UK pound is struggling today, heading lower as a global stock selloff weighs on the currency. Sterling is down nearly across the board today, thanks to concerns about stocks, and earnings misses by major European banks.
UK pound has taken something of a beating in recent weeks. With a variety of concerns weighing on the British currency, it’s no surprise that the sterling is struggling. Today, the pound is in a selloff as global stocks plummet.
Often, the UK pound’s performance mirrors what is happening with the global stock market. With stocks heading lower, and especially with Credit Suisse and Societe Generale showing problems, the sterling is finding it difficult retain support.
Also causing problems for the UK pound is an economy that isn’t growing at the rate that many expected it would be by this point. Another issue is the fact that there is uncertainty surrounding an upcoming referendum on whether or not the United Kingdom should remain a part of the European Union.
With all of these issues, it’s little surprise the sterling is struggling.
At 15:17 GMT GBP/USD is down to 1.4451 from the open at 1.4533. EUR/GBP is up to 0.7852 from the open at 0.7771. GBP/JPY is down to 162.3060 from the open at 164.6590.
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