British Pound Came Under Pressure Once Again
This morning, the British Pound Came Under Pressure Once Again at Forex markets across the globe following news of a leaked report from the European Commission which slammed the UK government for their plans to reduce the UK’s public deficit.
Reuters News acquired a copy of the leaked report which criticised the UK’s Labour government regarding their plans to cut budgets in an attempt to bring the deficit in line with Europe-wide caps of three per cent. A quote from the report warns that “The fiscal strategy in the convergence programme is not sufficiently ambitious and needs to be significantly reinforced. A credible timeframe for restoring public finances to a sustainable position requires additional fiscal tightening”.
This leaked report has lead to a sharp fall in the value of the pound against many other foreign currencies at Forex trading companies such as HY Markets. Along with the pound’s falling value at Forex trading markets, the report will be a welcome sight for the UK Conservative Party and their leader David Cameron who will certainly use the EU’s criticism of Labour to aid their own political aspirations ahead of the impending UK general elections.
Even thought the Chancellor of the Exchequer, Alistair Darling has a budget speech to make next week it is unlikely to include a plan to cut the budget and will therefore be met with hostility again from both the EU and the Conservative Party.
It seems that there has never been a better time to speculate against the troubled British pound. If you want to take advantage of the struggling pound by speculating against it you can trade GBP currency pairs along with many other currency pairs at HY Markets. Visit www.hymarkets.com to trade Forex with one of the world’s leading Forex trading companies from as little as $50.
