Factory orders, GDP numbers hurt euro, pound

The pound and the euro were weaker Friday as new data indicated that the recession is deepening in Europe.

Eurozone factory orders were reported by the European Union office of statistics to have dropped 3.4 percent in January from December, while orders were down 34 percent from January 2008.

Meanwhile, the pound was weaker on reports that the UK’s gross domestic product was down by 1.6 percent in the fourth quarter from third quarter levels and the Land Registry said that UK house prices were down 2 percent in February from January and had dropped 16.5 percent from February 2008.

However, by midday in New York the pound had gained back some losses versus the yen.

The pound was worth $1.432 at around noon in New York, while it had risen to 92.9p to the euro and had gained back some losses to the yen, which traded at ¥140.555 to the pound.

In midday trade in New York, the euro was worth $1.3303 while the yen traded at ¥130.5707 to the euro and at ¥98.15 to the greenback.

Story link: Factory orders, GDP numbers hurt euro, pound