Forex Update

British Pound Falls after Three-Month High

British Pound Falls

After enjoying a strong position against the Dollar for three consecutive months, the Pound's value fell yesterday after the Fitch Ratings revealed that among all the top nations of the world, UK's credit rating is most at risk.

David Riley, Fitch’s head of global sovereign ratings, shared that out of all the country's the rating categorizes as AAA, Britain needs the "largest budget adjustment". After Fitch made its views public, the Pound dropped sharply, as compared to all the currencies which the group considers major, which are 16 in all.