empty
 
 

2014.11.2522:35:57UTC+00British pound tumbles on weak consumer confidence data

The British pound snipped losses versus the US dollar Tuesday following figures showed US consumer confidence dropped to its lowest since June, devitalizing the greenback.

According to the Conference Board, the index of consumer attitudes slipped to 88.7 as optimism over business conditions and jobs dwindled.

Amid earlier figures showing US economic growth was firmer than initially thought in the third quarter, the consumer sentiment data affected the greenback.

Sterling recouped from earlier losses, trading at $1.5715 to the greenback.

"Sterling tends to have a lower correlation to the dollar than the euro, so when the dollar rallies, the euro tends to be the one that benefits," said Alvin Tan, FX Strategist at Societe Generale. 

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback