United Kingdom: British pound weakens versus the dollar, rises against the euro
May 29, 2012
On 31 May, the U.S. dollar (USD) traded at 1.54 per British pound (GBP), driving the pound 5.1% lower compared to the 1.62 USD per GBP recorded at the end of April. Building on the monthly decline, the pound now trades 6.4% below the level observed in the same day last year. Meanwhile, amid the recent escalation of the Euro area debt crisis, the euro (EUR) continued to weaken versus the pound, trading at 1.25 EUR per GBP by the end of the month, which is 1.7% stronger than the 1.23 EUR per GBP seen by the end of last month. As a result, the pound is now at its highest versus the euro since late 2008. Compared to the same day last year, the pound has gained an accumulated 9.1%.