Sterling slid to a 2-1/2 month low versus the dollar on Wednesday with weak consumer morale, output and jobs figures keeping investors focused on a sharply slowing UK economy and the prospect of further UK interest rate cuts.
British manufacturing output fell unexpectedly in March at its sharpest rate in six months as a decline in car production led to a retreat after two months of strong growth.
Data released earlier by Nation-wide Building Society also showed British consumer morale fell in April to its lowest since records began four years ago. Further evidence of a weakening economy came in a survey showing the number of permanent job placements in Britain fell for the second time in three months in April as growth in vacancies for permanent staff languished at its weakest since mid 2003. By 1415 GMT, the pound had fallen over 1 percent as low as $1.0518, its lowest since late February. The euro was up 0.2 percent at 78.84 pence.
Comments
Comments are closed.