Pound weakens on consumer confidence decline

The pound was weaker versus the euro and the US dollar Wednesday after the Nationwide Building Society’s confidence index came in with a reading of 78 in February, signaling a decline in UK consumer confidence, but losses were tempered when the Chartered Institute of Purchasing and Supply index showed that the UK service sector grew last month.

In late morning trade in New York, it took $1.9935 to buy a pound while the pound traded at 76.65p to the euro after reaching an all time low of 76.89p to the euro in earlier trade.

The Japanese yen weakened in relation to all major currencies on Wednesday as new data showed that the US service sector made gains last month, reducing investors’ aversion to risk.

At around 11:30 a.m. in New York the yen traded at ¥103.9900 to the US dollar, at ¥158.8968 to the euro and at ¥207.3034 to the pound.

The US dollar declined versus the euro, the South African rand, and the Brazilian real.

The greenback reached a new low versus the euro at $1.5280 to the shared currency, while a dollar was worth R7.7625 or R$1.6700.

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