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GBP Lower on BoE Outlook & Unemployment Rate

November 16, 2011 at 15:16 by Vladimir Vyun

Great Britain poundThe Great Britain pound weakened today as the inflation report showed that outlook of the nation’s central bank is pessimistic, while the unemployment rate rose more than was expected.

The unemployment rate increased to 8.3 percent in September from 8.1 percent in the preceding month, while experts predicted a reading of 8.2 percent. The Bank of England said in its inflation report:

The outlook for the UK economy has worsened. Global growth has slowed. And increased concerns about the solvency of some euro-area countries have been accompanied by heightened strains in bank and some sovereign funding markets, and by falls in household and business confidence.

GBP/USD fell from 1.5820 to 1.5753 and GBP/JPY went down from 121.82 to 121.34 today as of 15:16 GMT.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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