GBP slips to three-week lows against USD

Last updated: August 20, 2010
Dhaka, Bangladesh (BBN)- The British Pound Sterling (GBP) initially strengthened to USD 1.5670, following gains in the EUR and Japanese Yen (JPY) against the broadly weak USD. 
However, GBP slipped to three-week lows against the USD on Wednesday, knocked by concerns that the latest minutes from the Bank of England would reveal a three-way split between rate-settlers. 
At the end of the week, the GBP was trading around 1.5627 against the greenback. 
The USD remained under pressure against major currencies on uncertainty about the U.S. economic outlook and as increased appetite for riskier currencies affected the greenback. 
The Euro (EUR) opened the week’s trading at 1.2827 against the USD and recovered its early losses following gains in the stock market, according to reports. 
However the gains were capped by concerns about the Euro zone periphery. 
On Tuesday, EUR strengthened to 1.2915 as strong results from Irish and Spanish bond auctions eased concerns about funding which had been worrying investors of late.  
At the end of the week, the EUR was trading around 1.2832 level against the greenback.
 
BBN/SSR/AD-20Aug10-3:35 pm (BST)
 
 
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