The Great Britain pound dropped today as the signs of the UK economic slowdown led to the speculation that the nation’s central bank will be forced to maintain stimulus.
The UK current account posted the deficit of £9.4 billion in the first quarter of 2011, down from the revised deficit of £13.0 billion in the previous quarter. The gross domestic product grew by 0.5 percent in the Q1 2011, in line with the previous estimates. The business investment in the first three months of this year declined 3.2 percent from the previous quarter.
GBP/USD dropped from 1.5988 to 1.5950 as of 11:14 GMT today after posting the intraday low of 1.5910. GBP/JPY fell from 129.28 to 128.90.
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