Currency Update

The Pound has slipped against the US Dollar and the Euro following comments yesterday from Bank of England Monetary Policy Committee member Martin Weale. Weale stated that the UK risked slipping back into recession and that in his opinion the Bank’s growth forecast of 2.8% and 3.2% for 2011 and 2012 may be too optimistic.

The Pound currently trades at 1.1330 against the Euro and at 1.6375 against the US Dollar. The Euro is up against the US Dollar at 1.4450.