. This came despite the negative correlation with a strengthening US Dollar. As tensions grew with Belarus after Minsk threatened to cut gas supplies the Euro was under pressure and this meant that gains were limited. 

Through the session on Thursday, the US Dollar remained fairly subdued and this was down to the partial closure of markets due to the Veterans Day holiday. However, the currency did edge higher against a number of its peers and this was down to the strong CPI seen on Wednesday.


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