- Posted by currencies in Rate Alerts
- August 9, 2019
- No Comments
Please find the exchange rates listed at the bottom of the article, the rates are for indication purposes only, for a live quote please contact us.
The pound had started the day pretty settled after Thursday’s drop on the back of senior aides of Prime Minister Boris Johnson saying they would hold a parliamentary election in the days after Brexit if lawmakers sink the government with a no-confidence vote.
Analysts say the election talk will weigh on the pound today because it is growing increasingly likely that Johnson will face a vote of no confidence soon after Sept. 3, when parliament returns from its summer recess.
However, the pound had dropped off since 9:30 am when the UK economic figures were released.
Britain’s economy shrank for the first time since 2012 in the second quarter, an unexpectedly severe hangover from a pre-Brexit stockpiling boost in early 2019.
Gross domestic product fell at a quarterly rate of 0.2% in the three months to June, below all forecasts in a poll of economists that had pointed to a flat reading.
Year-on-year economic growth slid to 1.2% from 1.8% in the first quarter, Britain’s Office for National Statistics said, its weakest since the start of 2018.
The world economy has also slowed due largely to a trade conflict between the United States and China.
GBP/EUR 1.0810 GBP/USD 1.2106 GBP/AED 4.4394
GBP/AUD 1.7796 GBP/CHF 1.1794 GBP/CAD 1.6009
GBP/NZD 1.8677 EUR/USD 1.1184 GBP/ZAR 18.257