June 11, 2008

UK' weakness might be lost in oil

Unemployment increased, TB deficit widened, GDP estimate come lower, average earnings missed estimates. It should not improve the outlook for the UK economy, but when you look at GBPUSD, which is 0.4% higher, it seems that a stronger factor works against the dollar. Today 6$ jump in oil price may be responsible, which also eroded the Wall Street confidence.

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