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British pound continues slide on forex markets

Saturday, July 23, 2016 - 06:43

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The post-Brexit blues continued as the British pound declined further against other major currencies on Friday.

[NEW YORK] The post-Brexit blues continued as the British pound declined further against other major currencies on Friday.

The decline of the composite Purchasing Managers Index to 47.7 this month from 52.4 in June, its lowest level since April 2009, was the first evidence that Britain was entering a downturn, according to Samuel Tombs of Pantheon Macroeconomics.

"If the PMI remains at July's level in August and September, it will be consistent on past form with a 0.4 per cent quarter-on-quarter decline in GDP" in the third quarter, said Tombs.

The pound sterling was down 0.9 per cent against the US dollar at US$1.3112 and down 0.9 per cent against the yen at 139.21, while the euro was up 0.4 per cent against the pound at 83.71 pence.

AFP

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