Daily Insight - The Pound declined against the U.S Dollar for a second day

GBPEUR/GBPUSD
The Pound declined against the U.S Dollar for a second day, after a report from Rightmove Plc showed that UK home sellers slashed asking prices by the most since 2007 this month, amid a fundamental lack of demand. Average asking prices fell 3.2% from October, which represents the biggest monthly drop since December 2007.
Nevertheless, the Pound rallied against the Euro for the seventh day in eight, after Greece's budget deficit for 2009 was revised higher by the European Union. The Pound may continue to gain ground against the struggling Euro, as investors seek protection against a deepening European debt crisis and opt for the relative security of the British Pound.
Concerns have been raised about the accuracy of Greek data, which has undermined the credibility of EU budget rules, as members are expected to keep their deficits at less than 3% of gross domestic product. The Greek budget shortfall last year was revised to 15.4% of GDP, from 13.6% in the preliminary estimates.... read more