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mrcash
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 Pound drops from near the highest level in 5 weeks - 2009/09/14 21:09 Good day, fellow traders! The pound fell against the dollar and the euro after Ernst & Young LLC’s Item Club said the U.K. housing-market slump will resume next year as the squeeze on mortgage lending persists.

The pound dropped from near the highest level in more than five weeks against the U.S. currency as the country’s benchmark FTSE 100 Index declined 0.8 percent. The U.K. economy will only recover slowly from recession in the second half of the year as rising unemployment prompts consumers to curb spending, the European Commission said today.

The pound dropped 0.7 percent to $1.6542 as of 2 p.m. in London. Sterling also weakened 0.7 percent, to 88.05 pence per euro.

The pound rose against the dollar last week as data showed U.K. producer prices increased for a sixth month in August. It’s up about 13 percent against the U.S. currency in 2009.
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