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British Pound falters near one week low against US dollar

Published on May 08, 2024 18:22

British Pound continued to fall today as a drop from three week high extended against US dollar. GBPUSD broke under 1.2500 mark and currently trades at 1.2479, down 0.25% on the day and nearing one week low. The US dollar index is holding around 105.50 mark, adding to latest gains. Meanwhile, traders are eyeing medium term economic cues for UK. The U.K. will be the worst performing G7 economy next year as high interest rates and restrictive fiscal policy hampers medium to long-term economic growth, the Organisation for Economic Cooperation and Development (OECD) has stated. In its annual assessment of the U.K. economy, the OECD cut its U.K. growth outlook for GDP to 0.4 percent this year and 1 percent in 2025. This is down from 0.7 percent and 1.2 percent respectively from its last prediction in March.

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