UK pound is lower today, dropping to a one-month low against the euro and pulling back against the US dollar as the latest housing data disappoints. Pound is on the defensive in trading as the housing market in the United Kingdom continues to struggle, and as the economy languishes.
Right now, the issue is home prices. Rightmove Plc reports that home sellers might need to lower prices. Home prices dropped in June and July, but surveys indicate that many Brits feel as though home prices are still too high. The news about home prices comes on the heels of disappointing economic data last week. The UK economy continues to move slowly, and there isn’t a lot of hope for a solid recovery.
The Bank of England recently kept its policies the same, and the Olympics aren’t providing the boost to the economy that many hoped it would. With this trouble, and some of the uncertainties in the market — in spite of the gains by stocks — it is little surprise that the pound is struggling today in Forex trading.
At 13:13 GMT GBP/USD is lower at 1.5567, down from the open at 1.5614. EUR/GBP is up to 0.7954 from the open at 0.7940. GBP/JPY is also lower, down to 121.8700 from the open at 122.7050.
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