Pound weaker versus USD, euro

The pound weakened versus both the US dollar and the euro Friday on new data from the Office of National Statistics which showed that the UK’s gross domestic product dropped by 0.5 percent, more than had been expected, in the third quarter from the previous quarter.

In late monring trade in New York, the pound traded at 80.29p to the euro, while it was worth $1.5834 after falling 10.1 percent in relation to the US dollar during the week, its biggest one-week decline versus the US currency since 1971.

Meanwhile, the yen hit a 13-year high versus the dollar and a six-year high in relation to the euro Friday as investors abandoned carry trades after global equities markets declined substantially.

At nearly noon in New York the Japanese currency traded at ¥93.995 to the US dollar and at ¥119.4958 to the euro while it was at ¥58.4132 to the Australian dollar and at ¥52.528 to the New Zealand dollar.

Emerging markets currencies suffered as Belarus, the Ukraine, Hungary, Iceland and Pakistan all asked for emergency help from the International Monetary Fund.

The Mexican peso traded at 13.321 pesos to the US dollar while the Russian ruble was at 27.108 rubles to the dollar, the South African rand fell to R10.868 to the greenback and the Brazilian real traded at R$2.265 to the US currency.

Story link: Pound weaker versus USD, euro