The Pound fell for a third day against the Euro and has slipped against all of its most traded peers after Citigroup’s UK economic surprise index slid to its lowest level in three weeks last week.
Sterling also tumbled against the Australian Dollar, New Zealand Dollar and Canadian Dollar as demand for riskier assets improved and as they continue to find support from last week’s weaker than forecast US jobs data.
The index compiled by Citigroup fell following a recent string of economic data releases have failed to hit forecasts. Last week saw data show that UK factory and manufacturing output unexpectedly stagnated in November.
The run of weaker than forecast data has dampened investor demand for the Pound and caused some analysts to doubt that the UK economy is in fact as strong as other believe. Recent comments by Chancellor George Osborne have also cast doubt after he said that further austerity measures and budget cuts will be needed.
“We’re seeing a squaring of some of the market’s favoured positions, which included sterling doing relatively well,” said Paul Robson, a senior foreign-exchange strategist at Royal Bank of Scotland Group Plc in London. “U.K. data are looking a little bit softer than they were at the end of 2013 but the outlook still looks relatively favourable.”
As speculation grew that the UK’s economic expectations were overdone the Pound fell below the key 1.19 level and tumble by over 1% against several other currencies.
Euro (EUR) Exchange Rates
As of 14:25 pm GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3644
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8338
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5038
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6295
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4845
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 140.6723
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2327
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1986
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7328
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6648
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6135
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6732
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8111
