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Pound Falls as Consumer Confidence Index Remains in Negative Territory

July 31, 2012 at 9:23 by Vladimir Vyun

The Great Britain pound fell today against the US dollar and the euro as the report showed that confidence of Britain’s consumers remained negative.

The GfK Consumer Confidence index stayed unchanged at -29 in July, while economists hoped for a little improvement to -28. Nick Moon, the Managing Director of Social Research at GfK, commented on the report:

According to the latest GDP figures, the economy has suffered a further 0.7 per cent decline between April and June. This is the third quarter in a row the economy has contracted, meaning the UK is now stuck in the worse double-dip recession since modern records began. It is not surprising therefore that the Index has remained the same this month, as consumer confidence remains as stagnant as the economy.

GBP/USD fell from 1.5704 to 1.5681, erasing its previous gain to 1.5730, while EUR/GBP rose from 0.7802 to 0.7817 as of 9:22 GMT today.

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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