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Early trading sees GBP slip against USD

22nd December 2011

Early trading this morning (December 22nd) saw a marked dip in the fortunes for UK sterling (GBP) against the US dollar (USD).

Forex trading for the GBP/USD pair fell by 0.3 per cent to 1.5672, falling back from a session high of 1.5684, news provider Money Control reports.

This shift came despite renewed confidence among traders that efforts by the European Central Bank to introduce more liquidity into the eurozone will provide some respite for beleaguered economies.

Furthermore, UK gross domestic product and current account data is set to be published later today and this is likely to have a bearing on forex trading in the run-up to the festive season.

Last month, GBP revealed losses against the greenback following the publication of data from the Bank of England that predicted UK growth will actually be significantly weaker in the last three months of the year than was reported by the bank in August.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.