The Great Britain pound dropped today and dropped heavily as the house prices in Britain tumbled, reinforcing the negative outlook for the UK economy.
Rightmove reported that the House Price Index was down by 3.1 percent in November from October, following the increase by 2.8 percent in October from the preceding month. That was the biggest drop since November 2010. The drop of the prices was attributed to the negative impact of the European crisis on the confidence of consumers and businessmen.
GBP/USD sank from 1.5794 to 1.5642 and GBP/JPY slid from 121.36 to 120.18 as of 13:49 GMT today.
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