Euro Holds Near Record Highs Versus British Pound, Both Remain Under Pressure Against US Dollar 
The euro continues to trade near record highs versus the British pound, as the pair has done little but consolidate below 0.9500 - 0.9550. On the flip side, the individual currencies have gone relatively unchanged versus the US dollar, leaving EUR/USD to consolidate below 1.40 while GBP/USD has traded in a range of approximately 1.4700 - 1.4850. The moves came following the release of disappointing UK GDP revisions, as the economy actually contracted 0.6 percent during Q3 compared to initial estimates of a 0.5 percent contraction.
The GDP figures confirm that the UK fell into recession for the first time since 1990-1991 as a result of the sharpest drop in consumer spending since 1995 and a decline in investment as the financial crisis took its toll. The Bank of England has already cut rates to 2.00 percent, the lowest since 1951, but this data only adds to speculation that they will reduce the Bank Rate by another 50bps in January. As a result, the odds remain in favor of further declines for the British pound, especially against the euro.
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