Pound Drops vs. Dollar, Gains on Euro

The Great Britain pound fell against the US dollar during the current trading session as today’s data showed decline of UK house prices. The general risk-off market sentiment was not helping the currency to hold ground against the greenback though it allowed the sterling to outperform the euro.

The Rightmove House Price Index dropped 1.7 percent in November from the previous month. House prices were still up on an annual basis. The unexpected recession in Japan made Forex traders prefer safer currencies, not riskier ones. This hurt the sterling, which was already soft due to last week’s comments from policy makers.

GBP/USD declined from 1.5682 to 1.5641 as of 20:21 GMT today following the rally to 1.5735. EUR/GBP edged down from 0.7987 to 0.7961.

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