Guillermo
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Platinum Boarder
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Pound Falls Versus Dollar due to CBI Predictions - 2009/06/16 00:38
Hello, traders! The pound fell against the dollar for a second day after the Confederation of British Industry said the nation’s economy won’t grow until next year.
The pound also dropped versus the Japanese yen as the FTSE 100 Index of U.K. shares fell the most in more than three weeks and gilts rose as investors sought the safety of government bonds. The Bank of England may need to print more money to boost growth, the CBI said in forecasts published today. Gross domestic product will drop 0.3 percent in the second quarter and 0.1 percent in the third, before stalling in the final three months of the year, the biggest U.K. business lobby said.
The pound slid 0.8 percent to $1.6305 as of 4:34 p.m. in London. The British currency fell 1.4 percent to 159.65 yen. Against the euro, it strengthened 0.7 percent to 84.60 pence.
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