UK Pound Continues to Struggle

UK pound continues to struggle in Forex trading today, thanks in large part to the fact that the economic data isn’t holding up, and Bank of England policymakers don’t seem to be on the same page.

Sterling is struggling today, down against its major counterparts, thanks in large part to the latest economic news out of the United Kingdom. The latest figures for July inflation show a slowing for the United Kingdom, which means the economy isn’t coming along quite as well as many would like.

On top of that, there doesn’t seem to be a lot of agreement amongst Bank of England policymakers. Some of their recent statements have been contradictory, and that leads to a bit of uncertainty about what will be next for the pound.

Also, it’s possible that discussions about Scottish independence are having their effect. Scotland looks to declare independence from the United Kingdom, but wants to keep the pound as currency. That arrangement might be acceptable, and is possibly in the works.

With a lot of uncertainty around the UK pound, though, it’s little surprise that it’s struggling.

At 12:06 GMT GBP/USD is down to 1.6571 from the open at 1.6580. EUR/GBP is up to 0.7962 from the open at 0.7957. GBP/JPY is down to 172.2370 from the open at 172.5070.

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