British Pound Drops To 13-Year Lows

The British pound remains one of the few currencies that hasn’t taken full advantage of the US dollar’s plunge. Following up on yesterday’s disappointing revision in fourth quarter private consumption, the GfK Consumer Confidence survey for February crossed the wires with a sharper-than-expected drop.

This indicator was initially scheduled for release on Friday, which added to the surprise of a -17 reading that was the most pessimistic the report has read in 13 years. Sinking confidence in Brit’s outlook for growth and their own financial position isn’t surprising considering the worsening housing slump and steadily rising prices that have eaten into discretionary spending.