Pound Slid Against The Dollar
The first hung parliament for the UK in decades has already sent the pound up and down in value as various discussions, agreements and appointments take place but on Wednesday at lunchtime the pound slid against the dollar at online Forex brokers such as ForexYard following the news that former Liberal Democrat Treasury spokesman, Vince Cable, was appointed as the new British business secretary.
The news of Vince Cables appointment has caused concern in the UK banking sector as speculation grows that the new Conservative-Liberal Democrat coalition government will break up the banks and impose heavy taxes on them. These concerns were shadowed by Forex traders at ForexYard, where confidence in GBP pairs diminished and the GBP/USD fell by 0.58%.
Traders at ForexYard also saw the pound slide against the Euro, a currency which has seen some difficult times over the last couple of weeks in the wake of the Greece budget fiasco. The EUR/GBP rose by 0.7% to reach €0.8525 during Wednesday’s morning session in London.
The pound did have some good news as the UK’s unemployment figures for April showed the number of Britons claiming unemployment benefits dropped at a faster rate than expected, this did help to limit the damage for GBP pairs.
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