Pound declines against dollar, euro after GDP data

Friday, 12. August 2022 13:13

The British pound on Friday decreased against the United States dollar and the euro after the latest data showed that the United Kingdom economy in the second quarter contracted 0.1% year on year. Furthermore, the country's deficit in the same period reached a data series record.

The Bank of England projected earlier this month that the UK will suffer a recession for five quarters starting in the fourth trimester of 2022.

The euro was 0.29% higher than the sterling, trading at 0.84836 at 1:12 pm CET. The British currency was down 0.56% compared to the greenback, changing hands for 1.21350 at the same time.

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Author:
Baha Breaking News (BBN) / MS